GTDW FDI Trade & Supply Chain Digitalisation News
Jan 10, 20232 min
The ASEAN (the Association of Southeast Asian Nations) region was among the fastest growing regions of the world in 2022 – the Asian Development Bank (ADB) predicted that economic growth in Southeast Asia will equate to 5.5 percent for 2022.
However, we enter 2023 with a host of evolving economic pressures. Some of which will undoubtedly act as a drag on growth globally. As such, the ADB recently revised its 2023 forecast to 4.7 percent for ASEAN as global demand weakens.
It is worth noting that forecasts do vary, and this can be partially dependent on how organizations categorize the region. Credit Suisse analysts expect the growth of the ASEAN-six economies – Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam – to moderate to 4.4 percent in 2023 from a projected 5.6 percent in 2022.
These figures put regional economic growth some way above the global average. The IMF has forecast global growth at 3.2 percent in 2022 and 2.7 percent in 2023. As such, ASEAN remains an attractive destination for international investment, providing investors with exposure to one of the fastest-growing regions globally.