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INSTRUCTOR: Dr. W.Heron STUDENT: Dang Ving Giang ID 1371769

Hanoi Dec, 2012

I) Executive Summary For many years now, gaming industry has been very competitive when big corporations occupied the industry and shared a limited pie of hard-core gamers. In 2006, by implementing successfully the Blue Ocean strategy, Nintendo has had a tremendous breakthrough and explored a brand new potential market segment: Women, the elders and families. Nintendos successes were undeniable by implementing a brilliant strategy and capture the big time of economy development. However, Microsoft and Sony which are in the most powerful corporations in the gaming industry, also reacted aggressively in order to capture back their markets. Moreover, the economy crisis busted in 2008 has affected Nintendos bottom line and brought more challenges. The question stated for Nintendo: where to go next after the big success with Nintendo Wii and how to maintain the leading position in gaming industry against giant competitors? The papers purpose is to analyze Nintendos strategy, resources as well as the effects of the economy on the gaming industry in order to craft a generic strategy for Nintendo to adapt new circumstances and earn more success in the difficult economic situation.

II) Situation Analysis: A) External Analysis i) State of the Industry In the last few years from 2006 to 2009, the videogame industry was an oligopoly market with the dominant of some large corporations including Microsoft, Sony and Nintendo. According to the Global Games Console, Nintendo was the market leader in game console field in 2009 with 59% of market share, following with Microsoft and Sony (with 32% and 9% relatively) (See appendix 1). The gaming market is considered a maturity market since the economy is developing, breakthrough advancements in technology are releasing every year and peoples needs for entertainment are still increasing but it hit the peak when the global economy crashed in crisis. The graph below demonstrated the videogame industry evolution in the U.S from 1997 to 2009 Figure 1:

Source: Matt Matthews, NPD: Behind the numbers, December 2009

After remaining stable from 1997 to 2000 at around US $5.1 to 6.9 billion a year, the revenue of the videogame industry in the U.S had a slight increase in 2001 to US $9.4 billion and kept remaining steady until 2005. The real booming in sales was from 2005 (the total revenue doubled in four years - from US $10.5 in 2005 to US $21.3 billion in 2008) when three of the largest firms in the industry introduced there breakthrough products (Microsoft Xbox 360, Sony PlayStation 3 and Nintendo Wii). Overall, the graph shows a clear upward trend of videogame retails from 1997 to 2008 but it has suffered a significant decrease in 2009 due to the world economy crisis. The total sales are predicted to rise again when the economy becomes better. Operating in an oligopoly market, price discrimination does not matter, instead, all of the three firms want to create uniqueness for their products in order to setup high barriers and hold the price power over rivals. In order to maintain their positions in a fierce market with giant competitors, they have to invest a big amount of time and money in R&D and release new products every four years (See appendix 2). The seventh generation of the game console came into play in 2005, 2006 not only brought a significant breakthrough to the industry but also witnessed a significant climb in the videogame retails revenue. Depending on technology, each of the gaming console firm wants to be the pioneer in the field and lead the market. Each generation of videogames comes out with more powerful processing power, better and more realistic graphics, more beautiful designs and better interactions among players in order to capture more market. However, Nintendo found another way to penetrate the market by targeting non-traditional gamers. Adopting a unique design of the Wii console controller to target the elderly and young women, Nintendo Wii had an exceeding success over its rivals (See appendix 3 and 4).

Figure 2: Total unit sales in July, 31, 2009 Total units sold (in Millions) Nintendo Wii Microsoft Xbox 360 Sony PlayStation 3 16.67 9.78 9.28 Europe 8.27 1.11 3.31 Japan 23.91 17.82 8.95 America 2.75 2.64 1.46 Other regions Worldwide 51.60 31.35 23.00 Source: Thomson & Gamble (2012), crafting and executing strategy concept and cases (18th Region edition) With a deep emphasis on family and casual gamers rather than the traditional game players and the significant reduce of hardware configuration which helped save a huge development costs; Nintendo has created a console with good value, great accessibility and broad based appeal. The Wii does not effectively capture the market for hard-core gamers, but it focused its efforts and resources on expanding and then penetrating new markets. Figure 3: Strategic group map of key consoles

Souce: Elizabeth Menozzi, Why Nintendo has dominant the market share

ii) Competition Considering the competition in gaming console market, there are five forces that affect a great deal on competition:

