The Malaysian economy rebounded strongly in 2022 driven by a strong recovery in domestic demand and robust export growth.
Brunei Darussalam is expected to record a negative growth of 1.2 percent in 2022. The weak growth in 2022 mainly reflects the unexpected downturn in the upstream O&G production in H1 2022.
The Indonesian economy grew solidly by 5.3 percent in 2022, led by strong rebound in domestic demand as consumer and business confidence was sustained, and by robust exports.
The Korean economy has recovered strongly from the pandemic, led by robust export growth and a strong rebound in private consumption. However, inflation remains elevated and the economic outlook in the near term has deteriorated amid tighter financial conditions and weakening external demand.
The Japanese economy continued to recover at a moderate pace in 2022, as the COVID-19 pandemic has shifted gradually to an endemic phase.
Thailand’s recovery has regained momentum on the back of strengthening domestic demand and a stronger rebound in international tourist arrivals.
Following a strong 6.3 percent expansion last year, Hong Kong’s GDP is expected to contract by 2.5 percent in 2022 before rebounding by 4.3 percent in 2023.
Cambodia’s economy is projected to continue its gradual recovery by growing 5.0 percent in 2022 and 5.4 percent in 2023.
Vietnam’s GDP growth is expected to rebound to 7.0 percent in 2022 on the back of strong external demand, a recovery in domestic demand and strong FDI inflows.
Lao PDR’s economy is expected to recover gradually from the pandemic crisis, expanding by 3.5 percent in 2022.