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ASEAN economy to slow down in 2nd half of 2022

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Economists have raised 2022 growth forecasts for Indonesia, the Philippines and Thailand as they expect growth in the first half of the year to be higher than forecast, thanks to a relaxation of COVID restrictions. However, there are downward revisions to forecasts for the latter half of 2022 for each country due to concerns about slowing economies following the U.S. interest rate hike and ongoing inflation.

Gross domestic product for the five biggest members of the Association of Southeast Asian Nations — Indonesia, Malaysia, the Philippines, Singapore and Thailand — will grow 5.0% in 2022, according to the latest quarterly survey by the Japan Center for Economic Research and Nikkei in June. The figure reflects a 0.1 percentage point upward revision from the previous survey in March.

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