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The ASEAN Services Sector and the Growth Rebalancing Model

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  • Aldaba, Rafaelita M.

    (Asian Development Bank Institute)

  • Pasadilla, Gloria O.

    (Asian Development Bank Institute)

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 Asian Development Bank Institute in its series ADBI Working Papers with number 246.

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Length: 46 pages
Date of creation: 07 Sep 2010
Date of revision:
Handle: RePEc:ris:adbiwp:0246

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Keywords: growth rebalancing model; asean services sector; governmental policies;

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  7. Ana M. Fernandes, 2009. "Structure and performance of the service sector in transition economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 17(3), pages 467-501, 07.
  8. Park, Yung Chul, 2009. "The Global Economic Crisis and Rebalancing Growth in East Asia," ADBI Research Policy Briefs 31, Asian Development Bank Institute.
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