Singapore's economic rebound to boost ASEAN growth in 2024

Singapore's robust economic rebound will be a key factor for Southeast Asia's growth next year, according to a quarterly survey of economists compiled by the Japan Centre for Economic Research (JCER) and Nikkei.

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.

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.

Singapore's economic rebound to boost ASEAN growth in 2024 -0
 Singapore's robust economic rebound will be a key factor for Southeast Asia's growth next year. (Photo: Nikkei)

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./.

VNA

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