Economic history:
The economic importance of Southeast Asian nations dates way back in history. There is no specific date, but there are records that sure that trade between Asia and Europe started during in the Greek era
4th century BC, though the exchange of of spices, metals, silk, cloths, precious stones...The ocean comprising Southeast Asia was the key transportation route in order to reach
China and many ports and
trading spots were settled all over these nation's coasts.
15th Century was the great era for navigation fosters by the Spanish and Portuguese colonisers and later by the Dutch and English East Indian companies, which tried to settle monopolies on spice and later opium in the region.
This dominion of the Western empires over the Southeastern nations went on until the
20th Century, as a consequence of
World War II many of these colonisers left the area and many countries proclaimed their
independence from the French, Dutch and British such as Burma in 1948, Malaysia in 1957 or Singapore in 1965.
This independent gave the opportunity to the new forming Asian nations to develop an
economy of their
own exploiting for example
rice plantations, since Southeast Asia is the biggest exporter of this commodity. Historical trade partners of the colonies have been mantained which have allowed countries such as Thailand, Indonesia or Vietnam to keep exchanging goods between the former partners, Russia, United States etc.
Geographically and historically Southeast Asia as mentioned before is a hot spot for ship merchandising and transportation of commodities, a connection between Europe and the Middle East with China, specially using the
Strait of Malacca as a way of entry.
Contemporary Economy
Since the declaration of independence of the Southeastern Regions during the 20th century their economic prosperity has been reinforced through
international treaties and in
tegration in different
world economic associations such as the International Sugar Agreement, Organisation of petroleum, exporting countries, ASEAN or the ASIA- Pacific economic cooperation council.
Nowadays World Economy is driven by oil and natural gas /as we will see down below) , the exporting countries, the demanding countries but most importantly those through where the commodity has to go through. Nearly 100. 000 ships cross every year the Start of Malacca moving goods, specially oil and gas, from one side of the world to the other. This little and narrow breach dividing Malaysia and Sumatra could be able to stop China's petroleum sources. And block many other routes that would affect world economy in great scale. We can say that Southeast Asia is
export-reliant.
Southeast Asia is slowly emerging as a Global Growth Leader, but its growth is slow due to the political differences exiting in the same region and therefore causing integration and cooperation problems. Economic growth in the Economic association ASEAN is predicted to be of 4,9% next year according to the World Economic Bank. It is emerging as an alternative to Chinese industries, specially on manufacturing and exportation. Consequently foreign countries are basing their industries on the different nations forming Southeast Asia.
Landlocked states such as Laos and Burma show the slowest growth due to their geographical position.
The countries leading this economic prosperity are Vietnam And the Philippines which in 2017 have grown almost a 7%.
Economic importance of each Southeast Asian country in GDP per capita (USD)
1- Singapore: 52, 049. 00 USD. Main sector: petroleum, computers and integrated circuits
2- Brunei: 37, 759. 00 USD. Main sector: natural gas and petroleum
3-. Malaysia: 13, 123. 00 USD. Main sector: industry
4- Thailand: 5, 697.00 USD. Main sector: manufacture and tourism
5- Philippines: 3, 568. 00 USD. MAin sector: manufacture
6- Indonesia: 3, 511. 00 USD. Main sector: natural resources and tourism
7- East Timor: 3,239.00 USD. Main sector : printing and manufacturing
8- Vietnam: 2, 370. 00USD Main sector: manufacture, industry, textile
9- Laos: 1, 709. 00 USD Main sector; mining, agriculture
10. Myanmar: 1, 419. 00 USD. Main sector: agriculture
11- Cambodia: 1,111. 00 USD. Main sector: construction
Dutch and East India Companies / 17th Century