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Economy

Digital tech to help ASEAN unlock up to $627bn in productivity

McKinsey report highlights countries' potential as 'factories to the world'

Labor costs in most ASEAN countries are lower than those in China.   © Reuters

SINGAPORE -- Disruptive digital technologies could help Southeast Asian countries become true "factories to the world," generating anywhere from $216 billion to $627 billion worth of productivity gains, a new report by U.S. consultancy McKinsey & Co. says.

The report includes a survey on how digital disruptions will affect manufacturers and technology companies across the Association of Southeast Asian Nations bloc. Of the 200-plus respondents, over 75% said they expect digital advances to boost their companies' revenue by more than 10% while lowering costs by the same amount.

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