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- ASEAN Economic Outlook Strong government spending, electronics demand and tourism activity will boost ASEAN’s economy this year. Our Consensus is for growth to be above 2023 levels and the prior 10-year average. However, muted Chinese activity and high interest rates will cap momentum.
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Jan 12, 2024 · ASEAN medium term economic outlook. The medium-term growth outlook for the ASEAN region remains very positive, underpinned by sustained expansion in private consumption in some of the largest consumer markets in Southeast Asia, including Indonesia, Philippines, Vietnam and Malaysia.
- The ASEAN Growth Story
- Foreign Direct Investment
- China Reopening in Focus
ASEAN nations could benefit from a privileged geopolitical position in future years as the US-China rivalry intensifies and both superpowers seek to deepen ties in the region. Both nations have highlighted their commitment to trade with ASEAN economies – China particularly through access to the Regional Comprehensive Economic Partnership (RCEP) agr...
ASEAN economies have been attractive destinations for FDI in recent years. These nations generally provide attractive alternatives for companies looking to reduce their exposure to China in light of increasing trade barriers and the desire to simply find cheaper production sites. Nations in the region are broadly seeing faster than average GDP grow...
China and the health of its economy is, partially by virtue of its geographic proximity and the associated trade networks, a considerable factor influencing economic growth in the ASEAN region. The impact of China’s sudden reopening is likely to be twofold. In the first quarter of 2023, Covid, as well as other viruses that had been suppressed by re...
Strong government spending, electronics demand and tourism activity will boost ASEAN’s economy this year. Our Consensus is for growth to be above 2023 levels and the prior 10-year average. However, muted Chinese activity and high interest rates will cap momentum.
Mar 7, 2024 · In 2022–2023, ASEAN GDP growth notably outpaced the global average, boosted by ample stimulus packages, the gradual recovery of tourism and efforts by multinational companies to diversify global supply chains away from China. For a deeper dive into the outlook for ASEAN, download our latest special economic report on the region.
- Indonesia. Indonesia’s 2023 third-quarter GDP growth decreased to its lowest in two years as it fell below 5 percent for the first time in seven quarters.
- Malaysia. Malaysia’s economy grew faster than anticipated in the third quarter 2023, with the central bank expecting buoyant domestic demand to continue offsetting a slowdown in exports.
- The Philippines. The Philippines was the fastest growing economy in Southeast Asia in the third quarter 2023, driven by an increase in government spending (Exhibit 5).
- Singapore. Singapore’s economy grew faster than initial estimates from the Ministry of Trade and Industry in the third quarter 2023, with GDP growth increasing.
Jan 18, 2023 · In 2022 and 2023, ASEAN’s real GDP growth is forecasted to be 5.2%, according to the Organisation for Economic Co-operation and Development. Economic growth, however, varies drastically by country, with Myanmar on the low end and the Philippines on the high end.
Aug 22, 2023 · To achieve its vast economic potential, ASEAN is leveraging its demographic strength and promoting inclusivity as a catalyst for innovation. To ensure regional integration, ASEAN’s innovation efforts are focused on sustainable development, enhancing trade facilitation, and cross-ASEAN talent exchange.
