Economic Snapshot for ASEAN
November 18, 2022
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.
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.
5 years of ASEAN economic forecasts for more than 30 economic indicators.
ASEAN Economic News
December 1, 2022
At its 30 November meeting, the Monetary Policy Committee (MPC) of the Bank of Thailand (BoT) hiked the policy rate to 1.25% from 1.00%.
November 22, 2022
Merchandise exports shot up 12.3% year-on-year in October (September: +20.2% year-on-year).
November 22, 2022
GDP growth sped up to 4.5% year on year in the third quarter, from 2.5% in the second quarter.
November 17, 2022
At its monetary policy meeting on 16–17 November, Bank Indonesia (BI) raised the seven-day reverse repo rate by 50 basis points from 4.75% to 5.25%, marking a continuation of its tightening cycle.
November 14, 2022
Manufacturing output dropped 2.3% month-on-month in seasonally-adjusted terms in September (August: +2.6% mom).
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