With large young pools of labor and rich natural resources, Southeast Asian countries are emerging as major players in the global economy.<br />Over the course of this week we have a five-part special series of reports on the upcoming ASEAN-Korea and Mekong-Korea Summit in Busan.<br />We kick off the week by taking a closer look at the economic potential of ASEAN.<br />For that, here's Yoon Jung-min.<br />Southeast Asia is rising as a global leader with a fast-growing economy and enormous potential.<br />First established in 1967 with five countries, the Association of Southeast Asian Nations or ASEAN is currently made up of 10 Southeast Asian countries, including Indonesia, Malaysia, Thailand and Vietnam.<br />It represents one of the world's largest economic blocs with a total population of over 652-million as of 2018.<br />The total trade volume reached over 2-point-8 trillion U.S. dollars in 2018,... while the combined GDP amounted to more than 2-point-9 trillion dollars, which is around 3 percent of total global GDP.<br />"ASEAN is the third-largest single economic bloc in Asia following China and India. We call it a single bloc because the 10 countries have been integrating their economies. In fact, the 10 ASEAN countries share a free trade zone."<br />ASEAN possesses rich natural resources, including oil and natural gas, and young labor markets with about 60 percent of the population aged below 35.<br />With its annual economic growth expected to reach 5 percent on average,... experts say the region has a diverse economy based on the economic conditions of each country.<br />"Based on the economic capacity of each country in the bloc, their key industries differ from 4th industrial revolution technologies to labor-intensive industries. For example, Singapore and Malaysia have strong 5G, IT infrastructure, and cutting-edge finance technology,... while Vietnam has a competitive labor market."<br /><br />Based on its vibrant economy and large consumer markets, ASEAN is expecting more cooperation within and outside the bloc for economic prosperity.<br />Yoon Jung-min, Arirang News.<br />
