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ASEAN Economic Forecast

Economic Snapshot for ASEAN

bet360备用网址February 26, 2020

bet360备用网址Coronavirus sent shockwaves through ASEAN in recent weeks, leading many panelists to downgrade forecasts, particularly in Malaysia, Singapore  and Thailand. Even so, growth in several ASEAN countries is still projected to accelerate or stay stable this year, thanks to strong domestic demand. U.S.-China trade tensions remain a main factor for the outlook.

ASEAN Monetary & Financial Sector News

According to preliminary data, regional inflation climbed to 2.6% in January from 2.3% in December, largely due to a pick-up in inflationary pressures in Laos, Indonesia, the Philippines, Thailand and Vietnam. Regional average inflation is projected to rise this year due to lower borrowing costs, fiscal stimulus and solid domestic demand.

Most ASEAN currencies depreciated in recent weeks, barring the Philippine peso, amid a rush to safe havens and away from emerging market currencies owing to growing alarm over the coronavirus outbreak. This year, nearly all regional currencies are projected to depreciate on average against the dollar amid higher fiscal spending and looser monetary policies.

bet360备用网址Central banks in Indonesia, the Philippines and Thailand all cut rates in recent weeks in response to rising external risks, particularly the coronavirus outbreak. Going forward, regional rates are seen averaging lower this year compared to last year.

 

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