The region has become the “factory of the world," with highly efficient and cost-effective supply chains. And this growth strategy remains viable today, even as advanced and emerging economies alike shift to the technology-driven “new economy." But the Asean+3 economies must now continue to pursue catch-up growth, deeper regional integration, and further globalization in a much-changed and far more difficult environment. Reducing the vulnerabilities related to global supply chains requires more globalization, not less. If anything, supply chains for most products lengthened as production locations for various components changed in response to market forces.

Source: Mint December 31, 2020 18:00 UTC