ASEAN Economic Forecast

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.  

 

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