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.
ASEAN Economic News
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Vietnam: Inflation rises in July
July 29, 2021
Consumer prices increased 0.62% in July over the previous month, picking up from June's 0.19% rise.
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Indonesia: Central Bank holds its ground in July
July 26, 2021
At its monetary policy meeting held on 21–22 July, Bank Indonesia (BI) decided to leave the seven-day reverse repo rate at the all-time low of 3.50%, where it has been since its meeting in February.
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Malaysia: Inflation declines in June
July 23, 2021
Consumer prices 0.08% in June over the previous month, following May’s flat reading.
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Singapore: Non-oil domestic exports growth accelerates in June
July 16, 2021
Non-oil domestic exports (NODX) grew 15.9% year-on-year in June, accelerating from March’s 8.6% increase.
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Indonesia: Merchandise exports growth remains strong in June
July 15, 2021
Merchandise exports skyrocketed 54.4% year-on-year in June, following May’s 62.0% surge and supported by soaring oil and non-energy exports as well as by a low base effect.
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