ASEAN Economic Forecast

Economic Snapshot for ASEAN

September 22, 2021

GDP growth forecast for 2021 downgraded again

While the outlook for regional GDP growth in 2021 received its ninth successive downgrade this month, amid elevated infection rates in key economies, prospects for 2022 appear a lot brighter. The majority of countries in the region should see an acceleration in growth next year, as higher private spending growth boosts domestic activity.

Inflation in ASEAN forecast is set to relative to last year

According to preliminary data, regional inflation edged up to 2.1% in August from 2.0% in July. Rising price pressures in the Philippines and Vietnam outweighed a return of deflationary pressures in Thailand. In 2022, regional inflation is set to rise relative to this year as household spending accelerates and monetary policy remains accommodative.

 

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