Economic Snapshot for ASEAN
November 25, 2020
The regional economy is forecast to recover well in 2021 from this year’s sharp contraction
The regional economy is forecast to recover well in 2021 from this year’s sharp contraction, with domestic demand set to be buoyed by an uptick in consumer and capital spending. However, the spike in Covid-19 cases in Europe and the U.S. casts a shadow over the outlook, potentially dragging on regional exports to key markets at the outset of the year.
ASEAN Economic News
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Singapore: Revised estimate reveals softer GDP contraction in Q3
November 23, 2020
Singapore’s economy contracted less than initially expected in Q3, according to new figures released on 23 November, as the gradual easing of circuit breaker measures during the period bolstered activity.
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Singapore: Non-oil exports unexpectedly contract in October
November 17, 2020
Non-oil domestic exports (NODX) fell 3.1% on an annual basis in October (September: +5.8% year-on-year).
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Indonesia: Merchandise exports contract at a steeper pace in October
November 16, 2020
Merchandise exports fell 3.3% over the same month last year in October (September: -0.8% year-on-year).
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Thailand: GDP declines at milder rate in the third quarter
November 16, 2020
GDP dropped at a slower rate of 6.4% year-on-year in the third quarter, above the 12.1% contraction logged in the second quarter, which had marked the worst reading since the Asian financial crisis in 1997–1998.
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Philippines: Remittances rebound in September
November 15, 2020
Remittances summed USD 2.6 billion in September, representing a 9.3% year-on-year expansion.
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