The South East Asia Iron and Steel Institute (SEAISI) has shared the macroeconomic results for the ASEAN-6 countries for 2024. All ASEAN-6 countries registered growth in 2024. Malaysia, Singapore, Thailand and Vietnam have met their forecasts, while Indonesia and Philippines growths remained below estimates.
Although ASEAN-6 economies have continued to grow strongly, the new tariffs of the US and consequent rapidly unfolding trade wars, which further risks of an economic slowdown of ASEAN-6 countries appear to be imminent. In addition, climate change impacts are expected to continue to intensify with natural disasters, unpredictable weather, storms, flood, heatwaves like never before.
The ASEAN-6 countries’ gross domestic product (GDP) data for the previous forecast for 2024 and the full year of 2024, as well as the economic growth forecasts for 2025, can be seen in the table below.