ASEAN Countries Survived Recession Threats

ASEAN Countries Survived  The recession storm is predicted to hit almost all countries in 2023. This is in separable from the global economy which is said to have experienced the sharpest slowdown after the global recession in the 1970s. However, it turns out that there are several countries, especially in the ASEAN region that have avoided the brink of recession.

6 ASEAN Countries Survived Recession Threats

1. Vietnam

Vietnam’s economy is expected to grow by 6.7 percent amid the uncertainty of the global recession. Painchaud of the IMF said that despite the risks and continuation of a 2023 recession, Vietnam’s GDP growth is likely to be the highest among Asian economies. Vietnam’s General Statistics Office (GSO) recorded a 17.3 percent jump in exports to US$282.52 billion in the third quarter of 2022. Meanwhile, Vietnam’s economy in the third quarter soared thanks to the industrial and construction sectors which grew 12.91 percent. Then. The service and agricultural sectors also grew by 18.86 percent and 3.24 percent, respectively.

2. Indonesia

During the first and second quarters, the Indonesian economy managed to grow above 5 percent, respectively 5.01 percent and 5.44 percent. Meanwhile, in the third quarter. Its growth is even predicted to exceed the positive performance in the first half of this year. Finance Minister Sri Mulyani said Indonesia’s condition could still be said to be safe despite the threat of a world recession in 2023 due to rising interest rates. This can be seen from various indicators. Such as economic growth and export performance which is still strong, as well as inflationary pressures, which are still better than other countries.

3. Singapore

Based on data from the Asian Development Bank (ADB) as of September 2022. Singapore’s economy is predicted to grow 3.7 percent this year. In the first quarter of 2022, Singapore’s economy began to rise and was able to grow 3.8 percent. Then, in the second quarter of 2022, it grew to 4.4 percent. In fact, in 2021 the economy managed to grow 7.2 percent, after falling into a recession in 2020 due to the COVID-19 pandemic. Although growth is not as fast as last year. It is believed that the country of white lions will not fall into a recession in 2023.

4. Malaysia

Malaysia is also predicted to escape the shadow of a recession thanks to its agricultural and mining sectors which account for 14 percent of the country’s GDP. In addition, the services and manufacturing sectors also account for 57 percent and 24 percent of GDP, respectively.  Malaysian economy grew rapidly to 8.9 percent in the second quarter of 2022. Malaysia’s financial system. Which is equipped with good debt and equity capital markets. Further strengthens the belief that Malaysia is able to withstand the threat of recession.

As of June 2022. Debt capital markets contributed 1.8 trillion Malaysian Ringgits and equity capital markets contributed 1.7 trillion Malaysian Ringgits. In addition, the Islamic capital market with a value of 2.2 trillion Malaysian Ringgit represents almost two thirds of the total capital market.

5. Philippines

The Philippine economy in the second quarter of 2022 recorded a growth of 7.4 percent. Even so, this is still lower when compared to the first quarter of 2022 which was able to grow 8.2 percent. ADB expects inflation to rise 4.2 percent in 2022 due to soaring global oil and commodity prices. However. in 2023 in flation is projected to slow down to 3.5 percent. According to ADB Philippines Country Director, Kelly Bird, most indicators show the Philippines will experience high growth in 2022 and in 2023. However. The impact of external factors from geopolitical tensions will continue to hamper global growth.

6. Cambodia

During 2023. Cambodia’s economic growth is estimated to reach 6.2 percent from the previous 6.5 percent. Several factors, such as strong manufacturing, production of footwear to garments, make the Cambodian economy at a fairly high level.

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