Economic Snapshot for ASEAN
June 29, 2020
The economic fallout from the Covid-19 pandemic is expected to be severe
The regional economy is seen shrinking this year, due to the impact of domestic containment measures and lockdowns abroad hitting exports and tourism. More positively, governments across the region have eased restrictions in recent weeks, which should be supporting demand at the tail end of Q2. Downside risks include a second wave and prolonged weak external demand.
ASEAN Economic News
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Singapore: Non-oil exports rise in August surpassing market expectations
September 17, 2020
Non-oil domestic exports (NODX) rose 7.7% in annual terms in August, rising at a faster pace than July’s 5.9% increase and beating market expectations.
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Indonesia: Central Bank maintains rates for second month running in September
September 17, 2020
At its 16–17 September monetary policy meeting, Bank Indonesia (BI) decided to leave the seven-day reverse repo rate at a multi-year low of 4.00%.
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Philippines: Remittances grow solidly in July
September 16, 2020
Remittances totaled USD 2.8 billion in July (June: USD 2.5 billion), representing a 7.8% year-on-year rise and likely supported by the lifting of lockdowns abroad.
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Indonesia: Merchandise exports contract at softer pace in August
September 15, 2020
Merchandise exports sank 8.4% in annual terms in August, following July’s 9.9% fall.
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Malaysia: Industrial output bounces back in July
September 11, 2020
Industrial output rose 1.2% year-on-year in July, swinging from June’s 0.4% drop and marking the first positive reading since February.
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