The Philippines has become one of the fastest-growing economies in Southeast Asia. The country’s gross domestic product grew by an average of 6.4% a year during 2010–2017, compared with average annual growth of 4.5% for 2000–2009.
BIMP-EAGA member countries.
Malaysia has transformed itself from a nation reliant on natural resources into a middle-income country in which services account for half of total output. However, as an open and trade-reliant economy, Malaysia remains vulnerable to international developments.
Indonesia has made remarkable progress in its social and economic development in the past few decades. Since the 1998 Asian financial crisis, its economy has grown tenfold and per capita income eightfold. Indonesia reached middle-income status in 2004 and became a G20 member in 2008.