Southeast Asian Economies Research Articles

Industrial-Led Economic Development of Cambodia: Implications for Low-Income Developing Countries

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

Implementation of Cooperation Chapters in Trade Agreements: Case Linked to the IA-CEPA

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

BOOK REVIEW: Handbook on Global Value Chains, edited by Stefano Ponte, Gary Gereffi and Gale Raj-Rechhert

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

The Vulnerability of Jobs to Mobility Restrictions: Malaysia‘s Experience during the COVID-19 Pandemic

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

BOOK REVIEW: The Political Economy of Automotive Industrialization in East Asia, by Richard F. Doner, Gregory W. Noble and John Ravenhill

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

Democratic Reforms and Trade: Evidence from the European Union‘s Generalized System of Preferences for Myanmar

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

A Reappraisal of Electricity Subsidies and Household Welfare in Brunei Darussalam

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

Drivers of Economic Catch-up in Asia: A Study of ASEAN Countries with Comparative Views of China and India

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

Avoiding the Resource Curse: Lessons from Indonesia

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

Credit Risk Differential between Islamic and Conventional Banks in Malaysia

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility. Published by the ISEAS – Yusof Ishak Institute tri-annually, JSEAE includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region. Up until April 2013, JSEAE was published as the ASEAN Economic Bulletin (AEB). However, following new developments in the regional and global context, as well as the establishment of new multi-lateral trading agreements including countries in the region, the Directorship of ISEAS and AEB’s Editorial Board decided to change the journal’s name. While its name has changed, JSEAE remains committed to being the premier economic journal for Southeast Asian academicians and policy-makers, as well as anyone with an interest in the region. All research articles in the journal have undergone rigorous peer-review. The process consists of initial screening by the Co-Editors and Associate Editor, followed by double-blind refereeing; two reviewers for articles and one reviewer for research notes.

Audit committee characteristics and the moderating effect of Malaysian code of corporate governance on IPO liquidity

PurposeThis study aims to investigate the link between audit committee characteristics and the liquidity of initial public offerings (IPOs) in Malaysia, which is an emerging economy in Southeast Asia. Another purpose of this study is to examine the moderating effect of the revised Malaysian code of corporate governance (MCCG) on the link between audit committee characteristics and IPO liquidity.Design/methodology/approachThe final sample consists of 304 Malaysian IPOs listed in 2002–2017. This study uses ordinary least squares regression method to analyse the data. To confirm this study’s findings, a hierarchical or four-stage regression analysis is used to compare the t-values of the main and moderate regression models.FindingsThe findings show that audit committee characteristics (size and director independence) have a positive and significant relationship with IPO liquidity. Also, the revised MCCG positively moderates the relationship between audit committee characteristics and IPO liquidity.Research limitations/implicationsThis study’s findings indicate that companies with higher audit committee independence have a more effective monitoring mechanism that mitigates information asymmetry, thus reducing adverse selection issues during share trading.Practical implicationsPolicymakers could use the results of this study in developing policies for IPO liquidity improvements. Additionally, the findings are useful for traders and investors in their investment decision-making. For companies, the findings highlight the crucial role of the audit committee as part of the control system that monitors corporate governance.Originality/valueTo the authors’ knowledge, this work is a pioneering study in the context of a developing country, specifically Malaysia that investigates the impact of audit committee characteristics on IPO liquidity. Previously, the link between corporate governance and IPO liquidity had not been investigated in Malaysia. This study also contributes to the IPO literature by providing empirical evidence regarding the moderating effect of the revised MCCG on the relationship between audit committee characteristics and IPO liquidity.

Do Criminality and Socioeconomic Stress Hinder Economic Development of an Emerging Southeast Asian Economy?

The primary objective of this research is to investigate how factors such as criminal activity, social and economic pressures, and economic growth in Thailand interact with one another. In order for the study to be successful, the ARDL methodology was used. In order to conduct its analysis of the data, ARDL IV considered both the near and the far future. The work of a lot of scholars have allowed us to compile this information spanning 37 years, from 1979 to 2015. The findings demonstrated that a significant amount of focus is placed on the roles that crime serves, in particular as a barrier to the progression of economic growth. As a result of economic crime, even more money is lost, and highly skilled people are more inclined to quit their positions, making it an even more problematic situation than the gray market. The previous results imply that there is a positive association between socioeconomic stress and some features that are associated to criminal behavior. The deterrent factors, with the exception of the person's criminal background, all functioned as expected for the other variables. There was evidence to imply that there was an increase in property crime when families were unstable. The dissatisfaction, anger, and stress of the people in Thailand are represented in the socioeconomic elements that prevail in the country, as shown by the association between socioeconomic stress and variables related to crime. People come up with creative solutions to make ends meet when their quality-of-life lowers as a result of the social and economic situations in their environment. The study will help policymakers and practitioners better understand the obstacles faced by socioeconomic restrictions in emerging countries like Thailand
 

