IMF lowers economic growth forecast for ASEAN region
Singapore and other Southeast Asian Nations (ASEAN) economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China's economic reopening, International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas said on January 31.
A cargo vessel at Pasir Panjang Terminal of Singapore (Photo: AFP/VNA)
Hanoi (VNA) - Singapore and other Southeast Asian Nations (ASEAN) economies are seeingdowngrades to their 2023 growth outlooks because slowing global growth willoutweigh the positive impact from China's economic reopening, International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas said on January 31.
The above-mentioned factor prompted the IMFto reduce Singapore's GDP growth outlook for 2023 to 1.5% from a 2.3% projection issued last October, he told a news briefing on the IMF's latest global growthforecasts.
The forecast for ASEAN-5, namely Singapore,Malaysia, Vietnam, Indonesia and the Philippines, was cut to 4.3% from 4.5%. The group's 2024 economic growth is predicted to go down by 0.2 percentage point to 4.7%.
Daniel Leigh, chief of theresearch department at the IMF said ASEAN is unlikely to maintain its growth pace as in 2022, with a rate of 5.2% while noting the surprising speed with China's reopening this year. However, he noted that geopolitical fragmentation remains negative foreveryone, although some economies benefit from supply chains relocating outof China.
ꦛ Earlier on the same day, the IMF releasedits World Economic Outlook report, which raised its forecast for globaleconomic growth in 2023 due to a "surprising recovery" in demand inthe US and Europe, declining energy costs, and China's reopening.
It believes global growth will fallfrom 3.4% in 2022 to 2.9% in 2023, but still higher than the 2.7% predicted inOctober 2022. It also revised its forecasts for a number of major economiessuch as the US, the Eurozone, the UK, China and India. The UK is the only majordeveloped economy that is predicted to bein recession this year, with GDP to shrink 0.6% as households struggle to copewith rising costs of living./.
Major ASEAN economies should be able to survive volatile market swings in 2023 following similar turmoil last year thanks to the region's strong fundamentals, according to Singapore-based United Overseas Bank (UOB).
Thailand has ranked first in the Association of Southeast Asian Nations (ASEAN) in the latest Sustainable Development Report, according to Thipanan Sirichana, deputy government spokeswoman.
2023 will be a tough year for ASEAN as the bloc may face many challenges in the time to come, heard the 2023 Regional Outlook Forum (ROF 2023) held in Singapore on January 10 by the Institute of Southeast Asian Studies (ISEAS-Yusof Ishak).
The Regional Comprehensive Economic Partnership (RCEP), which came into effect a year ago, has brought about great business chances for enterprises in the region, according to experts.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
A cargo vessel at Pasir Panjang Terminal of Singapore (Photo: AFP/VNA) 
