Economic outlook for Philippines, Thailand and Malaysia worst in Southeast Asia
The Philippines and Thailand are the Southeast Asian countries whose economies have been hit hardest by the coronavirus pandemic, with the Philippines additionally suffering from the devastating impact of back-to-back typhoons.
Economists have slashed their 2020 outlook for the Philippines by more than any other Southeast Asian nation as it struggles with one of the region’s worst coronavirus outbreaks, Bloomberg News reported..
The forecast for the country’s gross domestic product dropped from a 6.1 per cent expansion at the beginning of the year to an 8.9 per cent contraction, a swing of 15 percentage points, according to the median of estimates compiled by Bloomberg. Thailand is second-worst, at 10.1 percentage points.
While Thailand has contained the spread of the virus, its tourism industry has been gutted by international travel restrictions while weak global demand and a strengthening baht have diminished exports. The nation’s economy is forecast to shrink 7.1% this year.
In Malaysia, where coronavirus infections have been spiking in recent weeks, gross domestic product is poised to contract five per cent, from a 4.5 per cent decline forecast previously, due to risks to the country’s expected economic recovery posed by the third wave of Covid-19 infections. Malaysia’s growth forecast has been revised from the beginning of the year by 9.8 percentage points.
Vietnam is expected to suffer the least from the pandemic, with its 2020 growth forecast revised down by 3.9 percentage points to 2.8 per cent, outpacing the two per cent forecast for China.
The Philippines and Thailand are the Southeast Asian countries whose economies have been hit hardest by the coronavirus pandemic, with the Philippines additionally suffering from the devastating impact of back-to-back typhoons. Economists have slashed their 2020 outlook for the Philippines by more than any other Southeast Asian nation as it struggles with one of the region’s worst coronavirus outbreaks, Bloomberg News reported.. The forecast for the country’s gross domestic product dropped from a 6.1 per cent expansion at the beginning of the year to an 8.9 per cent contraction, a swing of 15 percentage points, according to the median of...
The Philippines and Thailand are the Southeast Asian countries whose economies have been hit hardest by the coronavirus pandemic, with the Philippines additionally suffering from the devastating impact of back-to-back typhoons.
Economists have slashed their 2020 outlook for the Philippines by more than any other Southeast Asian nation as it struggles with one of the region’s worst coronavirus outbreaks, Bloomberg News reported..
The forecast for the country’s gross domestic product dropped from a 6.1 per cent expansion at the beginning of the year to an 8.9 per cent contraction, a swing of 15 percentage points, according to the median of estimates compiled by Bloomberg. Thailand is second-worst, at 10.1 percentage points.
While Thailand has contained the spread of the virus, its tourism industry has been gutted by international travel restrictions while weak global demand and a strengthening baht have diminished exports. The nation’s economy is forecast to shrink 7.1% this year.
In Malaysia, where coronavirus infections have been spiking in recent weeks, gross domestic product is poised to contract five per cent, from a 4.5 per cent decline forecast previously, due to risks to the country’s expected economic recovery posed by the third wave of Covid-19 infections. Malaysia’s growth forecast has been revised from the beginning of the year by 9.8 percentage points.
Vietnam is expected to suffer the least from the pandemic, with its 2020 growth forecast revised down by 3.9 percentage points to 2.8 per cent, outpacing the two per cent forecast for China.
