The South East Asia Iron and Steel Institute (SEAISI) has shared the macroeconomic results for the ASEAN-6 countries for the fourth quarter and the full year of 2022. Despite the effects of the war in Ukraine, volatile commodity prices, high inflation and increasing interest rates, the ASEAN-6 economies posted strong growth for 2022.
Meanwhile, all countries registered slower GDP growth in the fourth quarter compared to the third quarter of the year.
ASEAN-6 governments continue to be optimistic about achieving economic growth in 2023. While growth in China is set to lift regional economies with the easing of pandemic rules, the outlook for the US and the EU remains weak amid tight financial conditions. Weakening demand, together with escalating geopolitical tensions and high interest rates, will continue to weigh heavily on ASEAN countries.
The ASEAN-6 countries’ gross domestic product (GDP) data for the fourth quarter and the full year of 2022, as well as the economic growth forecasts for 2023, can be seen in the table below.
|
Countries |
Q4 2022 GDP growth (%) |
2022 GDP growth (%) |
2023 growth forecast (%) |
|
Indonesia |
5.0 |
5.3 |
5.3 |
|
Malaysia |
7.0 |
8.7 |
4.0-5.0 |
|
Philippines |
7.2 |
7.6 |
6.0-7.0 |
|
Singapore |
2.1 |
3.6 |
0.5-2.5 |
|
Thailand |
1.4 |
2.6 |
2.7-3.7 |
|
Vietnam |
5.9 |
8.0 |
6.5 |