Singapore, Aug 1 (IANS): The top six economies in Southeast Asia, Vietnam, the Philippines, Indonesia, Malaysia, Thailand, and Singapore, will grow at an annual average rate of 5.1 per cent over the next 10 years, according to a report issued on Thursday.

The report, titled "Navigating High Winds: Southeast Asia Outlook 2024-2034," is jointly released by DBS Bank, Bain & Company, and the Angsana Council, Xinhua news agency reported.

The six leading regional economies will benefit from over 600 million consumers in the Southeast Asia market and strong historical linkages with major trading economies, it noted.

Meanwhile, increased protectionism in developed markets and gradual deindustrialisation due to the changing drivers of competitiveness will harm the economies.

The report estimated that Singapore will grow at an annual average rate of 2.5 per cent over the next 10 years. Advanced manufacturing, services, tourism, and a world-class talent pool will be a powerful economic engine.

However, demographic challenges, land and labour constraints, and higher business costs may limit the prospects of the city-state, the report added.