This week’s main story
Across Southeast Asia, the food service industry has seen a significant shift towards food delivery services, with in-house restaurant dining declining to 60% of the food service industry in Asia from 76% in 2019.
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This week’s main story
Thai Prime Minister Srettha Thavisin’s push for a rate cut from the Bank of Thailand (BOT) to support his stimulus program has faced resistance from BOT Governor Sethaput Suthiwartnarueput.
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This week’s main story
Top financial officials from the Association of Southeast Asian Nations (ASEAN) have agreed to promote the expansion of cross-border QR payments through compatible platforms.
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This week’s main story
South Korean companies have historically dominated foreign direct investment in Viet Nam, but they are facing increasing competition from Chinese counterparts.
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This week’s main story
Several ASEAN countries are facing hurdles in their renewable energy transitions, largely due to concerns over ‘greenflation’.
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This week’s main story
ASEAN’s startup sector is facing a so-called ‘funding winter’, with startup investment in the region in the first quarter of 2024 dropping to around US$800 million as of 18 March, 2024, around the 2017 level.
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The Singapore leg of singer-songwriter Taylor Swift’s Eras tour caused economists to upgrade the country’s GDP forecast for 2024. To receive CARI Captures weekly sent directly to your inbox, please subscribe here.
This week’s main story
On the first day of the ASEAN-Australia Special Summit 2024, Australia’s Foreign Minister Penny Wong pledged US$41.8 million in funding for maritime security for ASEAN. To receive CARI Captures weekly sent directly to your inbox, please subscribe here.
ASEAN governments are under pressure to bolster social safety nets to ensure the well-being of their elderly amid ageing populations across the region.
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Former army general Prabowo Subianto is on track to win Indonesia’s presidential election held on 14 February, 2024, based on a quick count of the final results.
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Viet Nam is pushing the US to change its ‘non-market economy’ classification before the US presidential elections in November 2024.
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The future of Indonesia’s planned capital city Nusantara faces uncertainties due to the country’s coming elections on 14 February, 2024.
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Southeast Asian markets are poised for a turnaround in 2024 on the back of cheap valuations and potentially high economic growth.
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The Malaysian ringgit is vulnerable to dropping towards 2023’s low due to concerns over the current government’s stability.
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Since mid-December 2023, Myanmar’s embassies in key Asian countries have announced a series of new tax rules to impact ….
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Singapore and Malaysia plan to raise their consumption taxes in early 2024 to broaden their financial base in order to support ….
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Lao PDR has framed the theme of its 2024 ASEAN Chairmanship as ‘Enhancing Connectivity and Resilience’….
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On 17 December, 2023, ASEAN and Japan agreed to deepen cooperation regarding security and economic issues at a summit in Tokyo…
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Technology startups in Taiwan are increasingly eyeing ASEAN markets for further expansion as the prospects of stability for doing…
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Sweden has announced a new trade and investment strategy for Southeast Asia as part of its larger plan to deepen cooperation with…
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The Malaysian government will scrap entry visa requirements for Chinese and Indian citizens entering the country starting on 01 December, 2023.
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On 17 November, 2023, the leaders of the 21 APEC member economies agreed to the 2023 APEC Leaders’ Golden Gate Declaration at the conclusion of …
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On 13 November, 2023, Indonesian President Joko Widodo and US President Joe Biden met at the White House in Washington D.C. Both leaders agreed …
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Prompted by rising energy prices, Thai officials have proposed talks with Cambodia over the resource-rich overlapping claims area…
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According to research by Google, Temasek, and Bain & Co., Southeast Asia’s Internet economy will log its slowest…
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Fintech firms in Southeast Asia are extending credit to young borrowers who generally lack access to traditional…
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Several Southeast Asian currencies are trading near their lows for the year against a surging US Dollar, he digital…
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Thailand’s new government, led by the Pheu Thai Party, is seeking to implement a US$15 billion digital money handout scheme, also known as the digital…
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Given recent developments in the region, Captures will widen its scope to include news related to members of the Regional Comprehensive Economic Partnership (RCEP) agreement which was signed towards…
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The stock prices of Southeast Asian tech giants such as Grab, GoTo, and Sea have greatly diverged in 2023 as investors seek companies that have engaged in cost-cutting rather than those with costly growth plans…
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On 23 August, 2023, 61-year-old property tycoon Srettha Thavisin of the Pheu Thai Party received a royal endorsement from King Maha Vajiralongkorn to become the country’s 30th prime minister. The new government will be formed after the appointment of his cabinet ministers, with Pheu Thai currently negotiating with its coalition…
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On 12 August, 2023, six states in Malaysia held state elections, seen by pundits as indicative of the level of support for the ruling unity government of political coalitions Pakatan Harapan (PH) and Barisan Nasional (BN). State elections were held in the states of Kedah, Penang, Kelantan, Terengganu, Selangor and Negeri Sembilan, and saw the..
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Indonesia’s economy expanded by 5.17% year-on-year in the second quarter of 2023, accelerating from a revised 5.04% expansion in the first quarter. These latest growth figures were the highest in three quarters. Private consumption, which makes up over half of Indonesia’s GDP, rose 5.23% year-on-year in the same quarter, while investments..
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Malaysia has launched programs to promote renewable energy in an economy that has traditionally relied upon the hydrocarbons industry. Under the first phase of the National Energy Transition Roadmap (NETR) unveiled last week, the government identified 10 flagship catalyst projects and initiatives ranging from constructing renewable..
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The Philippines and Malaysia are set to convene joint meetings in October 2023 to increase cooperation in various areas including transnational crime, agriculture, and digital economy. This was agreed during the Philippines’ President Ferdinand Marcos Jr.’s three-day state visit to Malaysia. Other areas which will see bilateral cooperation..
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The amount raised through initial public offerings (IPOs) rose by 43% year-on-year in January-June 2023, even though the amount raised worldwide dropped by 30%. IPOs throughout this period raised US$4.1 billion, while the number of IPOs increased by 14% year-on-year to 79. Both the number of IPOs and the amount that they raised have been..
