IMF retains robust outlook for ASEAN-5

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The economy of five core emerging countries in ASEAN continues to thrive, says the IMF

The International Monetary Fund has kept its 2012 growth forecast for the ASEAN-5 countries Indonesia, Malaysia, the Philippines, Vietnam and Thailand.

The IMF said in its latest World Economic Outlook report released July 16 that its average growth forecast for the ASEAN-5 remains at 5.4 per cent for this year.

However, the IMF also mentioned that emerging markets in ASEAN will not be immune from the adverse impact of the prolonged debt woes in the eurozone. Nonetheless, the region will manage to grow as initially estimated given its relatively better economic fundamentals.

For the world economy, the IMF’s growth forecast for the year was reduced to 3.5 from an earlier projection of 3.6 per cent made in April, due to escalating debt problems in Europe and the sluggish performance of the US economy, IMF head Christine Lagarde said.

The IMF now expects the US to grow by just 2 per cent this year from its earlier forecast of 2.1 percent. The eurozone is likely to contract by 3 per cent this year.

For 2013, the IMF expects the global economy to grow at a faster rate of 3.9 per cent. Consequently, it said the ASEAN-5 may also grow faster at 6.1 percent.

The latest 2013 projection for world economic growth is a revision from the previous forecast of 4.1 per cent. Similarly, the latest growth forecast for the ASEAN-5 is lower than the original 6.2 per cent.

Earlier this month, the Asian Development Bank said in its latest growth outlook report that it is keeping its 5.6 per cent average growth projection for this year for the ASEAN-5.

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Reading Time: 1 minute

The economy of five core emerging countries in ASEAN continues to thrive, says the IMF

The International Monetary Fund has kept its 2012 growth forecast for the ASEAN-5 countries Indonesia, Malaysia, the Philippines, Vietnam and Thailand.

Reading Time: 1 minute

The economy of five core emerging countries in ASEAN continues to thrive, says the IMF

The International Monetary Fund has kept its 2012 growth forecast for the ASEAN-5 countries Indonesia, Malaysia, the Philippines, Vietnam and Thailand.

The IMF said in its latest World Economic Outlook report released July 16 that its average growth forecast for the ASEAN-5 remains at 5.4 per cent for this year.

However, the IMF also mentioned that emerging markets in ASEAN will not be immune from the adverse impact of the prolonged debt woes in the eurozone. Nonetheless, the region will manage to grow as initially estimated given its relatively better economic fundamentals.

For the world economy, the IMF’s growth forecast for the year was reduced to 3.5 from an earlier projection of 3.6 per cent made in April, due to escalating debt problems in Europe and the sluggish performance of the US economy, IMF head Christine Lagarde said.

The IMF now expects the US to grow by just 2 per cent this year from its earlier forecast of 2.1 percent. The eurozone is likely to contract by 3 per cent this year.

For 2013, the IMF expects the global economy to grow at a faster rate of 3.9 per cent. Consequently, it said the ASEAN-5 may also grow faster at 6.1 percent.

The latest 2013 projection for world economic growth is a revision from the previous forecast of 4.1 per cent. Similarly, the latest growth forecast for the ASEAN-5 is lower than the original 6.2 per cent.

Earlier this month, the Asian Development Bank said in its latest growth outlook report that it is keeping its 5.6 per cent average growth projection for this year for the ASEAN-5.

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