The Asian Development Bank (ADB) has lowered the growth outlook for Southeast Asia in 2023 from 4.6% to 4.3%. This is mainly due to weak demand for manufacturing exports.
Southeast Asia’s growth forecast for 2024 has also been revised down to 4.7% from 4.8% because of weak external demand, which is affecting particularly the more open, bigger, and trade-oriented economies.
ADB expects higher public investment and consumer spending to boost economic growth across Southeast Asia in 2024, especially with the return of international tourists.
Read this analysis HERE.