IMF lowers economic growth forecast for ASEAN region
Singapore and other Southeast Asian Nations (ASEAN) economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China's economic reopening, International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas said on January 31.
A cargo vessel at Pasir Panjang Terminal of Singapore (Photo: AFP/VNA)
Hanoi (VNA) - Singapore and other Southeast Asian Nations (ASEAN) economies are seeingdowngrades to their 2023 growth outlooks because slowing global growth willoutweigh the positive impact from China's economic reopening, International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas said on January 31.
The above-mentioned factor prompted the IMFto reduce Singapore's GDP growth outlook for 2023 to 1.5% from a 2.3% projection issued last October, he told a news briefing on the IMF's latest global growthforecasts.
The forecast for ASEAN-5, namely Singapore,Malaysia, Vietnam, Indonesia and the Philippines, was cut to 4.3% from 4.5%. The group's 2024 economic growth is predicted to go down by 0.2 percentage point to 4.7%.
Daniel Leigh, chief of theresearch department at the IMF said ASEAN is unlikely to maintain its growth pace as in 2022, with a rate of 5.2% while noting the surprising speed with China's reopening this year. However, he noted that geopolitical fragmentation remains negative foreveryone, although some economies benefit from supply chains relocating outof China.
Earlier💞 on the same day, the IMF releasedits World Economic Outlook report, which raised its forecast for globaleconomic growth in 2023 due to a "surprising recovery" in demand inthe US and Europe, declining energy costs, and China's reopening.
It believes global growth will fallfrom 3.4% in 2022 to 2.9% in 2023, but still higher than the 2.7% predicted inOctober 2022. It also revised its forecasts for a number of major economiessuch as the US, the Eurozone, the UK, China and India. The UK is the only majordeveloped economy that is predicted to bein recession this year, with GDP to shrink 0.6% as households struggle to copewith rising costs of living./.
Major ASEAN economies should be able to survive volatile market swings in 2023 following similar turmoil last year thanks to the region's strong fundamentals, according to Singapore-based United Overseas Bank (UOB).
Thailand has ranked first in the Association of Southeast Asian Nations (ASEAN) in the latest Sustainable Development Report, according to Thipanan Sirichana, deputy government spokeswoman.
2023 will be a tough year for ASEAN as the bloc may face many challenges in the time to come, heard the 2023 Regional Outlook Forum (ROF 2023) held in Singapore on January 10 by the Institute of Southeast Asian Studies (ISEAS-Yusof Ishak).
The Regional Comprehensive Economic Partnership (RCEP), which came into effect a year ago, has brought about great business chances for enterprises in the region, according to experts.
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Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
A cargo vessel at Pasir Panjang Terminal of Singapore (Photo: AFP/VNA) 
