The JCER and Nikkei conducted the latest survey from November 17 to December 7, gathering 31 responses from economists and analysts in the five major economies of ASEAN - Indonesia, Malaysia, the Philippines, Singapore and Thailand, and in India.
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Singapore's robust economic rebound will be a key factor for Southeast Asia's growth next year. (Photo: Nikkei) |
Next year, according to the survey, the overall growth rate for the five ASEAN nations is projected to be 4.5%, up from this year's forecast of 4.0%. Singapore "outshines" the other four ASEAN countries, the JCER said, with its growth rate expected to triple to 2.8% in 2024 from a projected 1.0% in 2023, thanks to recovering exports of semiconductors and other electronics.
The export-reliant city-state has been seeing sluggish exports amid the global slowdown and negative growth in the manufacturing sector this year, after 3.6% growth in 2022.
The Philippines is expected to mark the highest growth next year among the five nations, at 5.9%, up from a projected 5.5% growth in 2023. Malaysia, which logged relatively weak performance in the second and third quarters of this year, is also projected to grow stronger next year, at 4.5%.
Indonesia, the largest economy in Southeast Asia, is projected to grow 5.1% in 2024, flat from this year, largely by steady domestic demand.
For Thailand, economists' projections point to a 3.3% growth rate for 2024, up from 2.4% this year.
Source: VNA