Economic Snapshot for ASEAN
September 21, 2022
Economic Growth
The economy should expand at a faster pace this year than in 2021. The relaxation of Covid-19 measures coupled with accumulated savings and tighter labor markets should buttress household spending. Moreover, the tourist sector will benefit from easing border restrictions. Elevated inflation, supply disruptions and China’s renewed lockdowns cloud the outlook.
Inflation Outlook
According to preliminary data, regional inflation jumped to 5.1% in June from 4.5% in May. Faster price increases were recorded in heavyweights Indonesia, Philippines, Thailand and Vietnam, as well as in Laos. High energy and commodity prices, disrupted supply chains and recovering economic activity will fuel inflation this year.
ASEAN Economic News
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Thailand: Central Bank hikes rates further in September; hints at further tightening ahead
September 28, 2022
At its 28 September meeting, the Monetary Policy Committee (MPC) of the Bank of Thailand (BoT) hiked the policy rate to 1.00% from 0.75%.
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Malaysia: Industrial output records quickest growth since May 2021 in July
September 20, 2022
Industrial production grew 12.5% year on year in July (June: +12.1% yoy).
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Singapore: Non-oil domestic exports (NODX) rebound in August
September 19, 2022
Non-oil domestic exports (NODX) soared 11.4% annually in August (July: +7.0% year-on-year).
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Thailand: Manufacturing activity expands at softer pace in July
September 16, 2022
Manufacturing output grew 0.5% month-on-month in seasonally-adjusted terms in July (June: +2.1% mom).
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Thailand: Merchandise exports growth slows in July
September 16, 2022
Merchandise exports expanded 4.3% annually in July, on the heels of June’s 12.0% rise.
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