The Japanese economy is projected to grow by 1.9 percent in 2023 and 1.1 percent in 2024.
After the sharp slowdown in the first quarter of this year, Vietnam’s economic growth has picked up subsequently, with signs of increasing new orders and improving business confidence.
Weighed down by a weakening global economy, the Singapore economy is expected to grow at a moderate pace in 2023.
Cambodia’s economy continues to recover solidly on the back of a strong rebound in the services sectors.
The Hong Kong economy is poised to rebound strongly this year, before moderating towards trend growth next year.
The Philippine economy maintained its robust growth momentum in the first half of 2023, following a multi-decade high growth rate of 7.6 percent in 2022.
Malaysia’s growth momentum is expected to be sustained this year by resilient domestic demand and stronger tourism recovery amid the global slowdown.
The Thai economy is recovering robustly on the back of resilient domestic demand and a sustained rebound in tourist arrivals. Inflation, which spiked up sharply in 2022, has declined rapidly this year.
Economic activities in Brunei Darussalam have picked up since mid-2022. Thanks to high vaccination rates, daily new cases of COVID-19 have declined sharply since April 2022, enabling containment measures and border restrictions to be lifted.
The Lao PDR’s economy is expected to maintain its recovery from the COVID-19 pandemic in 2023. However, currency depreciation and surging inflation are challenges to sustaining the economic recovery.