ASEAN Economic Forecast

Economic Snapshot for ASEAN

July 20, 2021

GDP growth forecast for 2021 downgraded again

The outlook for regional GDP growth in 2021 received its seventh successive downgrade this month, amid spiking infection rates in key economies, a relatively slow vaccine rollout and delays in the much-needed recovery in tourism. Nevertheless, the region is set to recover from 2020’s sharp downturn as improving domestic and foreign demand drive an upturn in activity.

Inflation in ASEAN forecast to rise this year compared to last

Regional inflation inched down to 2.3% in June, according to preliminary data, from May’s 2.7% print. Falling price pressures in Indonesia, the Philippines, Thailand and Vietnam drove the decline. This year, regional inflation is set to rise relative to last year as household spending rebounds and monetary policy remains accommodative.


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