Economic security studies have been the focus of growing interest for many scholars and leaders in the world in the context of rising protectionism, trade wars and the potential decoupling of major economies, which pose a threat to the very foundation of ASEAN’s economic success. The purpose of this paper is to contribute to the current literature by clarifying the status and prospects of economic security. The paper finds that strategic changes in the context of geopolitical competition among major powers have threatened the economic security of ASEAN countries by controlling the access to advanced technology. The challenges in upgrading the technology ladder may result in the middle-income trap risk facing Southeast Asian developing countries. The paper proposes a framework for managing economic security by developing a prevention strategy as a process of early warning, intervention, mitigation, adaptation, and preparedness for response and recovery. The key actors in the process of developing an economic security strategy and clarifying the degree of securitization of the issue and the impact of threats on economic security should be prioritized.