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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.

Suggested Citation

  • 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.
  • Handle: RePEc:phd:dpaper:dp_2011-01
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    References listed on IDEAS

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    1. Yung Chul Park, 2009. "The Global Economic Crisis, Regional Policy Coordination and Rebalancing Growth in Asia," EABER Working Papers 22856, East Asian Bureau of Economic Research.
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    5. Dessus, Sebastien, 2001. "Human capital and growth : the recovered role of education systems," Policy Research Working Paper Series 2632, The World Bank.
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    Cited by:

    1. Claes G. Alvstam & Erja Kettunen & Patrik Ström, 2017. "The service sector in the free-trade agreement between the EU and Singapore: closing the gap between policy and business realities," Asia Europe Journal, Springer, vol. 15(1), pages 75-105, March.
    2. Aldaba, Rafaelita M. & Aldaba, Fernando T., 2014. "Services Liberalization in the Philippines: A Capacity Needs Assessment for AEC 2015," Philippine Journal of Development PJD 2012 Vol. 39 Nos. 1-2, Philippine Institute for Development Studies.

    More about this item

    Keywords

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

    JEL classification:

    • 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

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