ASEAN Economic Forecast

Economic Snapshot for ASEAN

January 26, 2023

Economic Growth

The regional economy should grow at a slower pace this year. A slowdown in domestic demand amid still-high inflation, tighter financing conditions and less expansionary fiscal stances caused the deceleration. A worsening global economic environment will have also contributed. That said, rising tourist numbers will support activity, and China’s reopening poses a key upside risk.

Inflation Outlook

According to preliminary data, regional inflation ticked up to 6.1% in December from 6.0% in November. Faster price increases were recorded in Indonesia, the Philippines, Thailand and Vietnam. Inflation should moderate this year, but it will remain relatively elevated due to statistical carry-over and protracted pass-through effects from higher production costs.


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