Thailand and Indonesia are the first countries in Southeast Asia to apply and be considered for membership in the Organisation for Economic Co-operation and Development. The countries hope it will boost economic growth in a region where it has slowed, while others say the accession process itself could lead to positive reforms.
The OECD is a group of 38 mostly higher-income European and North American member countries and is informally known as a rich countries club. Founded in 1961, it facilitates collaboration among governments on various economic, social, and environmental policy issues. Its members all have democratic systems of government and market economies, and together they comprise almost 50% of the world’s gross domestic product.
Sixteen out of the 38 member countries are not in the European Union, but as of yet there are no members from Southeast Asia or Africa. The only middle-income country members are Colombia, Costa Rica, Mexico, and Turkey.