“…In 2015, ASEAN countries expanded their economic collaboration to the ASEAN+6, a grouping of 16 countries comprising the 10 ASEAN member countries are Brunei, Burma, Cambodia, Indonesia, Philippines, Malaysia, Laos, Singapore, Thailand and Vietnam, and six other countries in the Asia-Pacific region: Australia, China, India, Japan, Korea and New Zealand. Sethapramote (2015) shows a strong co-movement pattern which is the key success factor of economic development. The results of the study present that Thailand, Malaysia, Singapore, and the Philippines generally exhibit higher degrees of correlation than other ASEAN countries.…”