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.
Singapore’s economic growth is expected to moderate to around 1.3 percent in 2023, led by resilient domestic consumption and continued growth in inbound tourism.
Malaysia’s growth is projected to moderate to 4.2 percent in 2023 against the backdrop of a global growth slowdown.