Maybank’s economists attributed the “V” recovery of the countries to generous government subsidies, low-interest rates, high household savings rate and work-from-home policies.

They noted that the only ASEAN-6 economy that escaped recession is Vietnam, as the country’s manufacturing purchasing managers’ index has risen significantly quicker and stronger than its ASEAN neighbors.

An auto production line of VinFast in Hai Phong

Exports and retail sales saw a brief contraction, and have since normalized. The strong pick-up in domestic business and transport activities resulted in a “V” recovery in freight transport.

Meanwhile, Singapore’s economy is driven by surges in property transactions and semiconductor production and exports.

Source: VNA