Vietnam and Philippines to maintain economic momentum
03 September 2015
Weaker than anticipated economic growth has been casting a shadow over many Asian countries, however markets such as Vietnam and the Philippines are forecast to register larger growth than others (IMA Asia).
In their recent Asia brief, IMA forecasts the world real GDP growth in 2015 and 2016 as 3.1% and 3.2%, whereas ASEAN* as a whole is rated 4.0% and 4.7%, respectively.
The economies among ASEAN driving the growth are Vietnam and the Philippines, largely supported by local demand and the construction sector. Both countries are managing low inflation, assisting private consumption and consumer sentiment.
Indonesia, the largest GDP country among ASEAN, remains challenged by the slowed economy and high inflation. The country’s CPI in August recorded a 7.2% increase year-on-year, with food ingredient prices surging 9.3%. That said, the August consumer confidence index (IKK) improved for the first time in three months, indicating that Indonesian consumers are feeling more positive about future income growth and employment opportunities (NNA).
*ASEAN, or The Association of Southeast Asian Nations has 10 country members – Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Brunei, Cambodia, Laos and Myanmar
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