Singapore's robust economic rebound will be a key factor for Southeast Asia's growth next year. (Photo: 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./.
VNA
