ASEAN Economic Forecast

Economic Snapshot for ASEAN

January 25, 2022

Outlook for 2022 remains positive

The outlook for 2022 remains positive, following 2021’s mild projected expansion. This year, GDP growth in the majority of countries in the region should accelerate, as higher household spending boosts domestic activity and continued foreign demand bolsters exports. Moreover, advancing vaccination campaigns bode well for activity.

 

Inflation to rise in 2022

According to preliminary data, regional inflation fell to 2.5% in December from 2.9% in November. Easing price pressures in Malaysia, the Philippines, Thailand and Vietnam outweighed higher inflation in Indonesia. This year, regional inflation is set to rise relative to 2021’s level, as consumer spending strengthens and monetary policy remains loose.

 

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