The International Monetary Fund (IMF) forecasts Vietnam’s economy to grow by 6.0% in 2024 and 6.8% in 2025, making it the fastest-growing economy among key ASEAN countries. The Philippines follows with projected growth rates of 5.8% in 2024 and 6.1% in 2025. Both countries are expected to maintain strong growth annually for the next five years.
Indonesia, ASEAN’s largest economy, is projected to grow steadily at 5.0% in 2024 and 5.1% in 2025. The IMF forecasts Indonesia will maintain this 5.1% growth rate through 2029.
Malaysia is expected to rebound in 2024 with a 4.8% growth forecast, up from 3.6% in 2023. The country’s long-term projections are at 4.0%.
The IMF has revised down its GDP growth forecasts for Thailand this year and next by 0.1%, projecting growth of 2.8% this year and 3.0% next. In the long term, in 2029, the IMF expects Thailand to grow by 2.7%.
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