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The ongoing Myanmar crisis is expected to dominate the ASEAN Foreign Ministers’ Meeting as well as the post-ministerial conferences and related meetings being held this week, including the ASEAN Regional Forum to be held on 14 July, 2023. An estimated 3,750 civilians have been killed by Myanmar security forces and nearly 24,000 arrested…
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Some 9.8 million voters will be eligible to vote in six state elections to be held on 12 August, 2023, where they will be able to choose between Prime Minister Anwar Ibrahim’s multiracial unity government and the Malay-majority federal opposition pact. Nominations for the polls will be on 29 July, 2023, and the Election Commission is allowing for a two-week campaign…
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The return of the El Nino weather pattern to Southeast Asia, and the sweltering heat it is expected to bring to the region, is sparking fears of possible water shortages and forest fires. El Nino is a climate pattern originating in the Pacific Ocean which is marked by above-average sea surface temperatures. It typically brings hot and dry conditions…
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According to the latest global study by US-based research company Startup Genome, Singapore now outranks Shanghai and Tokyo as a leading startup and venture capital hub. Singapore now ranks 8th after surging ahead 10 places from the 2022 ranking. In Asia, it placed second behind Beijing, which fell two places to 7th in the same period. The study…
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TikTok Shop, the e-commerce arm of Chinese video-sharing platform TikTok, has managed to grown its estimated Southeast Asian gross merchandise value (GMV) from US$600 million in 2021 to US$4.4 billion in 2022, posing the fastest growth rate among e-commerce rivals like Sea Group’s Shopee, Alibaba’s Lazada and GoTo’s Tokopedia. This…
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The World Bank has upgraded its growth forecasts for the Philippines for 2023, with the country expected to grow by 6.0% in 2023 before slowing down to 5.9% growth for 2024 and 2025. The World Bank had previously forecasted 5.4% growth in December 2022 and 5.6% growth in April 2023. This year’s growth will be supported by resilient domestic demand…
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According to Indonesia’s deputy coordinating minister for maritime sovereignty and energy, the Indonesian government is considering new limits on the export of liquefied natural gas (LNG) in order to ensure adequate domestic supply. This would be an extension of trade curbs on other commodities including nickel, coal, and palm oil. Authorities…
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At the 42nd ASEAN Summit held in Labuan Bajo, Indonesia on 10 May, 2023, ASEAN leaders announced their commitment to promote the growth of the electric vehicle (EV) ecosystem within ASEAN, as well as become an important part of the EV global supply chain. Indonesian President Joko Widodo stated that the declaration would mark a significant milestone in the region’s economic…
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In Thailand’s general election held on 14 May, 2023, the Move Forward Party secured a stunning victory, managing to secure 152 seats in the lower house. The Move Forward Party was able to secure provinces previously thought to be loyal to other parties. This included the north and northeast, long known to be loyal to the Pheu Thai party, as well as the conservative…
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From 10th-11th May, 2023, the Association of Southeast Asian Nations (ASEAN), held its 42nd ASEAN Summit in Labuan Bajo, Indonesia. Among the topics of discussion at the summit included the South China Sea dispute, with a call to all parties to exercise self-restraint. The post-summit chairman’s statement called for resolving tensions in…
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The global energy crisis sparked by the Russian invasion of Ukraine has prompted Thailand to accelerate its shift towards renewables, making it the latest country to embrace solar and wind power in order to reduce reliance on imported fuel and make Thailand more energy independent. In April 2023, the Thai government announced winners for a roughly…
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According to research by Standard Chartered Global Research, Malaysia had the quickest recovery in tourism numbers among its regional peers in 2022. Malaysia was able to recover some 92% of tourist arrivals compared to its 2019 levels, with its tourism recovery driven by tourists from Singapore. Excluding Malaysia, tourist arrivals to…
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Thailand’s upcoming general election will be held on 14 May, 2023, with the contest expected to be mainly between incumbent Prayuth Chan-Ocha from the United Thai Nation Party and Paetongtarn Shinawatra of the Pheu Thai Party. The upcoming election is largely seen as a contest between the pro-establishment…
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According to the IMF’s World Economic Outlook April 2023, the ASEAN-5 economies are projected to grow by 4.5% in 2023. According to the IMF, the ASEAN-5 is composed of Indonesia, Malaysia, the Philippines, Singapore, and Thailand. This is an…
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Trade officials from the 11 member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 31 March, 2023 agreed on the U.K.’s entry into the mega-trading bloc. A joint ministerial statement welcomed…
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Southeast Asia is leading global growth in cloud infrastructure, as foreign cloud service providers and data center operators invest to create new hubs in economies like Thailand, Indonesia and Malaysia. According to market researcher IDC, Southeast…
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Over the last few years, Malaysia has been increasingly losing out to Indonesia in the race to attract foreign direct investment. According to data by UNCTAD, since 2008 Malaysia has attracted less annual investment than Indonesia in every year except 2016…
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Thailand and the EU have agreed to restart negotiations on a bilateral free trade agreement, with an aim to conclude a deal by 2025. Trade negotiations had been stalled for nearly a decade after the EU called off further talks following a military coup in Thailand…
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The Malaysian government has signaled its interest in reviving the Kuala Lumpur-Singapore High Speed Rail (HSR) project. On 08 March, 2023, the Malaysian Transport Minister Anthony Loke stated that while the government has not yet decided to revive the project…
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On 24 February, 2023, the Malaysian government introduced its budget for fiscal year 2023, with a focus on supporting MSMEs and redistributive taxation. Regarding support for the poor, the government allocated US$169 million to upskill workers under…
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According to Nomura Holdings Inc, Thailand’s economy is expected to expand by 4% in 2023, even after a shock 1.5% quarter-by-quarter contraction in the fourth quarter of 2022. This is attributed to China’s recent reopening, which has triggered a rush of Chinese tourists to Thailand. This will help…
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Singapore’s government announced its budget for fiscal year 2023, which includes more support measures and payouts to help households, workers, and businesses cope with the rising cost of living and higher sales tax. Singapore’s inflation…
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According to the ISEAS Yusof-Ishak Institute’s State of Southeast Asia: 2023 Survey Report, close to 60% of Southeast Asians saw unemployment and economic recession as the biggest challenge facing the bloc in 2023, followed by 57.1%…
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According to the IMF’s World Economic Outlook Update released on 30 January 2023, the ASEAN-5 economies are expected to grow by 4.3% and 4.7% in 2023 and 2024 respectively. In comparison, ‘emerging market and…
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Japan is seriously considering upgrading its relationship with ASEAN to a comprehensive strategic partnership from its current status of strategic partnership. The upgrade in ties would be a symbolic commitment and help expand…
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Geopolitical tensions have seen an increasing number of wealthy Chinese move their capital and businesses to Singapore, owing to the city-states’ neutral status. The number of Chinese family funds in Singapore has jumped from…
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As chair of ASEAN for 2023, Indonesia will set up an office to spearhead ASEAN’s response to the ongoing Myanmar crisis. Called the Office of Special Envoy, it will be headed by Indonesian Foreign Minister Retno Marsudi…
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Indonesia’s 2023 Chairmanship began on 01 January, 2023 under the theme of ASEAN Matters: Epicentrum of Growth’. This followed Indonesia’s presidency of the G-20 in 2022, during which it led the world’s top 20 economies…
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Workers across Southeast Asia are expected to see bigger salary bumps in 2023 as companies seek to retain talent in the face of persistent inflation and labor crunch. According to a survey carried out by services companies Aon…
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Southeast Asian venture capital firms are expected to be pickier in 2023 than in 2022 amidst plunging valuations and economic headwinds. According to data firm Crunchbase, venture capital-backed companies raised only US$369 billion in the first three quarters of 2022, compared to the whole of 2021’s record-breaking feat of US$679.4 billion invested globally…
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In its latest report, the Asian Development Bank (ADB) downgraded its growth projections for 2023 for Southeast Asia to 4.7%, from a previous projection of 5.0% growth made in September 2022. However, the ADB also raised its 2022 growth forecast for Southeast Asia to 5.5% from a previous forecast of 5.1%…
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South Korean President Yoon Suk-Yeol is seeking closer ties with ASEAN as part of his Indo-Pacific strategy. On 05 December, 2022, President Yoon hosted Vietnamese President Nguyen Xuan Phuc in Seoul as his first state guest since taking office in May 2022…
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According to S&P Global’s latest purchasing managers index (PMI) survey, growth across the ASEAN manufacturing sector reported a slowdown for the second consecutive month in November 2022, amid falling factory orders for the first time in 14 months as a result of reduced client activity…
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On 24 November, 2022, opposition leader Anwar Ibrahim was sworn in as Malaysia’s tenth Prime Minister, following the country’s fifteenth general election on 19 November. The election had led to Malaysia’s first hung parliament…
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ASEAN held the 40th ASEAN Summit in Phnom Penh, Cambodia, on 11th November, 2022, while other meetings were also held in conjunction with it, including the East Asia Summit and the US-ASEAN Summit…
