20193 100-0004 1-9-2
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1963 1990105pts +2.4pts +2.0pts +2.9pts +5.3pts +5.8pts +6.0pts 1962 1963 1973 1978 1979 1982 1987 1989 3% 1990 8 1992 1994 1996 3 1997 3%5% 2000 2009 2014 5%8% 2015 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 28NRI 2
1963 25 1946 1963 1982 2008 2008 2013 2014 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 3
1945~1954 1955~1974 1929 2000 1963 1973 1975~1988 1989 2014 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 28NRI 4
10 1989 1994 2000 2004 1993 (1) (2) (3) (4) CopyrightC Nomura Research Institute, Ltd. All rights reserved. 28NRI 5
1990199910 1993 199412 10 19891994 19941999 2000 2120002004 NRI CopyrightC Nomura Research Institute, Ltd. All rights reserved. 6
21 10 17 35-5000 9900 / 1 1.7 2.6 5 24 29 36 28 28 29.7 - - 3200 10 10 10.5 400 400 1800 65 1493(12.1%) 1828(14.6%) 2204(17.4%) NRI CopyrightC Nomura Research Institute, Ltd. All rights reserved. 7
~1999 2000 1 2 28NRI CopyrightC Nomura Research Institute, Ltd. All rights reserved. 8
1963 38 1973 1 1990 2005 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 9
1963 1973 1990 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 10
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12 1 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 13
5 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 14
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263 293 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 16
1 1.SOMPO 2. 3. 4. 5. 6. 7. 8 44826,421 31116,739 42513,397 16810,617 1018,520 1657,739 1056239 2725692 29118,110 25113,338 1398,473 1257,912 685,568 171,147 392,283 9630 391 553,224 2100 432,705 322,940 9174 603821 126 20396 2774,922 2774,922 2594976 1337,744 6238 6238 15321 181 8150 180 160 160 1,164 1,029 2,766 295 294 497 191 256 3 68 81 42 13 1 1~8 2 20178 3 20173 NRI CopyrightC Nomura Research Institute, Ltd. All rights reserved. 17
1. 2.SOMPO 3. CopyrightC Nomura Research Institute, Ltd. All rights reserved. 18 4. 5. 6 7. (ALSOK) 2,766 1,164 1,029 732 668 370 249 42 68 81 37 46 19 4 ) ) 24 1 1~7 2 20173 NRI
65 19CopyrightC Nomura Research Institute, Ltd. All rights reserved. 19
263 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 293 20
5 5 3 20450 9130 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 21
595850610 504560 4 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 22
1 263 293 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 23
H28 1.6% 1.6% 3.4% 3.0% 3.3% 2.6% 4.8% 4.1% 2.8% 2.1% 3.7% 3.0% 3.5% 2.9% 4.9% 4.7% 5.1% 4.7% 3.8% 3.8% 2.5% 1.9% 4.5% 3.6% -1.4% -1.7% H29 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 24
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30% 25% 20% 15% 10% 5% 1955 1970 1985 1995 1990 0% 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 Japan China China, Taiwan Province of China China, Hong Kong SAR Indonesia Malaysia Thailand Viet Nam CopyrightC Nomura Research Institute, Ltd. All rights reserved. 26
5 30% 25% 20% 15% 10% 5% 1955 1970 1985 1995 1990 0% 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 Japan 2017 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 27
GDP/capUSD10,000USD 1980 20102015GDPUSD8pts 1970GDP2,016USD2,000USD GDP/Cap1,700USD GDP/cap(USD) 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 1955 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 GDP/cap Japan China China, Taiwan Province of China China, Hong Kong SAR Indonesia Malaysia Thailand 1970 1990 1985 Viet Nam 1995 National Accounts Main Aggregates Database 2,000USD CopyrightC Nomura Research Institute, Ltd. All rights reserved. IMF 28
