Donald Trump has got a big victory in the US elections. On January 20, he will take oath for the presidential election. After his becoming the President, it is believed that there will be a lot of change especially in the economic policies of America. Especially regarding economic relations with China, the same atmosphere may once again be seen which was seen during his earlier presidential tenure. South Asian countries can be seen benefiting from this.
According to a report by the international rating agency Moody’s, ASEAN countries including India can benefit greatly after Donald Trump becomes President. Let us also tell you what such fabrication has been put forward by Moody’s, due to which China will be seen yearning for every penny and the scenario of the economy of ASEAN i.e. 11 countries including India can be seen changing completely.
Trump administration will make big changes
Rating agency Moody’s said on Friday that after Donald Trump becomes the President of America, trade and investment flows from China may go away but India and ASEAN countries may benefit from this change. Moody’s Ratings said in a comment that after Trump is elected the next President on November 5, changes in America’s current policies are expected.
The Trump administration is expected to have huge fiscal deficits, protectionist trade measures, a standstill on climate measures, a tough stance on immigration and relaxed regulations. According to Moody’s, Trump may pursue more aggressive immigration policies if he becomes president for the second time. However, this strictness may lead to shortage of workers in sectors like agriculture, retail, hospitality, construction and healthcare.
India and ASEAN countries will benefit in this way
Regarding Trump’s foreign policy, Moody’s said that trade and investment flows in the Asia-Pacific region could shift away from China as the US tightens investment in strategic sectors. The rating agency said that India and ASEAN countries can benefit from this change in American policy. The continued polarization between the US and China also threatens to increase geopolitical divisions in the region, which could disrupt the global supply of semiconductors. Experts also believe that the kind of trade war that was seen between America and China may be seen once again.
What is ASEAN?
The full form of ASEAN is Association of South East Asian Nations. 10 countries are included in this organization. Which includes Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. ASEAN was founded on August 8, 1967 in Bangkok, Thailand by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Cambodia was the most recent member to join, in 1999.
The special thing is that ASEAN is the third largest regional economy in Asia and the fifth largest economy in the world. If India is also added to it, the size of its economy becomes even bigger. At present, India is the 5th largest economy in the world. It is estimated that India can become the third largest economy in the world in the next two years.