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The Fintech in ASEAN report, a joint production by UOB, PWC and the Singapore Fintech Association found that fintech funding activity in ASEAN posted US$4.3 billion in the first nine months of 2022 despite geopolitical uncertainties and rate hikes to combat high inflation…
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Southeast Asia will host three major diplomatic gatherings in November 2022. This includes the ASEAN Summit and related meetings, which will be held in Phnom Penh, Cambodia on 08-13 November 2022…
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The ASEAN-Australia-New Zealand Free Trade Agreement is in the process of being upgraded, with key upgrades expected to include a simpler process to validate the origin of goods and improved e-commerce arrangements…
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Five ASEAN countries are among the global top ten for e-commerce sales growth in 2022, according to data by eMarketer. These top ten countries include Indonesia, Malaysia, the Philippines, Thailand, and Vietnam…
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While global equities are struggling due to ongoing monetary tightening by the Federal Reserve, ASEAN equities are outperforming global peers and are becoming a haven for global investors…
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President Joko Widodo embarked on a three-day visit to Northeast Asia this week ahead of the G20 leader’s summit to be held in Bali in November…
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The Asian Development Bank recently slashed its growth forecasts for developing Asia in 2022 to 4.6% from an earlier forecast of 5.2% in April 2022, amidst monetary tightening by the US Federal Reserve, fallout from the war in Ukraine, and zero-COVID-19 strategies pursued in China…
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Thailand has entered a “mini free trade agreement” or mini-FTA with Busan to boost trade between the parties. The agreement, signed by the Thai Commerce Ministry and the Busan Economic Promotion Agency, is the first mini-FTA Thailand has entered into with a South Korean city and its fourth mini-FTA…
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Southeast Asian governments are rolling out new economic relief packages to help cushion the impact of inflation for lower income citizens. Across the region, people are struggling with the rising prices of everyday goods due to the fallout from the Ukraine war as well as ongoing supply chain disruptions…
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Ferdinand Marcos Jr was sworn in as the 17th President of the Philippines on June 30, succeeding Rodrigo Duterte. Marcos Jr’s key economic drivers include his predecessor’s “Build, Build, Build” …
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According to analysis by the Financial Times, four out of the six largest economies in Southeast Asia are expected to buck the expected global stagflationary trend, with their GDP rising faster than inflation. …
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Vietnam’s minimum wage increase will enter into force starting July 1 following the approval of a government decree last week. The new minimum wage tiers are as follows: …
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Australia’s new Prime Minister Anthony Albanese pledged a total of US$482 million to its ASEAN neighbors and in particular Indonesia. Canberra pledged US$142 million to Indonesia for infrastructure development and climate resilience projects,…
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Brunei’s economy recorded a -1.6% GDP growth rate last year, its biggest decline since the 2016 oil price crash when GDP growth came in at -2.48%…
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The Biden administration launched the Indo-Pacific Economic Framework for Prosperity (IPEF) on 23 May 2022 during a visit to Tokyo, Japan. IPEF involves 12 countries, including the ASEAN Member States of Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam…
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ASEAN leaders were hosted by US President Joe Biden at the White House last week for a special two-day US-ASEAN summit, during which President Biden made a US$150 million pledge to help develop the region…
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Southeast Asian leaders have traveled to Washington D.C. to attend the US-ASEAN Special Summit being hosted by US President Joe Biden on 12-13 May. The ASEAN leaders are expected to participate in a number of events hosted by Biden and other U.S. government officials during the two-day summit,…
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Southeast Asia is set to host three major global meetings back-to-back in November: Cambodia will host the ASEAN and Related Summits on November 11-13 under the theme “ASEAN ACT: Addressing Challenges Together”, Indonesia will host the G20 Summit on November 15-16 under the theme “Recover Together, Recover Stronger”, and Thailand will host the APEC Economic Leaders’ Meeting on November 18-19 under the theme “Open. Connect. Balance”.
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Japan’s Prime Minister Fumio Kishida will be visiting Indonesia, Viet Nam and Thailand from 29 April onwards. Kishida intends to discuss cooperation in response to several global issues, including the war in Ukraine, the East and South China seas, North Korea and Myanmar.
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The ASEAN+3 Macroeconomic Research Office (AMRO) expects ASEAN to grow by 5.1% in 2022 and 5.2% in 2023 as the region’s economies move towards a fuller opening up in parallel with their rising vaccination rates.
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According to a survey recently commissioned by Standard Chartered entitled ‘Borderless Business: Middle East-ASEAN Corridor’, 78% of Middle Eastern companies view Malaysia as their top ASEAN market for expansion.
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The World Bank has downgraded its growth projections for East Asia and the Pacific in 2022 in its latest economic outlook from last October’s 5.4% to 5%, with a worst-case scenario forecast of 4% growth, due to slowing growth in China, monetary tightening in the United States, and the impacts of the war in Ukraine.
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(30 March 2022) India called for greater regional cooperation among the member states of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec), which comprises countries which border the Bay of Bengal, including the Southeast Asian states of Thailand and Myanmar. Other member states include Bangladesh, Bhutan, India, Nepal, and Sri Lanka.
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Singapore will reopen its borders and simplify entry procedures for fully vaccinated travellers starting 1 April 2022, nullifying existing vaccinated travel lane (VTL) arrangements that it has with other countries.
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The COVID-19 pandemic pushed 4.7 million more people into extreme poverty – defined as those living on less than $1.90 per day – in 2021 as compared to 2020, and erased another 9.3 million jobs across the region.
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Malaysia will fully reopen its borders on 1 April 2022 following the prolonged lockdown since the pandemic hit in 2020.
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(01 March 2022) Despite a broad increase in the number of COVID-19 infections across ASEAN, the ASEAN manufacturing PMI as measured by IHS Markit remained resilient in February 2022. ASEAN manufacturing PMI in February was little changed at 52.5, down from 52.7 in January 2022.
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Singapore’s finance minister announced the country’s 2022 budget proposals in parliament on 18 February 2022 which included a slew of tax hikes as the country expects government expenditures to increase to over 20% of GDP by 2030.
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According to the State of Southeast Asia: 2022 Survey Report released by the ISEAS-Yusof Ishak Institute in Singapore, 30.1% of Southeast Asian public figures, including policymakers, academics, researchers, and civil society activists, were confident in the US providing leadership in championing global free trade, followed by China (24.6%) and ASEAN (15.5%).
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Cambodia’s King Norodom Sihamoni ratified the Cambodia-Korea Free Trade Agreement (CKFTA) on 29 January 2022, paving the way for the agreement to come into force within 60 days.
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Petronas has maintained its position as the most valuable ASEAN brand in the Brand Finance Global 500 2022 report with a brand value of US$13.6 billion, which is 13% higher than the previous year.
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Indonesia and Singapore signed three agreements resolving longstanding bilateral issues on the occasion of the 5th Singapore-Indonesia Leaders’ Retreat held in Bintan.
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Taiwanese President Tsai Ing-wen is seeking to expand economic ties with Southeast Asia as part of the “New Southbound Policy” (NSP), which seeks to reduce Taiwan’s trade dependence on China by focusing on Southeast Asia, South Asia, and Australasia.
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Japan is looking to bring its economic relationship with ASEAN to the next level to tap into the region’s growing middle class and digital economy, said Japanese trade minister Koichi Hagiuda during his visit to the region.
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On 01 January 2022, the Regional Comprehensive Economic Partnership (RCEP) entered into force.
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Cambodia is looking forward to the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement (CCFTA) coming into force in 2022.
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US Secretary of State Antony Blinken said that ASEAN was “essential to the architecture of the Indo-Pacific region” and reiterated President Joe Biden’s plans to host a special summit with the bloc in 2022 which would cover topics such as investment, infrastructure, climate change, and the pandemic.
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Southeast Asian companies have collectively raised more than US$10 billion through initial public offerings (IPOs) in 2021, the first time since 2017.
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Southeast Asia’s largest ride-hailing and delivery “super app” began trading on Nasdaq on 2 December 2021 under the ticker symbol “GRAB” after completing a US$40 billion merger with a special purpose acquisition company (SPAC). The merger with Altimeter Growth Corp, said to be one of the biggest SPAC transactions to date, was first announced in April 2021 and approved by Altimeter’s investors on 30 November 2021.
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During the recent China-ASEAN Special Summit to Commemorate the 30th Anniversary of ASEAN-China Dialogue Relations held on 22 November 2021, Chinese President Xi Jinping announced that ties between China and ASEAN would be raised from strategic partnership to comprehensive strategic partnership, with more focus to be made on security cooperation and development funding.