1,390,080 7,464 23,586 69,183 31,624 266,795 96,491 135,179 1,103 2,879 7,253 1,739 13,154 6,311 % 9.7% 15.2% 12.3% 10.6% 5.5% 5.1% 6.7% 70.9 83.4 79.2 70.3 75.3 65.8 75.6 68.5 - - 66.8 66.6 62.1 66.6 GDP GDP 10 UD$ 12,015 342 579 455 312 1,015 220 US$ 8,643 46,109 24,577 6,591 9,755 3,876 2,354 US$ 2,380 - - 34 62 184 66 US$ 3,537 - - 116 57 115 47 GDP % 8.5 - - 6.7 4.0 4.6 8.0 IMF,The world bank, CopyrightC Nomura Research Institute, Ltd. All rights reserved. 29
7,464 7,426 8,249 7,425 31,115 7,588 11,835 1,103 888 874 349 1,414 N.A. 554 % 14.8 12.0% 10.6% 4.7% 4.5% N.A. 4.7% GDP US$ 46,109 26,691 12,302 103,608 6,478 4,031 3,963 2016 NRI 24,200 21,730 15,620 30,480 109,990 314 255 177 426 847 % 13.0% 11.8% 11.4% 14.0% 7.7 GDP US$ 15,847 16,278 17,126 7,791 10,330 World Economic Outlook 2015 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 30
65 13.93% 13.91% 13.20% 12.92% 10.64% 8.55% 65 20.08% 20.40% 19.99% 19.72% 18.52% 16.98% 16.82% 16.30% 15.50% 15.41% 14.18% 65 27.05% 23.02% :21.50% 21.45% 21.23% CopyrightC Nomura Research Institute, Ltd. All rights reserved. 31
GDP 23,586 :7,426 579 US$ 1990GDP 2,879 888 12.3% 12.0% 79.2 24,577 26,691 COL(Cost of Living) 0.64 69,183 :8,249 455 US$ 1985 7,253 :874 10.6% :10.6% 70.3 66.8 6,591 12,302 34 US$ 116 US$ 2016 NRI CopyrightC Nomura Research Institute, Ltd. All rights reserved. 32 6.7% GDP1970 1985 COL0.68
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1,390,0800.50%2018 135,1792015 9.7%2015 70.920102015 68.52015 GDP 120,150US$ GDP 8,643US$ 13 2030 15 IoT CopyrightC Nomura Research Institute, Ltd. All rights reserved. 36
7,4640.70%2018 1,1032015 15.2%2015 83.420102015 NA GDP 3,420US$ GDP 46,109US$ 140 R&D 6585 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 37
23,5860.20%2018 2,8792015 12.3%2015 79.220102015 NA GDP 5,790US$ GDP 24,577US$ 2007 10 2016 102.0 2015 501,100 319963.6 20162.7 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 38
69,1830.20%2018 7,2532015 10.6%2015 70.320102015 66.82015 GDP 4,550US$ GDP 6,591US$ 2003 2009 220022021 2015 201611 4 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 39
32,0401.4%2018 2,0192018 6.3%2017 75.320102015 66.62015 GDP 2,960US$ GDP 9,501US$ 2015 1993 1998 2010 2017 300RM 20152 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 40
266,7951.10%2018 13,1542015 5.1%2015 65.820102015 62.12015 GDP 10,150US$ GDP 3,876US$ NPO CopyrightC Nomura Research Institute, Ltd. All rights reserved. 41
96,4911.00%2018 6,3112015 6.7% 2015 75.620102015 66.62015 GDP 2,200US$ GDP 2,354US$ 2000 2010-2020National Action Plan on the Older People VSSVietnam Social Security) 8018 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 42
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2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 46
1 33 30 3 2 19902030 17.02030 2030220351 204012 203012030 21 204012 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 47
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1980 1985 1990 1995 2000 2005 2010 2015 2018 2020 2025 2030 2035 2040 28,154 29,489 33,681 39,014 41,658 44,006 56,897 79,509 77,017 76,684 96,000 115,718 109,952 88,810 21,147 24,832 26,261 30,041 35,098 38,004 40,422 52,347 66,874 73,589 71,372 89,835 108,845 103,907 13,596 17,095 20,412 21,536 24,902 29,743 32,501 34,699 39,340 45,439 64,536 63,198 80,288 98,140 7,784 9,428 12,103 14,664 15,633 18,579 22,523 24,878 25,489 27,032 36,044 52,027 51,749 66,723 5,340 7,202 8,841 9,774 11,957 14,730 16,153 16,664 18,556 25,347 37,431 38,038 1,765 2,356 3,301 4,276 4,965 6,203 7,509 7,897 9,205 10,565 14,898 22,650 387 595 873 1,320 1,856 2,321 3,029 3,010 3,983 4,931 5,968 8,454 NRI 2941NRI Geography DI-class 2018 2020 2025 2030 86.8 90.1 95.0 97.3 62.1 69.5 82.5 90.1 10.2 13.7 25.6 40.2 1.4 1.8 3.4 6.3 97.6 97.8 98.3 98.6 94.2 94.7 95.7 96.7 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 49 Forecast NRI
