De-Risking, but where to?
The Emerging ASEAN countries as an alternative to China
The German economy should become more diversified. However, how and where such de-risking shall be implemented remains unclear. In search of suitable partners, both politics and business often turn their attention to the emerging economies of Southeast Asia. The dynamic growth of the so-called Emerging ASEAN (Indonesia, Malaysia, Thailand, the Philippines, and Vietnam) offers a seemingly promising alternative to the large neighbour China. However, a look at the economic data shows that the diversification potential in terms of Southeast Asia’s emerging markets is limited.