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ASEAN and Canada issued a joint statement at the conclusion of the 10th ASEAN Economic Ministers (AEM) – Canada Consultations announcing the commencement of talks for a free trade agreement (FTA), a deal that could result in a US$7.8 billion increase in bilateral trade according to the FTA’s joint feasibility study.
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According to a recently released report by Google, Temasek and Bain & Company, total investments into Southeast Asia’s tech companies reached US$11.5 billion in the first half of 2021, in comparison to the US$11.6 billion invested for the full year of 2020.
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Over 100 countries representing 85% of the world’s forests signed the Glasgow Leaders’ Declaration on Forest and Land Use at the United Nations Climate Change Conference or COP26 pledging to “halt and reverse forest loss and land degradation by 2030”.
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Singapore now occupies the lowest spot ever in Bloomberg’s Covid Resilience Ranking for a former No.1 occupant.
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The Association of Southeast Asian Nations (ASEAN) announced this week that it will exclude Myanmar’s military leader Min Aung Hlaing from its upcoming regional summit, citing the lack of progress made by the military to restore peace in the country following its February coup.
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Southeast Asia’s tech giants such as ‘superapp’ providers GoTo and Grab are competing with established conventional banks for the burgeoning digital banking services market in Southeast Asia.
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More ASEAN countries have started reopening tourism hotspots to foreign tourists following Thailand’s successful reopening of Phuket island to vaccinated foreign arrivals in July.
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The number of investments by venture backers in Southeast Asian tech startups hit a record number in the first half of 2021, although the value of those deals declined as investors focused on early stage deals in the region’s burgeoning digital market.
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The Asian Development Bank (ADB) downgraded its growth projections for Southeast Asia (including Timor-Leste) from 4.4% to 3.1% for 2021 and 5.1% to 5.0% for 2022 as it expects the region to “recover at a much slower pace than projected” due to lockdowns and restrictions caused by recurring COVID-19 outbreaks and uneven vaccination rollouts.
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According to government data compiled by Bloomberg, Viet Nam was leading the average daily rise in COVID-19-related deaths in ASEAN despite lockdown measures implemented by the authorities.
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Southeast Asia has been attracting large amounts of private equity and venture capital investment amid growing demand for capital in these asset classes despite the pandemic, according to a recent Preqin report.
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According to a recently published report by Facebook and Bain & Co, the Southeast Asia region added a total of 70 million new online consumers since the start of the COVID-19 pandemic.
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COVID-19 lockdowns across the region continue to have a ripple effect on global automotive supply chains, with Japan’s Toyota Motor announcing last week that it would cut September’s targeted production volume by 40% due to a shortage of auto parts from Southeast Asian suppliers.
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A report recently published by the Australia National University (ANU) found that despite widespread media attention on Chinese investments into Southeast Asia, China has not in fact been the region’s largest investor over much of the past two decades.
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Cambodia aims to have countrywide mobile and internet coverage by 2027 under its 2021-2035 digital roadmap, according to telecommunications minister Chea Vandeth, as he acknowledged the poor performance of existing services.
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The UK officially became a Dialogue Partner of ASEAN on 05 August 2021 during a virtual ceremony attended by the UK Foreign Secretary and ASEAN Foreign Ministers.
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In the IMF’s most recent World Economic Outlook released in July 2021, the IMF downgraded its 2021 economic economic projections for the ASEAN-5 countries by -0.6% to 4.3%. The ASEAN-5 countries comprise Malaysia, Thailand, Viet Nam, Indonesia, and the Philippines.
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Singapore has increased its mobile internet speed from 56.95 Mbps (June 2020) to 86.96 Mbps (June 2021) in average download speed to maintain its top place in the region according to the Ookla’s Speedtest Global Index for June 2021.
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Goldman Sachs has cut its 2021 growth projections for major ASEAN economies due to a rapid climb in COVID-19 infections across the region.
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Economists are predicting a slowdown in the growth of Asian economies, as a surge in COVID-19 cases and contagious variants hinder recovery, according to a survey of quarterly consensus from economists and analysts conducted by the Japan Center for Economic Research (JCER) and Nikkei in June.
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Mergers and acquisitions (M&As) in Southeast Asia hit US$19 billion in the first half of 2021, fueled primarily by the region’s booming tech sector.
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Singapore has fallen one rung to fourth place in the 2021 Global Fintech Rankings. While it still takes the top spot among countries in the Asia-Pacific, the Republic faces stiff competition from countries like Australia, China and Japan, which have moved up the leaderboard this year.
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Singapore fell from the number one spot to the fifth in the IMD’s World Competitiveness Ranking for 2021.
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Amidst a global pandemic that threatens progress toward gender equality, World Bank’s Women, Business and the Law 2021 identifies barriers to women’s economic participation and encourages reform of discriminatory laws.
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The COVID-19 induced border closures with South Asian countries have caused labor shortages in Singapore, particularly in the sectors which depend on low cost labor such as construction and shipping.
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ASEAN-7 countries exported about 1.20 million MT of ferrous scrap in 2020, which saw a decrease of 46.8% from 1.75 million MT of the same period in 2019.
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Much of Southeast Asia is being impacted by a new wave of COVID-19, with clusters having been found in areas particularly vulnerable to the spread of the virus, including hospitals, quarantine facilities and border crossings.
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ASEAN manufacturing conditions improved at a noticeably quicker rate during April and one that was the fastest since July 2014, according to the latest IHS Markit Purchasing Managers’ Index (PMI™) data.
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A summit held by ASEAN in Jakarta on 24 April 2021 regarding the ongoing crisis in Myanmar released a statement with five points: an immediate cessation of violence and restraint by all parties, the commencement of constructive dialogue towards a peaceful solution, for a special envoy of the ASEAN chair to mediate the dialogue, for ASEAN to provide humanitarian assistance, and for the special envoy and delegation to visit Myanmar to meet with all parties.
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According to consultancy firm EY’s latest Global Capital Confidence Barometer survey, some 56% of executives in Southeast Asia surveyed are looking to actively pursue mergers and acquisitions (M&A) over the next 12 months, the highest proportion since 2012 and also higher than the the 11-year average of 44% in past surveys.
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Singapore-based tech company Grab plans to become a US-listed public company via a merger with a special purpose acquisition company, or SPAC.
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Facebook and Google are building two new undersea data cables linking Southeast Asia to the US, marking the latest attempt to improve access and infrastructure in major markets like Indonesia and Singapore.
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The Thai Baht was the worse performing major currency in Southeast during Q1 2021, having depreciated 4% against the US Dollar to 31.24.
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The recently Asia and the Pacific SDG Progress Report 2021 released by UN ESCAP found that the South-East Asia region achieved significant progress on no poverty (Goal 1), zero hunger (Goal 2), good health and well-being (Goal 3), quality education (Goal 4), clean water and sanitation (Goal 6) and industry, innovation and infrastructure (Goal 9).
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Singapore-based Sea Ltd has emerged as Southeast Asia’s largest public company, with its share price on the New York Stock Exchange having risen by 395% in 2020.
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The ten ASEAN member states have established a new framework to fight cross-border criminal activity, from human trafficking to cybercrime, amid fears that COVID-19 has created more fertile ground for lawbreakers.
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During the ASEAN Economic Ministers meeting that ended on 3 March 2021, a digital coronavirus vaccine certificate was mulled to resuscitate the intra-regional tourism market.
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Malaysia appears to be falling behind its regional counterparts in the electric vehicle (EV) race when compared to Thailand, Indonesia and Singapore.
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Singapore’s government plans to issue green bonds to fund infrastructure projects as revealed in their latest Budget announced on 16 February 2021, with up to US$14.3 billion of public sector green projects already identified.
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An estimated 90 million people will move to cities in the Southeast Asian region by 2030.
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The Philippines will cut its corporate tax rate for big companies from 30% to 25%, and to 20% for smaller companies, to help the country recover from the COVID-19 pandemic.
