In the fourth quarter 2023, the economies of Southeast Asia mostly showed strong resilience to counter the challenging external environment and continue its growth trajectory.
Southeast Asia’s economies exhibited robust performance in the fourth quarter of 2023. GDP grew in all economies, with growth in Indonesia, Singapore, Thailand, and Vietnam increasing during this period, while Malaysia and the Philippines recorded slower growth.
Strong domestic demand, backed by stable employment prospects and easing prices, along with a continued recovery of the services sector—particularly tourism—and early signs of improvement in exports demand supported growth.
FDI grew broadly in the region with the Philippines, particularly, seeing a spike of 127.2 percent from the same period a year before. Indonesia experienced the softest growth since the third quarter 2020 as investors took a wait-and-see approach ahead of the general elections in February 2024.
