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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Malaysia: Merchandise exports grow for the fifth month running in January
February 26, 2021
Merchandise exports grew for the fifth successive month in January, rising 7.6% year-on-year in USD terms, but softening from December’s 2020 12.9% jump.
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Malaysia: Consumer prices drop at significantly softer pace year-on-year in January
February 24, 2021
Consumer prices increased a seasonally-adjusted 1.24% from the previous month in January, accelerating from the 0.50% rise recorded in December.
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Singapore: Non-oil exports rise at fastest pace in seven months in January
February 17, 2021
Non-oil domestic exports (NODX) jumped 12.8% over the same month last year in January (December: +6.8% year-on-year).
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Singapore: Revised estimate reveals GDP contracted less than initially expected in Q4
February 15, 2021
Singapore’s economy contracted less than initially expected in Q4, according to new figures released on 15 February, as activity continued to recover from the sharp downturn in Q2.
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Thailand: GDP declines at softer rate in the fourth quarter
February 15, 2021
GDP declined 4.2% year-on-year in the fourth quarter, coming in above the 6.4% contraction logged in the third quarter and thus continuing the recovery since Q2’s plunge—which had marked the worst reading since the Asian financial crisis in 1997–1998.
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