Key ASEAN economies report economic downturn in 2023
The economic growth rates of the six key ASEAN countries in 2023 were lower than those in 2022, but are predicted to improve this year, reported foreign media.
Malaysia reports GDP growth of 3.7%, 5 percentage points lower than that in 2022. (Photo: thestar.com.my)
Hanoi (VNA) – The economic growth rates of the six key ASEANcountries in 2023 were lower than those in 2022, but are predicted to improve thisyear, reported foreign media.
According to The Nikkei, as of February 2, the six majorASEAN countries, namely Thailand, Indonesia, Malaysia, the Philippines, Vietnamand Singapore, had announced their 2023 GDP growth rates.
Accordingly, Malaysia reported GDP growth of 3.7%, 5 percentagepoints lower than that in 2022, the highest fall among the regional countries.Meanwhile, the Philippines’ economy grew by 5.6%, failing to reach the targetof 6%-7%. Indonesia's growth rate decreased to 5.05%, far below 5.31% recordedin 2022. Thailand's actual growth rate in 2023 was 1.9%, lower than 2.5% in2022 and 2.5% forecast of the International Monetary Fund (IMF).
A report by the Asian Development Bank (ADB) predicted thatthe average growth rate of Southeast Asia this year will be 4.7% and unable to return to the economic growth momentum of 5.6% in2022.
China’s economic developments are the biggest factoraffecting Southeast Asia's economy. China holds the largest proportion oftrade among the ASEAN countries and the region at about 20%. China's economicslowdown has affected the import-export and tourism industries of the SoutheastAsian countries. In 2019, before the COVID-19 outbreak, China was one of themain sources of tourists for the Southeast Asian countries. However, the trend ofChinese people traveling abroad dropped drastically in 2023.
Bloomberg News reported that Thai Prime Minister SretthaThavisin asked the central bank to urgently hold an unscheduled meeting of itsMonetary Policy Committee to cut interest rates, saying the latest dataindicated that the nation’s economy was in a crisis. As scheduled, thecommittee will meet on April 10./.
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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.
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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.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
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Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Malaysia reports GDP growth of 3.7%, 5 percentage points lower than that in 2022. (Photo: thestar.com.my) 