Potential entrants: The gaming consoles market is dominated by a few giant firms that already have reputation and technological advancements which affected their target markets entertain style and created a high entrain barrier to new comers. Any new company wants to penetrate the market has to operate in a mature market, divided between existing large companies with high technological barriers. However, the continuous changes of life style preferences also create many opportunities for new gaming experience. Substitutes: There is a wide range of various entertainment substitutes that can directly compete with video games such as PC games, portable consoles, mobile phones,... All these entertainment

alternatives can directly affect the retention of existing customers and the conversion of new ones. Buyers bargaining power: Entertainment is not one of the essential needs of customers, in the circumstance of the fierce competition from major rivals and wide variety of substitutes; customers enjoy strong bargaining power. In addition, through the development of gaming industry and technology, the hardware prices become cheaper and cheaper over time lead to low switching cost and strengthen the bargaining power of customers. Supplier bargaining power: In contrast to the buyer bargaining power, in the oligopoly market with few large firms, each firm plays a very important part to the suppliers bottom line. By taking advantage of the economies of scale, gaming console firms have better positions over their suppliers. Industry competitors: According to the Global Games Console, Nintendo is not only the leader of gaming console market with 59% market share in 2009 (see appendix 1) but also the pioneer to exploit a new market segment. This opportunity is idea for launching the new generation of console targeting the non-traditional markets. However, there again will be fierce competition from its traditional rivals: Microsoft and Sony. Microsoft was the first mover in releasing the seventh generation of gaming console and it has a huge advantage in developing software, therefore; this is a potential competitor in penetrating the non-traditional gamer segment. Joining the gaming market very late in 2001 with its Xbox and becoming the first one released the Xbox 360 in 2005 clearly indicates that Microsoft has the proactive strategy rather than reactive strategy; however, compared with other firms such as Nintendo and Sony, Microsoft is still a very young company in the gaming industry.

Sony is a big company with its strength of hardware and electronic designs, Sony is a redoubtable competitor. With its experience of leading the market and the quick-witted strategies in order to change and adapt the target markets preferences, Sony is likely to have strategies to penetrate the segment of women, family and other non-traditional gamers and becomes a big player in the field. In short term, there is still no sign for such products released from Sony. B) Internal Analysis i) Financial analysis From the Consolidated Statements of Income and Consolidated Balance Sheets (Fiscal 2005 Fiscal 2009) (See appendix 5, appendix 6), the financial assessment of Nintendo can be analyzed as below: (a) Liquidity ratios: Current ratio (= current assets/current liabilities) 2005





Working capital (= current assets current liabilities)

Working capital
14000 12000 10000 8000 6000 4000 2000 0 2005 2006 2007 2008 2009 7805.5 8280.9 Working capital Expon. (Working capital) 9169.8 11633.5 10688.2

The graphs clearly indicate the companys liquidity is getting better and better through the period from 2005 to 2009. During the period, the current ratio also stays stable equivalent 3 which shows the stability and safety of the asset availability. (b) Profitability ratio Return on Equity (ROE) (= Net profit before taxes/ Total Equity)

0.30 0.25 0.20 0.15 0.10 0.05 0.00 2005 2006 2007 2008 2009 0.13 0.14 0.18 ROE Linear (ROE) 0.24 0.25

Gross profit margin (= (revenues cost of goods sold)/revenues)

Gross profit margin

0.44 0.43 0.43 0.42 0.42 0.41 0.41 0.40 2005 2006 2007 2008 2009 0.41 0.42 0.42 0.42 Gross profit margin Linear (Gross profit margin) 0.43

The graphs indicate that Nintendo has an increasing trend in profit and invested equity.

