Economic Snapshot for ASEAN
June 22, 2022
Outlook for 2022 remains positive
The pace of regional GDP growth should accelerate this year, after a subdued 2021. Tighter labor markets, accumulated savings and easing Covid-19 curbs should support household spending, while reduced border restrictions will drive tourist inflows. However, the outlook remains clouded by China’s strict Covid-19 policy, global supply constraints and high inflation.
Inflation to rise in 2022
According to preliminary data, regional inflation jumped to 4.4% in May from 3.9% in April. Faster price increases were recorded in heavyweights Indonesia, Philippines, Thailand and Vietnam, as well as in Laos. Regional inflation will accelerate considerably from 2021 this year, stoked by higher commodity prices and stronger domestic demand.
ASEAN Economic News
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Singapore: Inflation accelerates in May
June 23, 2022
Consumer prices jumped 0.99% in May over the previous month, contrasting the 0.14% dip logged in April.
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Indonesia: Merchandise exports growth eases in May
June 20, 2022
Merchandise exports moderated to 27.0% in annual terms in May (April: +47.8% year-on-year).
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Malaysia: Merchandise exports gain steam in May
June 20, 2022
Merchandise exports soared 23.0% annually in May, following April’s 16.7% jump.
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Singapore: Non-oil domestic exports (NODX) expand at faster pace in May
June 17, 2022
Non-oil domestic exports (NODX) rose 12.4% in annual terms in May, following April’s 6.4% upturn.
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Philippines: Remittances rise in April at fastest rate since November 2021
June 15, 2022
Remittances came in at USD 2.4 billion in April, reflecting a 3.9% year-on-year rise, following March's 3.2% year-on-year increase.
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