ASEAN Economic Forecast

Economic Snapshot for ASEAN

August 25, 2021

GDP growth forecast for 2021 downgraded again

The outlook for regional GDP growth in 2021 received its eighth successive downgrade this month, amid surging 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 is set to relative to last year

According to preliminary data, regional inflation was stable at 2.2% in July. Falling price pressures in the Philippines and Thailand were outweighed by mild increases in Indonesia and Vietnam. 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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