ASEAN's TFP and Its Country Origins: Concentrated Gains, Changing Sources

Productivity Research Notes (PRN Series), No. 2621 This note decomposes ASEAN's regional TFP growth into country contributions over 1970–2024. Indonesia was the largest long-run contributor, accounting for 4.9 of the 13.3 cumulative percentage points attributable to country TFP growth, though its 1998 collapse temporarily reversed much of the earlier accumulation. Since 2010, the sources of the gains have shifted: Indonesia has subtracted, while Vietnam, Malaysia, and the Philippines supplied the main gains. The base has broadened, but the aggregate gain has not increased. Contributions use output-share weights following Nomura (2018), and their sum falls short of regional TFP by a factor-price differential term belonging to no economy.