Systemic Risk and Tail risk of Fintech firms during COvid-19: A Case of Southeast Asian economy

The primary objective of this study is to contrast the tail risk that is encountered by Thai financial technology companies with the systemic risk that is encountered by financial technology companies in Thailand. During the COVID-19 outbreak, it was also investigated how the effects of tail risk and systemic risk affected Thailand's financial technology businesses. During COVID-19, the number of individuals using financial applications online surged drastically, giving clear proof of the sector's stratospheric ascent. During the same time period, the number of people using cryptocurrency apps increased dramatically. This is the first study of its sort, and it analyzes how tail risk, systemic risk, and fintech interact with one another using data from a sample that is typical of the Thai economy. The financial technology sector is the primary focus of our study. December 2019 and February 2022 will be used as the computation periods for the data of the fintech companies. Fintech businesses in Thailand look through the theoretical lens provided by the extreme value theory when calculating the tail risk of their portfolios. The fall in the value of technology businesses has given rise to the idea of establishing a significant number of financial technology companies located in Thailand. A lengthier and more widespread dispersion is consistent with an exponential growth of fintech businesses in Thailand during the course of the COVID-19 time period. There are a few businesses in our sample that have very short tails, which suggests that they are much too susceptible to unfavorable occurrences during COVID-19. The results indicate that the global technology index during COVID-19 is reliant on the systemic risk posed by Fintech. It's possible that these outcomes might be attributed to the large growth in customer bases seen by FinTech businesses during COVID-19. Fintech companies in Thailand saw significant growth during the epidemic of swine flu. The current research is among the first of its type when it comes to grasping the issues of tail risk and systemic risk in fintech enterprises in Thailand. This is excellent news for policymakers, financial experts, and academics, as it paves the way for a better understanding of these issues
 

Literature Review on Corporate Governance Practices and Bank Performance in Asia Emerging Markets

To date, there have been many studies performed to evaluate the impact of corporate governance on the performance of banks. Nonetheless, most of the previous research employed different sets of corporate governance factors and in fact, no paper had been accomplished on Asia emerging markets except a few studies that used Return on Asset (ROA) and Tobin’s Q to represent the performance of banks. There were only limited papers that investigated corporate governance against the performance of banks in emerging Asia but either in Southeast Asian economies only or in a single country. The past studies also took different periods as their time basis for data analysis and did not consider the improvements of corporate governance mechanisms especially the progress of guidelines issued by the Basel Committee of Banking Supervision (BCBS). Moreover, prior papers applied different formulas and models to derive bank performance whereby the majority of the theses employed profitability, instead of bank-specific performance measures to gauge the banks’ performances. This paper explores the literature connected to this connection worldwide but particularly on banks operating in Asia emerging markets with emphasis on the 2007 financial predicament. Reviews of literature on non-bank corporations were also performed when the relevant studies on banks were not adequately done. Overall, the majority of the reviewed articles advocate the positive relationships between corporate governance practices and bank performance since the practices could safeguard the banks’ resilience.

Accelerating safe small modular reactor development in Southeast Asia

The emerging economies in Southeast Asia are facing challenges in achieving decarbonisation and energy resilience. Small modular reactors (SMRs) could represent a strategic option but are yet to be properly understood and communicated at the policy level, especially in terms of the favourable implications for energy security and economic and technical benefits, as well as inherent risks and mitigation strategies. With the flourishing designs and start-up companies driving potentially new business models for future nuclear power projects, we present a series of actionable recommendations for utilities and policymakers in Southeast Asia, together with an analysis on the importance of including SMRs as an option in the future energy mix.

Bank capital and risk adjustment responses to economic uncertainty: Evidence from emerging Southeast Asian economies

This paper examines how banks make capital and risk adjustments simultaneously amid economic uncertainty. Applying a simultaneous equations model with a partial adjustment for capital and risk of banks from emerging Southeast Asian economies, we show that banks pursue stability amid heightened economic uncertainty mainly by hoarding more capital buffers, while their risk adjustments are mostly unaffected or negative in few cases. Sub-sample analyses further show that less stable banks, characterized by low-capitalized and high-risk banks, raise capital buffers more rapidly to protect franchise value amid uncertainty. Moral hazard behavior among banks is not salient because neither less nor more stable banks engage in riskier undertakings amid uncertainty. Mechanism analyses show that the “wait and see”, “search for yield” and “herding” strategies of banks drive the positive nexus between economic uncertainty and banks’ capital adjustments, but generally do not condition the economic uncertainty-risk adjustment nexus.

