Ten ASEAN Nations On Track For 5.2% Overall Growth Rate This Year - IMF Report

The ten members of the Association of Southeast Asian Nations are achieving overall booming growth rates of 5.2 percent this year, the International Monetary Fund (IMF) said in a report on Thursday.

WASHINGTON (UrduPoint News / Sputnik - 08th November, 2018) The ten members of the Association of Southeast Asian Nations are achieving overall booming growth rates of 5.2 percent this year, the International Monetary Fund (IMF) said in a report on Thursday.

"The member countries of the Association of Southeast Asian Nations (ASEAN) continue to achieve strong growth, projected to average 5.2 percent for 2018," the report said. "Such growth rates have helped to lower poverty, boost incomes, and improve economic welfare."

However, the IMF cautioned that the region still faces challenges in reaching the Sustainable Development Goals - 17 goals agreed by the international community that provide a blueprint for policies through 2030 in support of inclusive and environmentally sustainable development.

The ten countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam - are well on their way to achieving more sustainable development, the IMF said.

"Strong income and consumption growth in recent years has reduced poverty," the report said.

Economic progress has also improved health and education outcomes, and led to greater inclusion and with continued income growth and strong policies, most ASEAN countries are on track to eradicate absolute poverty by 2030, the IMF said.

If income gains based on recent forecasts are realized, and if past development trends continue, ASEAN nations' prosperity levels and quality of living standards will continue to converge towards the levels found in Asia's developed economies, the report projected.