Economic Snapshot for ASEAN
January 28, 2020
Most economies in ASEAN are projected to gain momentum in 2020
The impetus from laxer fiscal and monetary stances should keep domestic demand healthy, while many external sectors are seen recovering from lackluster 2019 performances. Developments in U.S.-China trade negotiations will remain a pivotal factor for the outlook, given the region’s reliance on trade.
ASEAN Monetary & Financial Sector News
According to preliminary data, regional inflation rose to 2.5% in December from 2.2% in November, largely due to a pick-up in inflationary pressures in Laos, the Philippines, Singapore, Thailand and Vietnam. Regional average inflation is expected to climb higher in 2020 due to lower borrowing costs, fiscal stimulus and solid domestic demand.
Most ASEAN currencies strengthened in recent weeks, likely supported by the signing of the U.S.-China trade deal. The baht, however, slipped slightly. This year, nearly all regional currencies are projected to depreciate on average against the dollar amid higher fiscal spending and rising inflation.
ASEAN Economic News
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Malaysia: Inflation climbs higher in January
February 21, 2020
Consumer prices increased 0.1% over the prior month in January, down from December’s 0.2% rise.
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Indonesia: Bank Indonesia cuts rates in February to offset coronavirus impact
February 20, 2020
At its 19–20 February monetary policy meeting, Bank Indonesia (BI) trimmed the seven-day reverse repo rate to 4.75% from 5.00%.
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Singapore: Economic growth revised up but remains muted in Q4
February 17, 2020
Detailed national accounts showed that the economy grew at a stronger pace than previously estimated in Q4, with growth revised up to 1.0% year-on-year (previously reported: +0.8% year-on-year).
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Singapore: Non-oil exports contract in January
February 17, 2020
Singapore’s external sector opened the new year on a weak footing, with non-oil domestic exports (NODX) contracting 3.3% year-on-year, swinging from the 2.4% expansion logged in December, which had marked the first expansion since February 2019.
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Philippines: Cash remittances hit record high in 2019
February 17, 2020
Cash remittances from Overseas Filipino Workers (OFW) surged to a total of USD 2.9 billion in December from USD 2.4 billion in November.
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