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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.
Singapore's economic rebound to boost ASEAN growth in 2024 ảnh 1Singapore's robust economic rebound will be a key factor for Southeast Asia's growth next year. (Photo: Nikkei)
Hanoi (VNA) - Singapore's robust economic reboundwill be a key factor for Southeast Asia's growth next year, according to aquarterly survey of economists compiled by the Japan Centre for EconomicResearch (JCER) and Nikkei.

TheJCER and Nikkei conducted the latest survey from November 17 to December 7,gathering 31 responses from economists and analysts in the five major economiesof ASEAN - Indonesia, Malaysia, the Philippines, Singapore and Thailand, and inIndia.

Nextyear, according to the survey, the overall growth rate for the five ASEAN nationsis 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 itsgrowth 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.

The export-reliant city-state has been seeing sluggish exportsamid the global slowdown and negative growth in the manufacturing sector thisyear, after 3.6% growth in 2022.

The Philippines is expected to mark the highestgrowth 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 thesecond and third quarters of this year, is also projected to grow stronger nextyear, at 4.5%.

Indonesia, the largest economy in Southeast Asia, isprojected to grow 5.1% in 2024, flat from this year, largely by steady domesticdemand.

For Thailand, economists' projections point to a 3.3% growthrate for 2024, up from 2.4% this year./.

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