(c) Assets Return on assets (ROA) (= Net profit before taxes/Total assets) 2005





The table presents the companys ability to use its assets to create profits. The ROA shows that Nintendo has used its assets effectively in the period as the percentage of creating profit on assets increasing every year. ii) Dominant generic strategy currently in For many years now, the video game industry has been locked into the Red-Ocean, where the focus is to beat the competitors, win market share, capture as many customers as possible and outsell the competition. Nintendo has gone a different way from the industry. Instead of fighting for a bigger slice, they created a brand new market. By targeting the non-traditional market segments, Nintendo has executed the Blue-Ocean strategy and has earned a lot of successes from that. The Statements of income and balance sheets have pointed out it was a successful strategy. iii) Core competencies and resulting competitive advantage. The core competency of Nintendo is the broad differentiation. By targeting the broad market of casual gamers and unique gaming console that create value for women and family members, Nintendo has created various gaming title which suitable for the target market and compatible with the handheld controller which increase the experience appeals. While other games titles for hard-core gamers are easily to be replaced by computer games or other games supplied by competitors, Nintendos strategies have been extremely successful compared with its rivals. One of the important keys that led Nintendo to its peak of success was to cut off cost and create more values for the target customers (See Nintendo Wiis strategy canvas, appendix 7). Which


once used as weapons in the gaming industry: Better gaming graphics, more powerful hardware processing power and creative non-gaming functionalities required a lot of time and money. In order to attract the non-gamers and reduce expenses, Nintendo has cut off those unnecessary functionalities by launching simple, acceptable resolution games but creating more fun, motion senses for the customers. This strategy not only helps save cost but also make Nintendo Wii unique, perfectly suited for the elder, women and family members. The first mover advantages can become one of the most important, sustainable competitive advantages for Nintendo in the fierce competitive environment of gaming industry. When launched, both Microsoft and Sony have suffered loss in each unit of hardware they sold while Nintendo Wii was earning a profit estimated at around $50 in the United States (Thomson & Gamble (2012), crafting and executing strategy concept and cases (18th edition)). The razor and blade economy approach caused both Sony and Microsoft a loss in the fiscal year of 2007 while Nintendo had a big success. With the momentum of uprising fund and its reputation, Nintendo has tremendous advantages over its rivals when launching new products. III) SWOT analysis

The SWOT table is generalized from the above analysis: Strength Broad and unique market Unique products Utilized costing Threat Fierce competitions from big rivals The economic crisis affects customers needs for entertainment Weakness Lack of attractive game titles Low gaming graphic configurations Opportunity First mover advantages: reputation, economies of scales, copyrights of designs, inventions...

IV) Vision & Mission:


The companys vision and mission retrieved from the official website is stated as below: Nintendos vision statement: Our vision is to produce an entirely new product like nothing that has come before it, aimed at greatly expanding the gaming population. Our idea is to expand the gaming audience through the release of the Wii. There is a devotion to the entertainment business, reflected by the company's attitude to staff collaboration. We believe in risk and encouraging employees to take creative decisions in order to challenge the perception of what a videogame can be Nintendos mission statement: At Nintendo we are proud to be working for the leading company in our industry. We are strongly committed to producing and marketing the best products and support services available. We believe it is essential not only to provide products of the highest quality, but to treat every customer with attention, consideration and respect. By listening closely to our customers, we constantly improve our products and services. We feel an equal commitment toward our employees. We want to maintain an atmosphere in which talented individuals can work together as a team. Commitment and enthusiasm are crucial to the high quality of our products and support services. We believe in treating our employees with the same consideration and respect that we, as a company, show our customers. The vision statement has been successful in sketching out Nintendos way of development. The vision statement in one hand is short, clear, vivid, inspiring and concise; in the other hand, it carries a challenge of creating instead of capturing the market which makes the vision is more engaging with the employees.


The mission statement of Nintendo reflects its core purpose, identity, values and principle the business aims. The mission statement comes along with the companys vision make it more powerful, compelling and memorable when communicating with employees. Nintendos mission statement not only focuses on the quality of product and services but also emphasizes the philosophy of treating the staff as valuable assets to enhance team spirit and creativity. V) Key Issues: After the period of fast growing in 2005 2009, Nintendo has been facing decline in sales because of the Global economy downturn, lacking of blockbuster game titles and low graphic configurations. Global economy downturn: The economy situation affects almost all businesses bottom line especially when gaming industry is not one of peoples essential needs. Although most of countries in the world are struggling in the crisis, some have very impressive breakthrough in economy. In order to go against the economy regression, Nintendo should focus more on fast developing countries in Asia such as China, Malaysia or Singapore... Even in bad situation of the economy, those countries are promising for development and consumption. Lacking of blockbuster game titles: All the games available for Nintendo Wii are at a low quality of revolution and very simple. Although the simple game titles are suitable for families and casual gamers but they hardly keep its attractive appeal when other competitors come into play. With potential competitions of Microsoft and Sony who have experience in designing and programming very popular games, Nintendo should concentrate on developing new, attractive game titles. Low graphic configurations: Nintendo should upgrade the gaming configurations for its Wii console according to the rapid development of technology and the chasing of two giant


