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South-east Asia had a decent 2025. So why does no one feel like celebrating?

Home-grown dysfunction is clouding the region’s genuine gains this year – and 2026 will be less forgiving.

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Displaced people carry boxes with drinking water distributed at a temporary camp in Cambodia's Oddar Meanchey province on December 11, 2025.

Displaced people carry boxes with drinking water distributed at a temporary camp in Cambodia's Oddar Meanchey province on December 11.

PHOTO: AFP

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Hypothetically, which Asean country would be confident enough to put its hand up and say: yes, all things considered, we had a pretty good 2025?

A few strong contenders come to mind. Vietnam, adroitly managing superpower ties, negotiating United States President Donald Trump’s “Liberation Day” tariffs

down from 46 to 20 per cent

, its economy roaring. Easily East Asia’s trade war winner.

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