The South East Asia Iron and Steel Institute (SEAISI) has shared the ASEAN-6 countries’ macroeconomic results for the third quarter of 2022. Despite all the challenges of the year due to the war between Russia and Ukraine, volatile commodity prices, high interest rates and falling local currencies, the ASEAN-6 economies all posted year-on-year expansion in the given period.
Singapore is the only ASEAN-6 country that registered seven consecutive quarters of economic growth. The GDPs of Indonesia and the Philippines increased for six quarters in a row. Malaysia, Thailand and Vietnam, after their restrictions during the third quarter of 2021, only registered GDP growth for four consecutive quarters.
ASEAN-6 governments continue to be optimistic about achieving economic growth in 2022 despite challenges for the year. Malaysia and Indonesia have revised their forecast upwards. The other countries are expecting to achieve their previous forecast for 2022. All ASEAN-6 countries are also forecasting further economic expansion in 2023. However, challenges are ahead in 2023 in the form of a global slowdown from the tightening of monetary policies worldwide, the continuing disruption to supply chains due to the war in Ukraine, high inflation and volatile commodity prices.
The ASEAN-6 countries’ gross domestic product (GDP) data for the third quarter last year, and the economic growth forecasts for 2022 and 2023 can be seen at the table below.
|
Countries |
Q3 2022 GDP growth (%) |
2022 growth forecast (%) |
2023 growth forecast (%) |
|
5.7 |
4.5-5.3 |
4.5-5.3 |
|
|
14.2 |
6.5-7.0 |
4.0-5.0 |
|
|
7.6 |
6.5-7.5 |
6.0-7.0 |
|
|
4.1 |
3.5 |
0.5-2.5 |
|
|
4.5 |
3.2 |
3.0-4.0 |
|
|
13.7 |
8.0 |
6.5 |