ASEAN Economic Forecast

Economic Snapshot for ASEAN

June 22, 2022

Outlook for 2022 remains positive

The pace of regional GDP growth should accelerate this year, after a subdued 2021. Tighter labor markets, accumulated savings and easing Covid-19 curbs should support household spending, while reduced border restrictions will drive tourist inflows. However, the outlook remains clouded by China’s strict Covid-19 policy, global supply constraints and high inflation.

Inflation to rise in 2022

According to preliminary data, regional inflation jumped to 4.4% in May from 3.9% in April. Faster price increases were recorded in heavyweights Indonesia, Philippines, Thailand and Vietnam, as well as in Laos. Regional inflation will accelerate considerably from 2021 this year, stoked by higher commodity prices and stronger domestic demand.

 

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