ASEAN Economic Forecast

Economic Snapshot for ASEAN

September 21, 2022

Economic Growth

The economy should expand at a faster pace this year than in 2021. The relaxation of Covid-19 measures coupled with accumulated savings and tighter labor markets should buttress household spending. Moreover, the tourist sector will benefit from easing border restrictions. Elevated inflation, supply disruptions and China’s renewed lockdowns cloud the outlook.

Inflation Outlook

According to preliminary data, regional inflation jumped to 5.1% in June from 4.5% in May. Faster price increases were recorded in heavyweights Indonesia, Philippines, Thailand and Vietnam, as well as in Laos. High energy and commodity prices, disrupted supply chains and recovering economic activity will fuel inflation this year.

 

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