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The ASEAN Services Sector and the Growth Rebalancing Model

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  • Aldaba, Rafaelita M.
  • Pasadilla, Gloria O.

Abstract

The growth rebalancing model, which places the nontradable services sector on center stage, is important to spur on faster growth in this sector and tap its potential to become another engine of growth for ASEAN economies. While ASEAN countries have allocated the bulk of their fiscal stimulus packages to infrastructure spending, the present levels are nevertheless considered insufficient to create a large impact on growth. By focusing on the provision of infrastructure and social services like power, ports, roads, and mass transit, along with health and education, governments can address the large investment backlogs in these sectors. Except for Singapore, ASEAN countries remain protective of their services sectors. To encourage and renew private sector interest in infrastructure investment in the region, governments have an important role to play in creating an enabling environment, particularly in maintaining an efficient and competitive services sector.The growth rebalancing model`s emphasis on environmental protection, low carbon growth, and green strategies places the spotlight on new areas of services investment where ASEAN countries could develop market niches. Thus, ASEAN governments should pursue policies that support these new growth areas by encouraging research and development, strengthening mechanisms for the transfer of green technology, and promoting greater private sector participation.

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Bibliographic Info

Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2011-01.

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Length: 53
Date of creation: 2011
Date of revision:
Handle: RePEc:phd:dpaper:dp_2011-01

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Keywords: transportation; Philippines; service industry; international trade and finance;

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  1. Fernandes, Ana M., 2007. "Structure and performance of the services sector in transition economies," Policy Research Working Paper Series 4357, The World Bank.
  2. Joseph Francois & Ian Wooton, 2010. "Market Structure and Market Access," The World Economy, Wiley Blackwell, vol. 33(7), pages 873-893, 07.
  3. Hoekman, Bernard, 2006. "Liberalizing trade in services : a survey," Policy Research Working Paper Series 4030, The World Bank.
  4. Fink, Carsten & Mattoo, Aaditya & Neagu, Ileana Cristina, 2005. "Assessing the impact of communication costs on international trade," Journal of International Economics, Elsevier, vol. 67(2), pages 428-445, December.
  5. Arunanondchai, Jutamas & Fink, Carsten, 2007. "Trade in health services in the ASEAN region," Policy Research Working Paper Series 4147, The World Bank.
  6. Fink, Carsten & Mattoo, Aaditya & Rathindran, Randeep, 2003. "An assessment of telecommunications reform in developing countries," Information Economics and Policy, Elsevier, vol. 15(4), pages 443-466, December.
  7. Park, Yung Chul, 2009. "The Global Economic Crisis and Rebalancing Growth in East Asia," ADBI Research Policy Briefs 31, Asian Development Bank Institute.
  8. Claire HOLLWEG & Marn-Heong WONG, 2009. "Measuring Regulatory Restrictions in Logistics Services," Working Papers d017, Economic Research Institute for ASEAN and East Asia (ERIA).
  9. Ajitava Raychaudhuri & Prabir De, 2007. "Assessing Barriers to Trade in Education Services in Developing Asia - Pacific Countries:An Empirical Exercise," Working Papers 3407, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..
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