10,000US$ 2030 20352030 Geography DI-class 2018 2020 2025 2030 86.8 90.1 95.0 97.3 62.1 69.5 82.5 90.1 10.2 13.7 25.6 40.2 1.4 1.8 3.4 6.3 97.6 97.8 98.3 98.6 94.2 94.7 95.7 96.7 74.3 76.2 80.5 84.3 36.7 39.5 46.9 54.5 72.3 78.7 90.9 95.3 34.3 42.7 67.1 80.3 2.4 3.2 8.3 15.5 0.7 0.8 1.4 2.0 99.0 99.0 99.1 99.3 96.0 96.0 96.6 97.3 64.0 65.3 70.3 75.2 12.0 13.3 17.4 22.4 94.2 96.0 98.2 98.9 83.1 87.6 93.7 96.1 26.3 34.8 54.6 66.7 1.8 2.4 5.2 9.6 99.1 99.1 99.2 99.4 96.1 96.2 96.7 97.4 59.4 60.7 64.0 69.9 7.1 7.5 8.9 12.1 67.6 69.5 77.0 83.4 33.3 35.4 44.8 55.0 3.4 3.7 5.4 7.9 0.8 0.8 1.0 1.3 43.4 48.6 62.0 74.3 15.5 19.2 31.1 46.0 1.2 1.5 2.9 5.8 0.4 0.5 0.7 1.0 CopyrightC Nomura Research Institute, Ltd. All rights reserved. NRI 50
/ China China, Taiwan HongKong Malaysia Thailand Viet Nam Indonesia 20182040 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 51
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china Unit: 2018 2020 2025 2030 2035 2040 China,taiwan Unit: 2018 2020 2025 2030 2035 2040 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 53
Hong Kong Unit: 2018 2020 2025 2030 2035 2040 Indonesia Unit: 2018 2020 2025 2030 2035 2040 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 54
Malaysia Unit: 2018 2020 2025 2030 2035 2040 Thailand Unit: 2018 2020 2025 2030 2035 2040 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 55
Viet Nam Unit: 2018 2020 2025 2030 2035 2040 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 56
2018 2020 2025 2030 2035 2040 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 57 Japan China HongKong Malaysia China, Taiwan Viet Nam Thailand Indonesia
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10 1,600 1,400 1,200 1,000 800 600 400 53 44 53 43 1 42 2 41 2 4 3 254 249 270 250 77 61 51 49 38 40 33 30 201 176 158 142 44 42 41 43 52 37 52 45 53 41 6 50 39 4 36 2 39 72 26 4 29 43 4 49 8 53 49 3 6 45 39 48 3 63 50 40 42 37 36 40 42 42 62 12 12 44 2 44 290 292 300 290 311 323 348 361 40 2 3 4 38 4 310 366 338 254 326 312 283 305 93 91 86 87 85 87 86 73 101 100 111 111 109 107 105 65 103 86 84 95 60 68 45 45 41 72 39 72 352 346 102 102 95 129 68 74 79 85 120 95 95 98 103 118 232 223 254 254 244 248 265 281 303 333 319 400 428 321 321 368 335 348 200 0 142 159 176 183 196 200 216 227 232 224 218 219 221 212 222 203 179 171 171 192 211 222 102 106 111 124 133 132 128 107 106 117 116 121 121 115 81 74 101 74 71 68 71 70 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 C B JASPA2014 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 69
JASPA 1) 65 2) 2014 3) 0.7 10,000US CAGR CopyrightC Nomura Research Institute, Ltd. All rights reserved. 70
1 6,026.4 30.99 1 0.09256 / 18 9.3 JETRO 201712 JASPA CopyrightC Nomura Research Institute, Ltd. All rights reserved. 71
n K=1 2015CAGR CAGRCAGR7.1 101520315 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 72
29 CopyrightC Nomura Research Institute, Ltd. All rights reserved. 73
China China, Taiwan HongKong Indonesia Malaysia Thailand Viet Nam Japan China China, Taiwan HongKong Indonesia Malaysia Thailand Viet Nam Japan CopyrightC Nomura Research Institute, Ltd. All rights reserved. 74
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