Economic Snapshot for ASEAN
August 26, 2022
Outlook for 2022 remains positive
The economy should expand at a faster pace this year than in 2021. The relaxation of Covid-19 measures coupled with accumulated savings and tighter labor markets should buttress household spending. Moreover, the tourist sector will benefit from easing border restrictions. Elevated inflation, supply disruptions and China’s renewed lockdowns cloud the outlook.
Inflation to rise in 2022
According to preliminary data, regional inflation jumped to 5.1% in June from 4.5% in May. Faster price increases were recorded in heavyweights Indonesia, Philippines, Thailand and Vietnam, as well as in Laos. High energy and commodity prices, disrupted supply chains and recovering economic activity will fuel inflation this year.
5 years of ASEAN economic forecasts for more than 30 economic indicators.
ASEAN Economic News
September 8, 2022
Inflation came in at 7.9% in August, which was up from July’s 7.6%.
September 6, 2022
Consumer prices rose 0.05% from the previous month in August, contrasting the 0.16% drop seen in July.
September 6, 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in August, as did the electronics PMI. The manufacturing PMI clocked in at 50.0 in August, slightly down from the 50.1 reading in July and landing on the 50-point threshold that separates expansion from contraction in the sector.
August 22, 2022
Growth sped up in the second quarter, with GDP increasing 2.5% on an annual basis (Q1: +2.3% year on year).
August 18, 2022
At its regular meeting on 18 August, the Bangko Sentral ng Pilipinas (BSP) raised the overnight reverse repurchase facility rate by 50 basis points to 3.75%.
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