competitors Sony and Microsoft who have terrific experience and technology for powerful hardware and realistic HD graphics. VI) Strategic Alternatives: In the foreseen future, both Microsoft and Sony claimed to exploit the casual gamer segment and will become direct competitors with Nintendo. Consider the potential competitions, the effects of economic crisis in the next several years and all the competent resources; there are alternative strategies for Nintendo: Diversify products and game titles and attain the current markets: Having been facing threats of competitions in the near future, Nintendo could execute an aggressive strategy. On one hand, it could release more attractive game titles for hard-core gamers on Nintendo Gamecube to capture the traditional market, on the other hand, it could invest more in Nintendo Wii to upgrade the functionalities, resolutions, and more family motion appeals to lure more casual gamers. In term of geography, Nintendo could still focus on its traditional markets including the United States (the biggest gaming consumer in the world), Japan and Europe. Focus on non-traditional gaming segments and attain the current markets: Advancing and taking full advantage of the first mover, Nintendo could concentrate on developing Wii products to capture the non-traditional segments and forgive the hard-core segment. Along with pushing the Wii console, Nintendo could keep promoting in the current major markets including the U.S, Japan and Europe. Diversify products and game titles and expand markets: This strategic alternative suggests Nintendo should continue the offensive strategy by capturing the hard-core gamer segment with Nintendo Gamecube and expand its casual gamer segment with Nintendo Wii. The actions should be taken are improving the gaming graphic of Wii console, pushing marketing and release


more attractive game titles for Nintendo Gamecube. In term of geography, since the global economic regression has been affecting the United States, Japan and Europe, Nintendo should push promotion in other fast-developing countries in Asia such as China, Singapore and Malaysia. Focus on non-traditional gaming segments and expand markets: On this strategic alternative, Nintendo should forgive the hard-core gamer segment since this segment is rather small compared with the casual gamer segments. Instead, Nintendo should focus on improving Nintendo Wii in terms of graphics, motion controllers and attractive game titles. In parallel, Nintendo also should boost marketing in developing countries in Asia. VII) Analyze each alternative.

In general, the strategic alternatives recommend either Nintendo should diversify or focus its products and either expand or concentrate on market geography. There are some pros and cons for each alternative. Diversify products Pros Cons Diversify risks - Potential for over-extension in a mature Adapt different customers preferences market Directly compete with rivals and - Scatter resource capabilities develop new markets simultaneously - Fierce competitions. Focus products Pros Cons Taking the first-mover advantages and - Forgive a potential market of hard-core build customer loyalty gamers Concentrate resources on one product - Be risky if the demand shifts or Make competition irrelevant disappears. - Be vulnerable when competitors penetrate the market. Expand market geography Pros Cons Capture more international market - Big investment in Marketing and Diversify risks in terms of geography promotions in new markets Less affected by the regional economic - Invite more competitions both local and conditions international

Attain current market geography Pros Attain and compete on the current biggest markets Do not require capital to exploit new markets Cons Be vulnerable with the regional economic conditions. Fierce competition from traditional rivals

VIII) Recommendation: From all the strategic alternatives, it is highly recommended the diversify products and expand markets strategy. Due to the economy regression, demand in the traditional markets including America, Japan and Europe is declining. However, there are countries in South-East Asia are having impressive development; these are promising lands for investors and international corporations to expand their markets (See appendix 8 for more information of Asias GDP growth). With a large population and dynamic economy, Asia is more potential for development and expanding than other traditional markets. Although in most of the Asia countries such as China, Vietnam or Singapore, Sony has occupied as a huge electronic and gaming brand but the casual gamer segments are still vacant to exploit. According to The Economist online (figure 4), the U.S and Japan markets will stay stable since the Global economic crisis busted in 2008 while other countries such as China still has a great development in market size. Figure 4: Video game global revenue and market size


