Monday, 27 September 2021

Agri-food industry contributes over $717 B to Southeast Asian region

24 March 2021 | News

The sector also contributed a total of $95.6 billion in tax revenues across the region

Image source: Shutterstock

Image source: Shutterstock

The Economic Impact of the Agri-Food Sector in South East Asia report has recently highlighted that the agri-food sector’s role in driving Southeast Asia’s economic recovery, creating employment, and putting food on the table at stable prices, is important.

Report’s key findings include:

  • In 2019, the agri-food sector made a GDP contribution of $717 billion across Indonesia, Thailand, the Philippines, and Vietnam
  • The sector is also responsible for almost half (48%) of the entire workforce with 127 million jobs
  • The sector also contributed a total of $95.6 billion in tax revenues across the region
  • While the agri-food sector remained resilient in the face of COVID-19, the report’s Economic Recovery Matrix reveals that Indonesia faces the greatest risk to recovery
  • Philippines and Thailand also showed important vulnerabilities due to their dependence on tourism to revive their food industries
  • Out of the four markets, Vietnam ranks the lowest in terms of recovery risk
  • Their risk scores are higher than China, India, and other higher-income Asian economies.

 

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