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.
ASEAN Economic News
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Philippines: Merchandise exports decline in December
January 26, 2023
Merchandise exports declined 9.7% annually in December, contrasting November’s 13.2% upturn.
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Thailand: Central Bank hikes rates further in January
January 25, 2023
At its 25 January meeting, the Monetary Policy Committee (MPC) of the Bank of Thailand (BoT) hiked the policy rate to 1.50% from 1.25%.
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Indonesia: Merchandise exports grow at a faster rate in December
January 23, 2023
Merchandise exports expanded 6.6% year-on-year in December (November: +5.5% year-on-year).
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Thailand: Merchandise exports contract in November
January 19, 2023
Merchandise exports fell 5.7% annually in November, following October’s 4.2% decrease.
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Thailand: Manufacturing activity drops in November
January 19, 2023
Manufacturing output dropped 0.8% month-on-month in seasonally-adjusted terms in November (October: -4.0% mom).
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