Source: The Economist online Along with expanding the markets to South-East Asia, Nintendo should continue competing with Microsoft and Sony in hard-core gamer segment. The fierce competition and broad product lines help Nintendo generate more revenue and diversify risks in the new market geography. Attaining the hard-core segment also makes it harder for Nintendos rivals to penetrate into the casual gamer market segments. With the inherent reputation, Nintendo will not fall into defensive position when Microsoft and Sony come to the casual gamer market. The risk that Nintendo might face when following the expansion and diversification strategy is the misallocating resources and the potential of over-extension. The strategy hence requires a careful market research before coming to each market. In such developing and dynamic markets like Asia, it is still a very promising opportunity for market expansion. In terms of financial, with a huge budget accumulated from the successful Wii product over the world and a positive financial balance, Nintendo has about 8 billion U.S Dollars in-hand cash.


This budget could help Nintendo either acquires or cooperates with local gaming corporations to occupy the Asia markets especially China.

In order to execute the strategy successfully, Nintendo must consider the resources distribution to follow both hard-core gamer and casual gamer segments. The resources including capital, human resources... to maintain the segment and expand new geographic markets simultaneously. The second course of action, Nintendo must concentrate and invest more on game development. Apart from better graphic resolutions and powerful hardware, it is very important to contain attractive game titles. Microsoft Xbox and Sony PlayStation are very successful with the attractive Role Playing games (RPGs) which play an important part in their strategies. If Nintendo launched the similar games, the company would be in better position to pull customers from rivals. The gaming titles programming can be contracted out to third parties in order to enjoy more creative ideas and wide range of supplier selections. Finally, Nintendo should look into the future of video games and develop more break-through technology advantages. The new hand-held console could be played in three-dimension (3DS) and have ability to integrate with social networks (such as facebook and tweeter) and mobile devices (smart phones, tablets..) These integrations are important for drawing the customers and keep the company in track with newest technology.



Elizabeth Menozzi, Why Nintendo has dominant the market share, retrieved at in Dec, 2012

Matt Matthews, NPD: Behind the numbers, December 2009, retrieved at hp?print=1 in Dec, 2012

The Economist online (2011), Video games will be the fastest growing form of media, retrieved from in Dec, 2012

Thomson & Gamble (2012), crafting and executing strategy concept and cases (18th edition), Case 6: Nintendos strategy in 2009: The ongoing battle with Microsoft and Sony


Appendix 1: Gaming consoles market share


Source: Global Games Console Datamonitor December 2009 report, retrieved from in Dec, 2012 Appendix 2: Evolution of the home gaming console industry Console name Year of release Magnavox Odyssey 1972 Atari Pong 1972 Coleco Telsta 1976 - 1978 Second generation Atari 2600 1977 Altari 5200 1982 Coleco Vision 1982 Third generation Nintendo Entertainment System 1983 Atari 7800 1984 Fourth generation Sega Genesis 1988 Super Nintendo Entertainment System 1990 Fifth generation Sony PlayStation 1994 Sega Saturn 1994 Nintendo 64 1996 Sixth generation Sega Dreamcast 1998 Sony PlayStation 2 2000 Nintendo GameCube 2001 Microsoft Xbox 2001 Seventh generation Sony PlayStation 3 2006 Nintendo Wii 2006 Microsoft Xbox 360 2005 Source: Thomson & Gamble (2012), crafting and executing strategy concept and cases (18th First generation edition), Case 6: Nintendos strategy in 2009: The ongoing battle with Microsoft and Sony, pg.C-104 Appendix 3: Annual Console Hardware totals from 2005 - 2009


Source: Source: Matt Matthews, NPD: Behind the numbers, December 2009, retrieved at t=1 in Dec, 2012 Appendix 4: Console total sales over periods