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ASEAN has left the door open for the United Kingdom to be admitted as a dialogue partner despite the regional bloc’s moratorium on new dialogue partnerships since 1999.
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The first ASEAN Digital Senior Officials Meeting (ADGSOM1) convened in Kuala Lumpur on 20 January 2021.
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According to a recently published report by Deal Street Asia, the total capital raised by Southeast Asian-based startups in 2020 totalled US$8.6 billion.
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ASEAN’s headline Purchasing Managers’ Index (PMI) posts above the 50.0 mark in December 2020 at 50.8, the first time it has done so since February 2020, according to IHS Markit.
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Vietnam began human trials of its locally manufactured vaccine Nanocovax on 17 December with three volunteers receiving their doses at the Military Medical University in Hanoi.
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The Asian Development Bank (ADB) has revised its GDP forecast for Southeast Asia from a 3.8% contraction in its September Update to 4.4% in 2020 in its December supplement to the Asian Development Outlook (ADO) 2020 report.
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On 01 December 2020, the EU and ASEAN agreed to upgrade their relationship to a strategic partnership, thus committing both parties to regular summits at the leaders level.
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A recent report by Bain & Company estimated that accelerating the development of the Southeast Asian green economy would offer a US$1 trillion economic opportunity annually for ASEAN businesses by 2030.
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Philippine President Rodrigo Duterte has urged ASEAN to intensify its fight against climate change. The calamities faced by the Philippines is “a stark reminder of the urgency of collective action to combat the effects of climate change,” he said at the 37th ASEAN Summit on 12 November.
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Southeast Asia’s internet economy is expected to increase 5% from 2019 to US$105 billion in 2020, as the COVID-19 pandemic prompted consumers under lockdowns to go online to shop, order food and for entertainment purposes, according to the e-Conomy SEA 2020 report.
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Foreign direct investments flows to Southeast Asia in the first six months of 2020 fell 20% to US$62 billion, according to a report released by United Nations Conference on Trade and Development (UNCTAD). This was due to significant fall in flows seen by the regions three largest recipient countries: Singapore (-28%), Indonesia (-24%) and Vietnam (-16%).
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Philippine President Rodrigo Duterte said on 27 October that he prefers a government-to-government deal for the purchase of COVID-19 vaccines to prevent the risk of corruption, adding that Manila would not beg other nations for access to vaccines.
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Malaysia’s COVID-19 fatality rates are much lower compared to other countries globally despite recording higher number of deaths recently, according to health experts.
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Investments in Southeast Asian startups declined for the third consecutive quarter in 2020 due to the impact of COVID-19 pandemic on dealmaking and investor sentiment. Startups in the region raised US$1.8 billion in the third quarter of 2020, marking a 40% year-on-year decline and 34% quarter-on-quarter decline, according to the Southeast Asia Deal Review Q3 2020 report.
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Singapore is ready to begin the first phase three monoclonal antibody trial for hospitalised COVID-19 patients. According to the National Centre for Infectious Diseases (NCID), it is ready to enrol its first patients as of 6 October and aims to enrol 100 patients.
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The Asia Pacific region, which includes Southeast Asian countries, fall among the medium risk group on the Ecological Threat Register 2020 (ETR). The study categorises countries into low exposure (0 -1 threat), medium exposure (2-3 threats) and high exposure (4 or more threats).
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The Asia Pacific region, which includes Southeast Asian countries, fall among the medium risk group on the Ecological Threat Register 2020 (ETR). The study categorises countries into low exposure (0 -1 threat), medium exposure (2-3 threats) and high exposure (4 or more threats).
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Singapore leads ASEAN countries in the 2020 Social Progress Index with 29th place followed by Malaysia (48th), Thailand (79th), Indonesia (84th), Vietnam (88th), the Philippines (98th), Cambodia (118th), Myanmar (120th) and Laos (133rd).
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Indonesian stocks fell by more than 5% on 10 September to their lowest in almost three months following an announcement on 9 September that Jakarta would reinstate partial lockdown measures to combat COVID-19.
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Economic ministers at the 17th ASEAN-India Economic Ministers Consultations discussed the ASEAN India Trade in Goods Agreement (AITIGA).
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Thailand topped the list of US News & World Report’s Best Countries to Start a Business ranking for the second consecutive year while Malaysia moved up three spots to second place.
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Singapore leads ASEAN countries with a 12th place global ranking in the Digital Quality of Life Index 2020 conducted by privacy protection firm Surfshark.
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Economies in the ASEAN+3 region are expected to rebound in 2021, according to a report released by the ASEAN+3 Macroeconomic Research Office (AMRO) on 6 August. The ASEAN+3 region comprises the 10 member states of the Association of Southeast Asian Nations (ASEAN), and Hong Kong, China, Japan, and South Korea.
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Marketing conditions in ASEAN in July showed further deterioration due to the impact of the COVID-19 pandemic but the rate of contraction was the softest in the current five-month sequence of decline, according to the IHS Markit Purchasing Managers’ Index (PMI).
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Data from Coursera’s Global Skills Index 2020 report rated Vietnamese technology skills second in Asia Pacific, 22nd globally and first in ASEAN. In the report published last week, the higher education online learning platform benchmarked 60 countries and 10 industries for business, technology, and data science skills, which are deemed critical to compete in an increasingly digital world.
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The challenging economic and credit conditions caused by the COVID-19 pandemic is expected to weigh on the asset quality and profitability of banks in ASEAN countries and India, according to Moody’s Investors Service.
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Brunei recorded an 8.0% year-on-year increase in car sales in the first five months of 2020, the highest car sales growth in ASEAN, where nationwide lockdowns or partial lockdowns due to the COVID-19 pandemic has considerably slowed down vehicle sales in the region.
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Malaysia has the highest mobile/digital wallet usage in Southeast Asia at 40%, ahead of the Philippines (36%), Thailand (27%) and Singapore (26%), according to the Mastercard Impact Study 2020.
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Southeast Asia saw its foreign direct investment (FDI) rise by 5% to a record level of US$156 billion in 2019, according to a report by the United Nations Conference on Trade and Development (UNCTAD).
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Singapore has retained the number one spot in the Institute for Management Development’s (IMD) 2020 World Competitiveness Ranking. The ranking covers 63 economies and results are determined using hard data and responses from business executives’ perception of their respective country’s economy.
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The approval ratings of government handling of COVID-19 around the world shows Vietnam and Malaysia taking the lead among the countries surveyed and among ASEAN countries.
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In terms of the preparedness of ASEAN countries in adopting cloud computing technologies, Singapore leads the region, followed by Malaysia, Thailand, the Philippines, Indonesia and Vietnam. Thailand was the only country in ASEAN to show an improvement in ranking while other countries’ ranking remained unchanged or decreased.
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The economic fallout from the COVID-19 is projected to have cut agricultural production in Southeast Asia in the first quarter of 2020 by 3.11%, equivalent to 17.03 million metric tonnes of produce lost and affecting around 100 million farmers.
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Laos ranks third-fastest among ASEAN countries in terms of average 4G download speed of mobile internet data, according to a report released by UK-based Opensignal which looked at mobile network experience across 100 countries.
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ASEAN labour ministers have called for measures to ensure workers’ income, jobs and safety in order to support labourers amid the COVID-19 pandemic, at a special meeting held via videoconferencing on 14 May 2020.
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Manufacturing activity in the ASEAN region deteriorated further to a record low in April due to disruption on the supply side while demand dried up during the COVID-19 pandemic, according to the latest IHS Markit statement.
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A study conducted by Singapore University of Technology and Design (SUTD) projects that the COVID-19 pandemic will gradually end beginning in June 2020.
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Vietnam and Laos lead ASEAN countries with a score of 100 as of 18 April, in the COVID-19 Government Response Stringency Index published by the University of Oxford’s Blavatnik School of Government.
