Southeast Asia is showing signs of moderate rebound after the global financial crisis but will remain robust, the OECD said on Sept. 13.
Both leading and coincident indicators for economies in the Association of Southeast Asian Nations (ASEAN) show steady growth is based on sound exports, strong domestic demand and improved business sentiment, the Organisation for Economic Cooperation and Development (OECD) said in its latest quarterly business report.
The OECD, a Paris-based international economic organisation comprising 33 of the world’s richest countries, based its forecast on data from five ASEAN nations, including Indonesia , Malaysia , the Philippines , Singapore and Thailand .
However, leading indicators suggest that growth in many ASEAN countries, while still robust, may be weakening in the next quarter, it said.
According to the report, signs of a slowdown in the Chinese economy, a key export market, constitute a negative factor for the outlook for ASEAN economies, while uncertainty about growth prospects for OECD economies remain.
OECD's forecast is in line with projections by officials and private sector economists that the pace of the region's economic rebound is likely to ease in the second half of the year, although full-year growth will remain strong.
While the OECD report did not contain projections for gross domestic product (GDP) growth in ASEAN this year, Singaporean officials have said they expect the island nation’s economy to surge by up to 15 percent.
Indonesia 's economy is expected to expand 6.0 percent and Malaysia should exceed 6.0 percent GDP growth this year, according to official estimates.
ASEAN's other members are Brunei , Cambodia , Laos , Myanmar and Vietnam./.
Both leading and coincident indicators for economies in the Association of Southeast Asian Nations (ASEAN) show steady growth is based on sound exports, strong domestic demand and improved business sentiment, the Organisation for Economic Cooperation and Development (OECD) said in its latest quarterly business report.
The OECD, a Paris-based international economic organisation comprising 33 of the world’s richest countries, based its forecast on data from five ASEAN nations, including Indonesia , Malaysia , the Philippines , Singapore and Thailand .
However, leading indicators suggest that growth in many ASEAN countries, while still robust, may be weakening in the next quarter, it said.
According to the report, signs of a slowdown in the Chinese economy, a key export market, constitute a negative factor for the outlook for ASEAN economies, while uncertainty about growth prospects for OECD economies remain.
OECD's forecast is in line with projections by officials and private sector economists that the pace of the region's economic rebound is likely to ease in the second half of the year, although full-year growth will remain strong.
While the OECD report did not contain projections for gross domestic product (GDP) growth in ASEAN this year, Singaporean officials have said they expect the island nation’s economy to surge by up to 15 percent.
Indonesia 's economy is expected to expand 6.0 percent and Malaysia should exceed 6.0 percent GDP growth this year, according to official estimates.
ASEAN's other members are Brunei , Cambodia , Laos , Myanmar and Vietnam./.
