South-East Asia’s stodgy conglomerates are holding it back
The region’s ageing corporate empires are stuck in the past—and too cosy with politicians
Few parts of the global economy hold more obvious promise than South-East Asia. Multinational firms hoping to move manufacturing away from China are racing to establish supply chains in the region. Indonesia, the Philippines and Vietnam are expected to be among the fastest-growing economies in the world during the rest of the decade. Malaysia is likely to join the ranks of the world’s high-income economies soon. Singapore’s importance as a financial hub has grown as foreigners have deserted Hong Kong.
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This article appeared in the Business section of the print edition under the headline “Tropical depression”
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