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The International Monetary Fund (IMF) has projected strong growth for the ASEAN-5 countries, which are expected to achieve a combined GDP growth of 7.8% in 2021. Malaysia is expected to be the fastest-growing among the ASEAN-5 countries, with a projected growth rate of 9.0% for 2021.
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Movement trends of people around the world was recently revealed in Google’s COVID-19 Community Mobility Reports. The reports compare movement trends over time by geography, across six different categories of places.
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Officials from leading central banks in Southeast Asia have reportedly agreed to coordinate efforts to boost their economies, which are currently affected by the COVID-19 pandemic.
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The Jack Ma Foundation and Alibaba Foundation announced on 19 March a joint donation of 2 million masks, 150,000 test kits, 20,000 sets of protective gear and 20,000 face shields to Indonesia, Malaysia, the Philippines and Thailand.
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The World Health Organization (WHO) has called for “aggressive” action in Southeast Asia on 17 March to stem the rise in COVID-19 infections. It said some countries were nearing towards community transmission of the disease.
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Operating conditions in the ASEAN manufacturing sector marginally improved for the first time in nine months, according to a UK-based information company’s purchasing managers’ index (PMI) data.
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Operating conditions in the ASEAN manufacturing sector marginally improved for the first time in nine months, according to a UK-based information company’s purchasing managers’ index (PMI) data.
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The Thai government remains upbeat on overall exports remaining positive in 2020 despite several negative factors including the COVID-19 outbreak. According to the Trade Policy and Strategy Office, exports are forecasted to grow between 0%-2% this year if shipments average between US$20.6-US$21.0 billion a month.
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A modelling exercise by the ASEAN+3 Macroeconomic Research Office (AMRO) has estimated that China’s GDP will drop by 0.5% and ASEAN+3 (ASEAN member countries, China, Japan, South Korea) economies by 0.2% in 2020 due to the COVID-19 outbreak.
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Indonesia’s productivity in the manufacturing industry is lower than that of other countries in Southeast Asia, according to a survey conducted by the Japan External Trade Organization (JETRO) on the business conditions of Japanese companies.
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Vietnam reported an estimated trade deficit of US$100 million in January 2020, according to the General Statistics Office (GSO). The country’s exports totalled US$19 billion in January, a year-on-year drop of 15.8% while imports amounted to $19.1 billion, a reduction of 14.4%.
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Indonesia’s central bank is working towards stabilising financial markets in the aftermath of the coronavirus outbreak in China.
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The International Monetary Fund (IMF) has trimmed its growth forecast for the ASEAN-5 countries by 0.1% for both 2020 and 2021, amid continued weak export figures.
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Southeast Asia recorded a total of US$266 million in healthtech investments in 2019, with Singapore and Indonesia capturing around 93% of the total funding value, according to a report by a Singapore-based advisory firm.
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The Palm Oil Refiners Association of Malaysia claimed that India’s move on 8 January to amend the import of refined palm oil to ‘restricted’ will lead to a price war between Indonesia and Malaysia on crude palm oil sales to India.
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The Philippines’ economy is projected to grow by 6.5% to 7.5% in the next three years following the country’s “stable economic performance” this year, said socioeconomic planning secretary Ernesto Pernia.
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The World Bank Group lowered Malaysia’s GDP growth forecast from 4.6% to 4.5% and investment growth forecast from 1.7% to 1.4% due to slower-than-expected investment activity in the third quarter of 2019
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Manufacturing firms in the Southeast Asian economic bloc saw manufacturing conditions recording a sixth consecutive month in decline in November as the bloc’s headline PMI rose to 49.2 from 48.5 the previous month.
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ASEAN countries and South Korea vowed to push for greater economic cooperation as “indispensable friends” in the face of growing protectionism around the world as they aim for US$200 billion in two-way trade in 2020 during the ASEAN-ROK Commemorative Summit held in Busan this week.
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The free trade agreement (FTA) between Singapore and the European Union (EU) came into force this week on November 21, promising greater market access and greatly-reduced tariff and non-tariff barriers for both sides.
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Vietnamese Prime Minister Nguyen Xuan Phuc witnessed the inking of US$2.7 billion in agreements between local and American companies during US Commerce Secretary Wilbur Ross’s visit to Vietnam.
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Foreign direct investment (FDI) inflows to the Southeast Asian economic bloc grew by 11.5% last year totalling US$155 billion, even as global FDI outflows fell by over 1%.
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Singapore maintained its place as the second best place to do business in the world in this year’s ease of doing business rankings which was included in the World Bank’s Doing Business 2020 report.
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President Joko Widodo’s second term at the helm of Southeast Asia’s largest economy will be driven by what he calls his “Onward Indonesia Cabinet”.
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Singapore and Australia announced last week that they have commenced talks for a bilateral Digital Economy Agreement that will be finalised by early 2020.
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Southeast Asia’s digital economy is projected to grow by 200% in the next five years from an estimated US$100 billion this year to US$300 billion by 2025, according to this year’s edition of the e-Conomy SEA report.
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Singapore and the Eurasian Economic Union (EAEU) signed two agreements this week, namely a Framework Agreement and a non-Services and Investment (non-S&I) Agreement to boost trade through reduced tariff and non-tariff barriers, part of a comprehensive free trade deal.
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The UN Global Survey on Digital and Sustainable Trade Facilitation published this month saw overall improvements among ASEAN countries led by Singapore, Thailand and Malaysia between 2017 and 2019.
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The Myanmar Parliament approved this week a new National Plan for the upcoming fiscal year from 1 October 2019 till 30 September 2020.
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ASEAN and India agreed during the recent 16th ASEAN Economic Ministers-India consultations held in Bangkok to review the existing ASEAN-India trade in goods agreement which first came into force in January 2010 to boost trade and investment between them.
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South Korean President Moon Jae-in’s visit to Thailand resulted in the signing of six memoranda of understanding (MoU) between the countries, according to the Thai government.
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Malaysian Prime Minister Mahathir Mohamad’s official visit to Vietnam on August 27 concluded with the leaders of both countries agreeing to ink an action plan…
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Indonesian President Joko Widodo revealed details in the government’s proposed 2020 state budget on August 17, which aims for a 2.6% increase in state revenue to US$156 billion and a 1.5% increase in state expenditure to US$178 billion.
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Singapore’s Ministry of Trade and Industry announced on August 13 that it has lowered the country’s 2019 growth forecast from 1.5%-2.5% to 0.0%-1.0%, primarily due to the escalating US-China trade war and a “steeper-than-expected” slowdown of the Chinese economy.
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The ASEAN Day celebrations in Jakarta kicked off on August 8 with the inauguration of the new ASEAN Secretariat building comprising two 16-storey towers.
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The 52nd ASEAN Foreign Ministers’ Meeting and related meetings kicked off in Bangkok on July 31 with a call from meeting chair Thailand for ASEAN to seek deeper integration to bolster regional trade and prosperity.
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Thailand’s newly-minted Deputy Prime Minister Somkid Jatusripitak announced his plans to establish two mechanisms to boost the country’s economic management.
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Singaporean exports recorded its fourth consecutive month of double-digit decline in June as non-oil domestic exports saw a 17.3% year-on-year drop in June, according to the latest Enterprise Singapore data.
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Thailand is planning a high-speed rail network known as the Pan-Asia Railway Network that starts in China and ends in Singapore as part of its plan to be the logistics hub of ASEAN, said Thai deputy transport minister Pailin Chuchottawoen.
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Vietnam and the European Union (EU) inked the landmark EU-Vietnam Free Trade Agreement (EVFTA) on June 30, making it the second ASEAN member to do so.
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The 34th ASEAN Summit hosted by Thailand under the theme “Advancing Partnership for Sustainability” came to a close on June 23 with several notable outcomes.
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All 10 ASEAN heads of state are in Bangkok for the 34th ASEAN Summit, held under the theme “Advancing Partnership for Sustainability” and chaired by Thai leader Prayut Chan-o-cha.
