PRESS RELEASE

ASEAN BATS FOR 2.3 TO 3.4 PERCENT GDP GROWTH IN 1999

Members of the Association of Southeast Asian Nations (ASEAN) are batting for the attainment of a 2.3-3.4 percent Gross Domestic Product (GDP) growth within the year.

This optimism was reflected in the Asian Development Outlook for 1999-2000 which was complied through official submissions from ASEAN member countries, including the latest four members such as Laos, Myanmar, Vietnam', and Cambodia.

Of the original five members, Singapore was the only country that posted a positive GDP growth of 0.3 percent last year.  It is expected to post between 4.0 to 5.0 percent GDP this year.

On the ASEAN members, Brunei Darussalam is forecast to post 2.1 percent GDP growth; Cambodia, 4.0 percent growth; Indonesia, negative 1.0; Laos, 5.2 percent; Malaysia, 4.3 percent', Myanmar, 7.0 percent; Philippines, 3.3'r3.8 percent; Thailand, 3.0 percent; Vietnam, 5.0-6,0.

As the ASEAN pursues improved GDP growth rates, the ADB portrayed the various poverty rates in all the member countries, although this is on a selective basis.

For instance, Cambodia's poverty rate in the pre-crisis period was recorded at 30.0 percent in 1994, compared to last year's figure of 36,0 percent.  Indonesia had a 11.0 percent poverty rate in 1996, which rose to 24 percent in 1998.  Currently, Laos is faced with 46,1 percent poverty incidence.

Malaysia's poverty rate was 9.6 percent in 1998. The Philippines posted a poverty rate of 35.5 to 37.5 percent last year; Thailand, 13.1 percent; and Vietnam from 50.9 percent in 1993 to about 15.7 percent last year.

Statistics Provided by the ASEAN Secretariat indicated that ASEAN exports to the rest of the world slightly decreased from US$342.7 billion to US$322.8 billion in 1998.

The biggest buyer of ASEAN products remains to be the United States, absorbing US$65.85 billion, or 20.4 percent of the total world exports.

The European Union (EU) imported products totaling US$47.1 billion, or 14.6 percent; Japan, US$35,12 billion, or 10.9 percent; and Canada with US$2,33 billion, or 0.7 percent of the total world exports.