The Kuala Lumpur-based RHB Research Institute has lowered its economic forecast for the ASEAN-5, comprising of Malaysia, Indonesia, Thailand, Singapore and the Philippines, from 4.7 percent to 4.3 percent in 2014.

However, the institute forecasts that GDP growth in the ASEAN-5 will bounce back to 5.1 percent in 2015 amid expectations of continued global economic recovery.

In its latest economic outlook, the institute said only Malaysia stands out with its GDP growth expected to grow 5.4 percent this year from 4.7 percent in 2013. In 2015, the country is forecast to post a 5.2 percent growth in 2015.

Indonesia will see an average GDP growth of 5.2 percent against 5.8 percent last year, while Thailand will register a 1.2 percent increase compared to 2.9 percent last year. The Philippines is forecast to post 6.5 percent, a decrease from 7.2 percent and Singapore with 3.3 percent, lower than last year’s figure of 4.1 percent.

The Asian Development Bank (ADB) shared a similar view on the latest forecast of the ASEAN-5 (with Vietnam replacing Singapore), adjusting its previous estimate of 5.2 percent to 4.7 percent, mostly because of the low GDP growth from Indonesia , Thailand and Vietnam in the first quarter of this year.-VNA