Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(49)

Comparative Study on the Perception and Response of Singapore and Indonesia

Therefore, both countries have been immensely highlighted as key stakeholders of the newly-born economic community. In general, Singapore is appraised more prepared to explore the age of the AEC than Indonesia. 

Private sectors in Singapore, especially SMES have been aggressive in broadening their horizons across the region to excavate new growth chances. However, the future of the AEC may be overshadowed unless Indonesia fails to utterly nudge itself to the AEC

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(48)

Comparative Study on the Perception and Response of Singapore and Indonesia

Under this circumstance, hopes are higher than ever that the beginning of the AEC will serve a precious opportunity to create a new landscape for the 21st century in the world. In this sense, the role of Singapore and Indonesia can't be overemphasized when the era of the AEC starts to be vigorously unfolded. 

Two countries have represented the ASEAN in two essential ways. While Singapore tops the region with its world-level economic status, Indonesia covers alarmingly about 40% of the overall ASEAN economy.

 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(47)

Comparative Study on the Perception and Response of Singapore and Indonesia

However, situation would be different if joint efforts of the 10 countries to confront superpowers is designed and implemented. The countries will be surely observing their confidence built up step by step. 

The economic clout will be increasingly strengthened if the ASEAN succeeds in fully actualizing the AEC. As a result, the influence of the ASEAN on the regional security and political issues will be also fortified.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(46)

Comparative Study on the Perception and Response of Singapore and Indonesia

In this realistic angle, it is no wonder that a tough itinerary is forecasted on the way to the substantial realization of the AEC. In spite of the pessimism surfaced, the importance of the birth of a sizable single market shouldn't be underestimated. 

Along with Africa and South America, the ASEAN has been looked down on as a symbol of an underdeveloped area. Thus, major powers including America, the EU and China would remain invincible if the ASEAN members try to compete with them individually.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(45)

Comparative Study on the Perception and Response of Singapore and Indonesia

Above all things, doubts are cast upon the massive disparity of the social and cultural environment among the member countries. There exists considerable economic gap in the region, too. 

For instance, Brunei, an oil-producing country was shined with its per capita GDP of 28,240 USD in 2017 while Cambodia, one of the poorest countries in the region only recorded per capita GDP of 1,390 USD during the same period.