ASEAN's Regional Growth Account: Accumulation-Led Growth, Intermittent Productivity Gains

Abstract

Productivity Research Notes (PRN Series), No. 2620 This note constructs a regional growth account for the ten ASEAN member economies as of 2024, covering 1970–2024. Real output grew by an average of 5.3% per year, with capital contributing 3.1 percentage points, labor 1.6 points, and TFP 0.5 points—roughly 60%, 30%, and 10% of growth. Growth was therefore predominantly accumulation-led. Aggregation uses output and factor-specific PPPs, allowing ASEAN to be treated as a single production system rather than as an average of national growth rates.