The Political Economy of Southeast Asia: Politics and Uneven Development Under Hyperglobalisation, by Toby Carroll, Shahar Hameiri, and Lee Jones (eds)

The Political Economy of Southeast Asia: Politics and Uneven Development Under Hyperglobalisation, by Toby Carroll, Shahar Hameiri, and Lee Jones (eds)

Reversing the Bamboo Network: Chinese capital, geopolitics, and institutions in Southeast Asia

ABSTRACT This study applies a comparative political economy approach to institutional theory by considering institutional convergence and geopolitics as determinants of Chinese outward foreign direct investment (OFDI). Using country-level data for a sample of Asian countries, including Bamboo Network countries or countries with prominent overseas Chinese business networks in Southeast Asia, and other countries identified in the Varieties of Capitalism literature, the dynamic panel analysis from 2007 to 2019 finds that Chinese OFDI is significantly positively affected by the interaction between greater formal institutional distance from China and a similar state-backed institutional configuration. Conversely, active territorial disputes with China and formal arbitral proceedings against this country have significant and negative effects. This study finds that Chinese OFDI in general and specifically the reversal of the Bamboo Network, or the flowing back of Chinese capital into Southeast Asian economies that initially invested in China’s rise and integration into the global economy, are conditioned upon geopolitical tensions and convergence in terms of institutional configuration but not institutional distance.

Financial development, poverty, and human development in the Fintech age: a regional analysis of the Southeast Asian states

This paper examines the effect of financial development in the Fintech age, measured by broad money, domestic credit, and mobile money, on poverty and human development in the Southeast Asian economies. Using unbalanced longitudinal dataset (1990-2017), the findings suggest that broad money and domestic credit contribute to poverty reduction and promote human development. The role of mobile money is seen to have a statistically positive impact only if we analyse it with human development. Additionally, when we take a closer look at the different stage of economic, political and institutional development in this region, we found that the positive effect of broad money and domestic credit is mostly found only in the less developed and less democratic countries. The mobile money, on the other hand, is found to statistically promote the human development in both groups of countries, but there is no statistical relationship for poverty analysis. To avoid the endogeneity bias driven by the fact that the variables in the analysis are not exogenous, the paper uses the instrumental variables and two-stage least squares for panel-data estimations, taking from the economic literature on the role of financial development in developing countries. In doing so, along with additional statistical tests of subsample analysis of political and institutional factors and higher- and lower-income countries, the results confirm the robustness in the analysis.

Emergence and transboundary spread of lumpy skin disease in South Asia

Lumpy skin disease (LSD) is an OIE notifiable, transboundary pox viral disease of livestock. LSD is an emerging disease severely affecting livestock economics. The zoonotic potential of the LSD virus has not been extensively studied and reported. In approximately 90 years, the virus dispersed to numerous world locations after its first emergence in Zambia. LSD virus emergence in South Asia prevailed among livestock (cattle and water buffalo) owners due to economic/financial losses. The estimate of the economic impact of LSD in the southern, eastern and southeastern countries suggested direct losses of livestock and production of approximately USD 1.45 billion. In 2019, nearly the same time, the disease was reported for the first time from many bordering countries, such as India, Nepal, China, and Bangladesh. In 2020, the LSD was also recorded in Bhutan, Sri Lanka, Bangladesh, Vietnam and Southeast China. In 2021, it further spread to new countries such as Thailand, Malaysia and Cambodia. Cattle affected with LSD show a characteristic nodular lesion or skin lump over the whole body and may occasionally be associated with systemic signs. Hematophagous arthropod-borne mechanical transmission is considered primary and the most common route; however, other transmission routes related to illegal animal trade have played a role in the emergence of LSD in countries otherwise/earlier free from it. Among serological diagnostic tests, OIE recommends virus neutralization as the standard gold test. Diagnosis in LSD-free countries requires virus isolation and further sequencing of the isolate. Control of LSD is possible by most of the measures applied for rapidly transmitting viral infection, including vaccination. LSD virus-specific vaccines are considered suitable to confer protection to cattle and buffalo over heterologous vaccines. In countries such as India, the lack of a specific policy for LSD at the time of the first onset of this disease, the high density of susceptible unvaccinated populations, unawareness among farmers, veterinarians and prevailing laws of no slaughter of cattle created a favourable situation of its spread to many states. Amid COVID-19, the whole world is in turmoil; the emergence of diseases such as LSD is further lowering the economy, and hence must be reviewed to save and sustain the backbone of the developing country's economy in Southeast Asia.