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Southeast Asia bucked global foreign direct investment (FDI) trends as FDI inflows to the region reached a record high of US$149 billion in 2018, according to the United Nations Conference on Trade and Development’s (UNCTAD) latest World Investment Report published on June 12.
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Filipino President Rodrigo Duterte’s visit to Japan concluded with the signing of 26 investment agreements, as well as agreements to explore further cooperation in various sectors.
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Four ASEAN countries and 11 Asian countries were ranked on the IMD World Competitiveness 2019 rankings, with Singapore topping the list.
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A total of 53 firms from six ASEAN countries were listed on Forbes’ annual list of the 2000 largest companies in the world. Of the 53, 15 were based in Thailand, 13 in Singapore, nine in Malaysia, six in Indonesia, six in the Philippines, and four in Vietnam.
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Indonesia posted its widest monthly trade deficit in history in April at US$2.5 billion as exports saw a year-on-year decrease of 13.1% — far higher than the projected 7.15% drop, according to the latest figures published by the Indonesian statistics bureau.
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Malaysia’s Axiata Group and Norway’s Telenor Group announced on May 6 that the companies were in talks to merge their South and Southeast Asian operations.
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The ASEAN+3 economies comprising Southeast Asia, China, Japan and South Korea are expected to remain “resilient” in the face of “heightened global risks and stronger external headwinds” according to the latest ASEAN+3 Regional Economic Outlook (AREO) published on May 1.
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The 25th ASEAN Economic Ministers’ (AEM) Retreat held in Phuket, Thailand on April 22 to 23 culminated with the inking of two vital agreements to further integrate services and investments in ASEAN.
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193 million Indonesian citizens voted during the country’s national elections on April 17, making it the world’s largest one-day election.
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The 9th leaders’ retreat between the prime ministers of Malaysia and Singapore held in Putrajaya concluded on April 9 with both leaders reaffirming their commitment to preserving and improving their vital bilateral ties, as well as to explore cooperation in new areas.
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The 23rd ASEAN Finance Ministers’ Meeting and 5th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and related meetings were held in Chiang Rai from April 2 to 5 under Thailand’s 2019 Chairmanship theme “Advancing Partnership for Sustainability”.
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South Korean banks operating in Southeast Asia reported significant growth in 2018, notably in Vietnam, Indonesia and Singapore, according to a South Korean Financial Supervisory Service (FSS) report published on March 19.
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South Korean banks operating in Southeast Asia reported significant growth in 2018, notably in Vietnam, Indonesia and Singapore, according to a South Korean Financial Supervisory Service (FSS) report published on March 19.
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South Korean President Moon Jae-in’s official visit to Brunei concluded with the inking of three memoranda of understanding (MOU) and commitment from both parties to continue elevating cooperation between the countries.
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Indonesian trade minister Enggartiasto Lukita and Australian trade minister Simon Birmingham signed the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) in Jakarta on March 4.
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ASEAN and India aim to reach US$200 billion in trade by 2022 — a significantly higher target than the US$73.6 billion recorded in 2017, according to a Bernama report.
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Singapore Finance Minister Heng Swee Keat announced the country’s Budget 2019 on February 19 with an eye on supporting industry transformation, accelerating enterprise growth and positioning Singapore as a global leader in technology, innovation and enterprise.
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The European Union (EU) announced on February 11 that it has begun an intensive 18-month review process that could result in the rescindment of the bloc’s Everything But Arms (EBA) privileges for Cambodia.
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Malaysia is looking to increase its market share of palm oil exports in ASEAN countries as well as new markets such as Africa, Pakistan and Turkey.
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The ASEAN Tourism Federation found tourist arrivals in the region to have grown by 7.4% in 2018, reaching a total of 129 million tourists.
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Data from the ASEAN Automotive Federation found that all countries in the region except the Philippines posted a year-on-year increase in motor vehicle production from January to November last year.
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The Thai Ministry of Commerce will commence its term as the new ASEAN Chair with the first ASEAN Senior Economic Officials’ Meeting (SEOM) in Bangkok from 12-18 January.
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The Vietnamese government has decided that improving the country’s business environment would be its foremost policy priority next year, second only behind the implementation of its socio-economic development and state budget for 2019.
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Southeast Asia’s e-commerce sector needs more than 200,000 people by 2025 to support its exponential growth, but the region still faces a great shortage of highly-skilled professionals in technical roles such as software engineering, digital marketing, data science and product marketing.
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Despite challenges brought about by external headwinds, the Asian Development Bank’s (ADB) growth forecasts for Asia remained unchanged at 6.0% for 2018 and 5.8% for 2019.
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Brunei’s Islamic banking assets grew 3% from US$10.9 billion in 2016 to US$11.2 billion in 2017, according to the Autoriti Monetari Brunei Darussalam (AMBD).
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Foreign direct investment (FDI) flows to ASEAN Member States rose from US$123 billion in 2016 to an all-time high of US$137 billion 2017, according to the newly-released ASEAN Investment Report 2018 published by the ASEAN Secretariat and the United Nations Conference on Trade and Development (UNCTAD).
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The 21st ASEAN Plus Three Summit which hosts ASEAN Member States plus China, Japan and South Korea alongside the 33rd ASEAN Summit concluded with a clarion call for cooperation in maintaining an open, rules-based and inclusive global trade environment for all members.
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The ASEAN Agreement on Electronic Commerce was inked after 9 rounds of negotiations ahead of the ASEAN Economic Community (AEC) Council meeting at the 33rd ASEAN Summit in Singapore.
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The region’s manufacturing performance dipped to its lowest in 15 months from 50.5 in September to 49.8 in October according to data from Nikkei’s ASEAN Manufacturing Purchasing Managers’ Index (PMI) due to among other reasons, inflationary pressures.
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The Fourth Industrial Revolution offers expansive opportunities for artificial intelligence (AI) businesses in the region, who are racing to tap into this global market.
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The Monetary Authority of Singapore (MAS) has announced that through the MATCH (Meet Asean’s Talents and Champions) platform, 380 investors have expressed interest to invest up to US$6.2 billion in ASEAN enterprises in 2019, with another US$6 billion earmarked over the next two years.
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Singapore is the top-ranked ASEAN nation in the World Economic Forum (WEF)’s Global Competitiveness Report 2018 while Malaysia improved considerably to be the second top ASEAN nation in the rankings.
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Thailand’s Department of Foreign Trade reported that vehicles, auto parts and accessories were the highest exports to ASEAN countries in the first eight months of 2018, with exports valued at US$5 billion.
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The latest World Bank Economic Outlook report issued on 4 October 2018 projected that Malaysia’s economic growth would slow down from 2018 to 2020.
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The latest Asian Development Outlook (ADO) report noted that Southeast Asia’s GDP growth rate for 2018 would decrease slightly to 5.1% from 5.2% in 2018.
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The Global Innovation Index 2018 report ranked Singapore as the most innovative nation in Asia. The report examines the energy innovation landscape and recognises potential breakthroughs in areas such as energy production, storage, distribution and consumption.
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ASEAN leaders who attended the recent 2018 World Economic Forum on ASEAN in Hanoi have emphasised the significance of the Fourth Industrial Revolution (4IR) which can be used for socioeconomic growth and development in the region.
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ASEAN Economic ministers signed two agreements to enhance the integration of the services sector and trade facilitation within the region. The agreements included the 10th package of commitments under the ASEAN Framework Agreement on Services (AFAS) which would allow for the deepening of commitments and the widening of market access for the services sector.
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Global Impact Investing are investments made into companies, organizations and funds with the intention to generate social and environmental positive externalities in addition to financial gain. Impact investments are primarily brokered by Private Impact Investors (PII) and Development Finance Institutions (DFI).
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As Thailand population ages, the Bank of Thailand projects that this trend will shave 1.5 percentage points of its annual GDP growth rate over the next 10 years.