Source:, Video game sales wiki, retrieved at in Dec, 2012

Appendix 5: Nintendos consolidated Statement of Income fiscal 2005 fiscal 2008 (in millions of U.S dollars) 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/3005 $19,308.1 $16,557.0 $9,568.7 $5,041.6 $5,098.4 Total revenue Cost of sales 10,973.8 9,626.4 5,630.3 2,911.9 2,946.4 8,334.3 6,930.6 3,938.3 2,129.6 2,152.0 Gross profit Selling, General and Administrative Expenses 2,503.3 2,105.4 1,697.3 1,225.6 1,028.8 5,831.0 4,825.2 2,241.0 904.1 1,123.2 Operating income Other income (interest and other) 337.7 437.2 336.5 222.7 133.8 Currency exchange gain (loss) 1,406.2 (914.2) 254.8 450.6 216.3 Other non-operating income (expenses) 50.7 17.5 30.5 23.7 (17.8) 4,711.9 4,365.7 2862.8 1,601.1 1,455.5 EBT, excluding unusual items Gain (loss) on sale of investments (7.9) (107.7) 5.5 35.0 (16.0) Gain (loss) on sale of assets (0.6) 36.3 1.3 0.2 __ Other unusual items 2.6 __ __ 12.2 __ Unusual items, Total (5.9) __ __ 12.2 __ 4,706.0 4,294.4 2,867.0 1,648.1 1,439.5 EBT, including unusual items Income tax expense 1,776.1 1,747.7 1,141.9 674.6 573.8 Minority interest in earnings (1.0) 1.0 0.4 0.5 (0.2) $2,930.8 $2,547.7 $1,725.5 $973.9 $865.4 Net income Source: Source: Thomson & Gamble (2012), crafting and executing strategy concept and cases (18th edition), Case 6: Nintendos strategy in 2009: The ongoing battle with Microsoft and Sony, pg.C-98 Appendix 6: Nintendos consolidated Balance Sheets fiscal 2005 fiscal 2008 (in millions of U.S dollars) 3/31/2009 Assets Cash and equivalents Short-term investments Accounts receivable Inventory Deferred tax assets, current Other current assets Total current assets Net property plant and equipment Long-term investments Deferred tax assets, long term Other intangibles Other long-term assets 3/31/2008 3/31/2007 $6,818.5 3,855.4 869.0 877.2 352.7 1,034.4 13,807.3 570.2 914.9 142.7 5.0 158.3 3/31/2006 3/31/3005 $6,109.7 2,566.2 418.9 305.3 239.3 446.1 10,085.4 554.1 596.1 102.1 3.2 150.1 $7,848.0 538.7 487.7 492.6 193.2 279.3 9,839.5 538.8 726.6 100.5 __ 6.2

$7,941.2 $10,925.1 4,872.1 1,472.9 1,461.5 1,441.5 1,520.1 1,037.9 463.7 376.5 1,055.2 1,049.7 17,313.9 16,303.7 746.3 546.0 574.7 730.2 310.5 233.1 22.8 19.9 47.5 11.9

$19,015.6 $17,844.7 $15,598.4 $11,491.0 $11,211.7 Total assets Liabilities & Equity Accounts payable 3,746.6 3,324.6 2,980.7 829.8 1,271.5 Accrued expenses 20.3 18.3 17.6 17.1 __ Current income taxes payable 877.4 1,113.3 891.1 525.1 514.3 Other current liabilities, Total 1,036.0 1,159.3 748.1 432.5 248.2 5,680.4 5,615.5 4,637.5 1,804.5 2,034.0 Total current liabilities Pension & Other Post-Retirement benefits 107.6 44.6 44.0 32.7 48.4 Other non-current liabilities 59.6 8.8 8.3 10.3 6.8 5,847.5 5,668.9 4,689.8 1,847.5 2,089.1 Total liabilities Common stock 105.7 99.6 99.6 99.6 99.6 Additional paid in capital 123.1 115.2 114.7 114.7 114.7 Retained earnings 15,048.1 13,666.3 12,080.9 10,851.1 10,225.1 Treasury stock (1,643.6) (1,546.2) (1,538.4) (1,535.6) (1,286.0) Comprehensive income and other __ (159.2) 151.8 113.6 (30.9) 13,633.3 12,175.8 10,908.6 9,643.5 9,122.5 Total Equity $19,015.6 $17,844.7 $15,598.4 $11,491.0 $11,211.7 Total liabilities and equity Source: Source: Thomson & Gamble (2012), crafting and executing strategy concept and cases (18th edition), Case 6: Nintendos strategy in 2009: The ongoing battle with Microsoft and Sony, pg.C-99 Appendix 7: Strategy canvas for video Nintendo Wii and other video gaming companies
10 9 8 7 6 5 4 3 2 1 0 Nintendo Wii Video game industry

Appendix 8: GDP growth and GDP per capital South-East Asian countries

Source: OECD medium-term projection framework (MPF)


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