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The Association of Southeast Asian Nations (ASEAN) was founded in 1967 and currently consists of 10 member countries. ASEAN has attracted a lot of attention in recent years for its high growth potential and is emerging as an important market amid the increasing blockization of the global economy.
In particular, it is considered to be more competitive than China and India as a production base. In this article, we will compare ASEAN and South Korea in various fields, including economic growth, resources, population, territory, GDP, sovereign credit ratings, diplomatic power, healthcare, military power, patent applications, and global company presence.
ASEAN Economic Outlook
ASEAN’s economic growth is expected to be 4.6% in 2024, which is higher than in 2023. Among ASEAN countries, Indonesia and Vietnam are leading the economic growth.
Indonesia is showing strong economic growth due to increased private consumption and fixed capital investment, while Vietnam is also seeing improved economic growth due to recovering demand in key export markets.
South Korea, on the other hand, is projected to have a GDP growth rate of 1.7% in 2023, which is lower than the average growth rate for ASEAN countries. However, South Korea’s high electricity production and technological prowess have maintained its economic stability.
Population and territory
Compared to the 10 ASEAN countries, South Korea has a population of about 53 million, which is in the middle of the pack. However, the country’s low fertility rate (0.7) is a major concern as it could lead to depopulation.
ASEAN countries all have higher fertility rates than South Korea, and even Singapore, which has the lowest fertility rate, is higher than South Korea at 1.12.
In terms of territorial area, South Korea is about 100,000 square kilometers, which is smaller than most of the ASEAN countries except Brunei and Singapore.
GDP and GDP per capita
South Korea : GDP: $1.7 trillion / GDP per capita : $33,000
Singapore : GDP: $400 billion / GDP per capita : $72,000
Malaysia : GDP: $350 billion / GDP per capita : $11,000
Indonesia : GDP: $1.2 trillion / GDP per capita : $4,500
Thailand : GDP: $500 billion / GDP per capita : $7,000
Philippines : GDP: $400 billion / GDP per capita : $3,500
Vietnam : GDP: $350 billion / GDP per capita : $3,600
Myanmar : GDP: $65 billion / GDP per capita : $1,200
Laos: GDP : $20 billion / GDP per capita : $2,700
Cambodia : GDP: $30 billion / GDP per capita : $1,800
Brunei: GDP : $16 billion / GDP per capita : $31,000
According to the IMF’s 2023 GDP estimates, South Korea ranks 13th in the world with a GDP of $1.7 trillion.
Among ASEAN countries, only Indonesia has an economy similar in size to South Korea’s, with a large gap between the rest.
In terms of GDP per capita, Singapore is ahead of South Korea, with the former having a GDP per capita that is significantly.
Sovereign credit ratings
South Korea : AA (S&P)
Singapore : AAA (S&P)
Malaysia : A- (S&P)
Indonesia : BBB (S&P)
Thailand : BBB+ (S&P)
Philippines : BBB (S&P)
Vietnam : BB (S&P)
Myanmar : B (S&P)
Laos : B- (S&P)
Cambodia : B (S&P)
Brunei : A (S&P)
A country’s credit rating is an important criterion for raising funds in international financial markets. While South Korea has a high credit rating (AA by S&P), Singapore is rated even higher (AAA by S&P), which is the highest possible rating.
Brunei, although not often highlighted, has the second-highest credit rating (A by S&P) among ASEAN countries, followed by Malaysia (A- by S&P). This places brunei slightly lower than South Korea in terms of creditworthiness.
Diplomatic presence
South Korea has 48 embassies and 12 consulates around the world, which is more than any other ASEAN country.
However, Indonesia and Malaysia each have more than 100 diplomatic facilities, putting them on par with South Korea.
Healthcare
South Korea
Life expectancy : 83.53 years
Number of hospital beds per thousand population : 12.3
Number of doctors per thousand population : 2.4
Life expectancy : 83.2 years
Number of hospital beds per thousand population : 2.4
Number of doctors per thousand population : 2.5
Malaysia
Life expectancy at birth: 76.2 years
Number of hospital beds per thousand population: 1.9
Number of doctors per thousand population: 1.5
Indonesia
Life expectancy at birth: 71.7 years
Number of hospital beds per thousand population: 1.2
Number of doctors per thousand population: 0.4
Thailand
Life expectancy at birth: 77.3 years
Number of hospital beds per thousand population: 2.1
Number of doctors per thousand population: 0.8
Philippines
Life expectancy at birth: 71.0 years
Number of hospital beds per thousand population: 1.0
Number of doctors per thousand population: 0.6
Vietnam
Life expectancy at birth: 75.3 years
Number of hospital beds per thousand population: 2.6
Number of doctors per thousand population: 0.8
Myanmar
Life expectancy at birth: 67.8 years
Number of hospital beds per thousand population: 0.9
Number of doctors per thousand population: 0.6
Laos
Life expectancy at birth: 67.1 years
Number of hospital beds per thousand population: 0.8
Number of doctors per thousand population: 0.5
Cambodia
Life expectancy at birth: 69.0 years
Number of hospital beds per thousand population: 0.7
Number of doctors per thousand population: 0.2
Brunei
Life expectancy at birth: 77.3 years
Number of hospital beds per thousand population: 2.8
Number of doctors per thousand population: 1.8
In the healthcare sector, South Korea has an edge over ASEAN countries. The number of hospital beds and doctors per 1,000 people is dominated by South Korea, and life expectancy is also higher than ASEAN countries at 83.53 years.
Notably, with the exception of Singapore, life expectancy in the rest of ASEAN does not exceed 80 years.
Military strength
(2024 est.)
South Korea : GFP Military Strength Index : 5th in the world / Defense spending : $45 billion
Singapore : GFP Military Power Index : 44th in the world / Defense spending : $12 billion
Malaysia : GFP Military Power Index : 45th in the world / Defense spending : $4 billion
Indonesia : GFP Military Power Index : 13th in the world / Defense spending : $9 billion
Thailand : GFP Military Power Index : 29th in the world / Defense spending : $6 billion
Philippines : GFP Military Power Index : 51st in the world / Defense spending : $3 billion
Vietnam : GFP Military Power Index : 28th in the world / Defense spending : $5 billion
Myanmar : GFP Military Power Index : 37th in the world / Defense spending : $2 billion
Laos : GFP Military Power Index : 112th in the world / Defense spending : $1 billion
Cambodia : GFP Military Power Index : 101st in the world / Defense spending: $1.5 billion
Brunei : GFP Military Power Index : 108th in the world / Defense spending : $500 million
In terms of military power, South Korea is also stronger than ASEAN countries. In the Global Firepower (GFP) military power index, South Korea ranks 5th out of 145 countries, and even Indonesia, the strongest ASEAN country, ranks 13th.
South Korea’s defense spending exceeds the combined defense spending of the top five ASEAN countries.
Patent applications and global companies
In terms of patent applications, South Korea has more than the combined total of the 10 ASEAN countries. In addition, South Korea has 18 of the top 500 global companies as of 2023, which is more than the combined total of the 10 ASEAN countries.
Overall, South Korea has an advantage over ASEAN countries across a range of indicators. However, ASEAN is growing rapidly with high growth potential, abundant resources, and a growing population, so it is worth keeping an eye on the economic and social changes ahead.
Korea and ASEAN countries will need to explore various opportunities to cooperate through complementary relationships.
