Asean-6 2021 Economic Forecast: ASEAN Outlook

Economic Forecast for ASEAN 6 2021 Southeast Asian economies this year, are broadly aiming to regain the growth momentum they had before the COVID-19 pandemic triggered, after the historic declines in 2020. A look at early forecasts around the region, however it’s shows a wide range of scenarios, as risks continue to lurk. But still, a solid rebound in growth this year is expected across the region, though Vietnam and the Philippines are set to outpace the rest. Here’s a look at how ASEAN Economy will grow this year. The forecasts are based on the projection reported by each country as comparison to the Global economist. Singapore on Monday maintained its forecast of gross domestic product growth of 4% to 6% for 2021, unchanged from its estimate in November. Oxford Economics 2021 outlook, expects Singapore to expand by 5% this year, while Focus Economics Consensus Forecast panelists, sees Singapore economy expanding 5 point 6% in 2021. The city-state is coming off a record 5.4% annual contraction last year. Indonesia expects gross domestic product to grow between 4.5% and 5.5% this year, while Oxford Economics expect Indonesia’s economy will rebound to 4.7%, after a 2.1% contraction in 2020. Philippines projects a growth range of 6.5% to 7.5% for this year, while Oxford Economics expects the Philippines’ economy to rebound by 7.7%, versus a 9.5% drop in 2020, as the economy reopens further and vaccinations begin. Thailand lowered its economic growth sights, revising its 2021 forecast down to 2.5% to 3.5% growth, versus a 3.5% to 4.5% projection in November, lower than the Oxford Economics projection of 4.3%, and by the World Bank of 4%. In Malaysia, which remains under a state of emergency, the central bank did not reveal a 2021 growth projection, when it announced last week that GDP shrank 5.6% in 2020. That was the worst performance since the Asian financial crisis days in 1998. Southeast Asia's growth leader in 2020, may still continue its growth Momentum as Vietnam targeting a 6.5% growth rate this year. International Monetary Fund IMF was lowered its ASEAN economic growth to 5.2% in 2021 from the previous projection of growth of 6.2%, while Oxford Economics projects a 5.3% growth for ASEAN-6.