The ASEAN Services Sector and the Growth Rebalancing Model
AbstractThe 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 InfoPaper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 246.
Length: 46 pages
Date of creation: 07 Sep 2010
Date of revision:
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growth rebalancing model; asean services sector; governmental policies;
Other versions of this item:
- Rafaelita M. Aldaba & Gloria O. Pasadilla, 2010. "The ASEAN Services Sector and the Growth Rebalancing Model," Working Papers id:2922, eSocialSciences.
- Aldaba, Rafaelita M. & Pasadilla, Gloria O., 2011. "The ASEAN Services Sector and the Growth Rebalancing Model," Discussion Papers DP 2011-01, Philippine Institute for Development Studies.
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
- L80 - Industrial Organization - - Industry Studies: Services - - - General
- L91 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Transportation: General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-09-18 (All new papers)
- NEP-FDG-2010-09-18 (Financial Development & Growth)
- NEP-SEA-2010-09-18 (South East Asia)
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