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With a projected annual growth rate of over 5.5% per year, ASEAN is forecast to become the 4th largest economy in the world by 2050, behind China, India, and the United States and overtaking EU and Japan.
This projected growth is supported by favorable demographics. Over 380 million people are under age 35 in ASEAN (58% of the population), roughly 20% larger than the entire population of the United States.
ASEAN's middle class is expected to more than double in size from 135 million (24% of ASEAN's population) to 334 million (51% of the population) by 2030. Sustainable urbanization is a key part of this demographic growth, and it is estimated that nearly 70% of ASEAN’s population will live in urban areas by 2050.
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