Reimagining emerging ASEAN in the wake of COVID-19
Larger, developed nations have generally had the resources and infrastructure to weather the global pandemic and provide a solid foundation for recovery. Less-developed countries, including emerging ASEAN (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) began the crisis at a disadvantage, and COVID-19 exposed and often heightened their challenges. McKinsey has conducted research on emerging ASEAN countries and identified trends that the pandemic has caused or accelerated. They use these trends to determine levers for businesses to apply to speed up their recovery and stimulate growth.
Within these trends lie the potential recipe for recovery, but stakeholders must be prepared to re-imagine their country’s economy. Five key levers—manufacturing hubs, green infrastructure, investments in digital, talent re-skilling, and high-value food industries—could not only speed up the economic recovery in these countries but also lay the foundation for extended growth.