Economic Snapshot for ASEAN
September 22, 2021
GDP growth forecast for 2021 downgraded again
While the outlook for regional GDP growth in 2021 received its ninth successive downgrade this month, amid elevated infection rates in key economies, prospects for 2022 appear a lot brighter. The majority of countries in the region should see an acceleration in growth next year, as higher private spending growth boosts domestic activity.
Inflation in ASEAN forecast is set to relative to last year
According to preliminary data, regional inflation edged up to 2.1% in August from 2.0% in July. Rising price pressures in the Philippines and Vietnam outweighed a return of deflationary pressures in Thailand. In 2022, regional inflation is set to rise relative to this year as household spending accelerates and monetary policy remains accommodative.
ASEAN Economic News
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Indonesia: Decline in retail sales softens in August
October 15, 2021
Retail sales declined 2.1% compared to the same month of the previous year in August, which was above July's 2.9% decrease.
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Indonesia: Merchandise exports grow at a slower pace in September
October 15, 2021
Merchandise exports shot up 47.6% in annual terms in September, following August’s 64.1% upturn.
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Singapore: Economic growth slows in Q3
October 14, 2021
The economy expanded 6.5% year-on-year in the third quarter according to an advanced estimate, slowing notably from Q2’s 15.2% growth which had marked the fastest expansion since Q2 2010.
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Singapore: MAS tightens monetary policy in October
October 14, 2021
At its 14 October meeting, the Monetary Authority of Singapore (MAS) raised the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band from 0.0% previously, thus allowing the dollar to appreciate “slightly” on an annual basis—widely believed to be 0.5% per annum—and effectively tightening its monetary stance.
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Malaysia: Decline in industrial output softens in August
October 12, 2021
Industrial output dropped 0.7% year-on-year in August (July: -5.1% yoy), as tight Covid-19 restrictions continued to weigh on industrial activity.
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