ASEAN Economic Forecast

Economic Snapshot for ASEAN

November 18, 2022

Economic Growth

Regional GDP growth will decelerate next year, restrained by a less supportive global backdrop and a softer expansion in consumer spending amid still-elevated price pressures and higher interest rates. That said, a recovery of the tourism sector should support activity. China’s weak growth prospects, a slowdown in the West and volatile energy prices pose downside risks.

Inflation Outlook

According to preliminary data, regional inflation was steady at September’s 6.2% in October. Faster price increases were recorded in Laos, the Philippines and Vietnam, while Thailand and Indonesia recorded slower rises in prices. Next year, inflation should ease but will remain sustained due to protracted pass-through effects.


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