Growth accounting analysis reveals capital accumulation drove sixty percent of economic expansion across ten ASEAN nations, indicating limited reliance on productivity gains.
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.
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Koji Nomura (2026) studied this question.
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