Instead of allowing external powers to dictate their development, China, India, Japan, South Korea, and Vietnam have balanced strategic international engagement with domestic capacity-building and decision-making. This model has become newly relevant for Canada, the United Kingdom, and other middle powers.
The World Bank has made a volte-face on industrial policy. Southeast Asian countries will need to consider the new policy, but calibrate it across vastly different national contexts.
The effective closure of the Strait of Hormuz could push Aseans farmers and food prices to the brink, but the region has options to ease some of the pressure.