In 2021, the EU boasted a GDP of around $15.2 trillion, firmly establishing it as the world’s second-largest economy. ASEAN, on the other hand, registered a GDP of $3.2 trillion in the same year. However, real GDP growth averaged 1.0 % per year (between 2005 and 2015) in the EU, compared with 5.1% in ASEAN.

The latter have shown promising economic growth and potential.

But will they need to be more like the EU if they want to keep thriving?

References
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