Economic Snapshot for ASEAN
January 25, 2022
Outlook for 2022 remains positive
The outlook for 2022 remains positive, following 2021’s mild projected expansion. This year, GDP growth in the majority of countries in the region should accelerate, as higher household spending boosts domestic activity and continued foreign demand bolsters exports. Moreover, advancing vaccination campaigns bode well for activity.
Inflation to rise in 2022
According to preliminary data, regional inflation fell to 2.5% in December from 2.9% in November. Easing price pressures in Malaysia, the Philippines, Thailand and Vietnam outweighed higher inflation in Indonesia. This year, regional inflation is set to rise relative to 2021’s level, as consumer spending strengthens and monetary policy remains loose.
ASEAN Economic News
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Malaysia: Inflation edges down in December
January 21, 2022
Consumer prices rose 0.40% over the previous month in December, up from November’s 0.24% rise.
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Indonesia: Central Bank holds rates in January but starts gradual normalization
January 21, 2022
At its monetary policy meeting on 19–20 January, in a move widely expected by market analysts, 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 February 2021.
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Indonesia: Merchandise exports increase at a softer pace in December
January 19, 2022
Merchandise exports soared 35.3% in annual terms in December, on the heels of November’s 49.7% upturn.
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Singapore: Non-oil domestic exports (NODX) end year on a strong footing
January 17, 2022
Non-oil domestic exports (NODX) grew 18.4% year-on-year in December, slowing from November’s 24.2% increase.
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Indonesia: Merchandise exports grow at a more moderate pace in November
January 14, 2022
Merchandise exports jumped 49.7% annually in November, on the heels of October’s 53.4% jump.
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