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A survey conducted by the United Nations (UN) Data Centre showed that Singapore is most effective in e-governance in Southeast Asia with an index of 0.88.
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A study by Nikkei showed that Vietnam had achieved one of the highest Manufacturing Purchasing Managers’ Indexes or PMI since 2011 amid a slight fall from 55.7 to 54.9 in July.
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Singapore is the third country after Japan and Mexico to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Singapore broke into the top five list of the Global Innovation Index 2018 for the first time after its seventh ranking in the 2017 index.
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Malaysian Finance Minister Lim Guan Eng revealed that the cost of completing Malaysia’s largest rail project could cost almost US$20 billion, which is 50 percent higher than the estimate made by the previous government.
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Singapore fell to the third place in the 2018 Hinrich Sustainable Trade Index, which was put together by the Economist Intelligence Unit, after topping in the same index in 2016.
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The Malaysian government will continue with the Tun Razak Exchange (TRX) development by injecting more funds to see through its completion.
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According to Singapore’s Prime Minister Lee Hsien Loong, the hosting of the historic United States and North Korea summit will cost the country US$15 million (S$20 million) and around half of the amount will be paid for security.
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According to the Finance Ministry of Malaysia, a total of US$2.1 billion (RM8.3 billion) was paid to Suria Strategic Energy Resources (SSER) for two projects that cost US$2.36 billion (RM9.4 billion) but only 14.5 percent of the work for Multi Product Pipeline (MPP) and 11.4 percent Trans-Sabah Gas Pipeline (TSGP) were completed.
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The Malaysian government has announced three measures to give US$5.2 billion (RM20.7 billion) into the hands of Malaysians in order to boost the country’s consumption.
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According to Finance Minister Lim Guan Eng, the official federal government debt is at US$172.4 billion (RM686.8 billion), while the government guarantees for various agencies amount to US$49.5 billion (RM199.1 billion).
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Eventhough Singapore’s overall job performance is stronger compared to other countries, it still suffers from a large engagement deficit. While 37 percent of Singapore’s adult population has full-time employment, only 11 percent of the population of adults fit the description of “full-time employment that engages workers”.
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Financial technology (FinTech) is expected to play a significant role in ASEAN partnership as the regional bloc looks to come out with new and innovative answers to solve problems of financial inclusion. In the Asian Development Bank (ADB) report titled “Accelerating Financial Inclusion in Southeast Asia with Digital Finance”, digital finance can hasten the access to financial services in the region.
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The latest World Economic Outlook report released by the International Monetary Fund (IMF) reported that the combined GDP of ASEAN-5, (namely Philippines, Vietnam, Indonesia, Thailand and Malaysia), may grow by 5.3 percent and 5.4 percent in 2018 and 2019 respectively.
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Results from the Global Talent Competitiveness Index 2018, compiled by French business school Insead, had ranked Singapore as the top country in Asia-Pacific for the fifth year, and no 2 globally in drawing talent.
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Malaysia’s International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia has the best opportunities to benefit from China’s Belt Belt and Road Initiative (BRI).
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Malaysian once again leads the Global Islamic Economy Indicator (GIEI) for the fifth year in a row, this year 60 points ahead of the UAE, reflecting the country’s robust Islamic Economy ecosystem, with Malaysia enjoying a substantial lead in Islamic Finance and Halal Food.
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Based on a survey conducted by Value Penguin, Singapore and Malaysia came in as the top two friendliest ASEAN countries for business startups.
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According to a recent survey conducted between December 2017 and January 2018, over 60% of Vietnamese businesses believe the newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will positively impact their business.
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Philippines was ranked as number one ahead of the other ASEAN countries for the Best Country to Invest In.
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Asean’s internet economy attracted US$13 billion in investment since 2015 where there were close to 1,400 southeast asia deals involved in series A and seed rounds between 2016-2017, according to a new report “e-Conomy Southeast Asia Spotlight 2017”.
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According to the 2018 Index of Economic Freedom released by the Heritage Foundation a Washington-based think-tank reported that Brunei Darussalam is ranked 70th, with a score 64.2 for economic freedom.
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Brunei was ranked 35th in the sixth edition of the International Intellectual Property (IP) Index released by the US Chamber of Commerce Global Innovation Policy Center (GIPC).
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Bursa Malaysia Bhd and Singapore Exchange Limited recently announced for an establishment of new trading link between both stock markets as part of efforts to reduce costs associated to trading as well as to foster greater cross-border investment.
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European Union Ambassador Franz Jessen said that the Philippines formally rejected P380 million (US$7.6 million) in aid or Trade Related Technical Assistance from the European Union in late 2017.
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According to a new report from the World Economic Forum, Singapore is among the 25 countries best positioned to benefit from the rise of advanced manufacturing and smart factories.
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Credit Suisse Group and Morgan Stanley are calling the end of Singapore’s property downturn after a second consecutive quarterly increase in private residential prices.
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The World Bank Vice President for East Asia and Pacific, Victoria Kwakwa said that ASEAN member states (AMS) need to reinforce their commitment towards the common goal of real integration and persevere in order to achieve it.
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The Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce (UTCC) expects the Thai digital economy to expand 25 percent in 2018 to US$1 billion (baht 3.2 trillion), making up approximately 19 percent of the economy.
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The Malaysian government announced that it will be imposing higher passenger service charges at Kuala Lumpur International Airport 2 (KLIA2) to bring KLIA2 in line with taxes charged at the full-service carrier terminal, KLIA.
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According to a World Bank report, Riding the Wave: An East Asian Miracle for the 21st Century, income inequality has risen across the region mainly due to an increasing rich-poor divide in Indonesia and China. In China, the International Monetary Fund said the Gini-coefficient rose the most from 33 in 1990 to 53 in 2013.
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Thailand has one of the lowest unemployment rates in the world, ranging between 1.2 percent and 1.3 percent this year.
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Cambodian Secretary of State for the Ministry of Mines and Energy Ith Praing said a host of companies had shown interest in starting green energy projects in the country and been granted permission to do feasibility studies for solar power plants.
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Buoyed by a strengthening manufacturing activity, Singapore’s economy grew much faster in the third quarter than initial estimates.
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ASEAN Capital Markets Forum Chairman Tan Sri Ranjit Ajit Singh launched the ACMF’s ASEAN Green Bonds Standards (AGBS) in Malaysia. Malaysian fund management company Permodalan Nasional Bhd (PNB) will be adopting the ABGS to finance the construction of the Warisan Merdeka Tower.
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Indonesia has moved up 19 places in the World Bank’s Ease of Doing Business index and is now ranked at 72. The EODB report noted that “getting electricity”, one of the reforms the bank researched, showed significant improvement in Indonesia, reducing the distance to frontier (DTF).
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Filipino President Duterte and Chairman of Alibaba Jack Ma met to discuss bringing in platforms to boost the mobile technology, internet banking and the e-commerce industry in the Philippines.
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The EU-Asean Business Sentiment Survey 2017 ranked Brunei Darussalam as the best in ASEAN for administrative costs for business and second best in categories of ease of importing goods, stable government and political system and regulatory regime.
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Malaysia is now ranked at 65th place out of 159 countries assessed for the Economic Freedom of the World Report 2017. This is a improvement of 7 places compared to its ranking in the 2015 report.
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Indonesia moved to a rank of 36 overall, up from 41 last year on the World Economic Forum’s Global Competitiveness Index.
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Singapore’s Cyber Security Agency (CSA) will create its first academy to boost the skills of cyber-security professionals working in government and critical sectors in Singapore such as energy, healthcare and transport.
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The Nikkei ASEAN Manufacturing Purchasing Managers’ Index (PMI) rebounded to 50.4 in August from 49.3 in the previous month. Vietnam, whose export demand expanded for the 21st straight month, led the pack with a reading of 51.8 for August.
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According to Louis Kuijs, the Hong Kong-based head of Asia economics at Oxford, Singapore’s labour supply growth is set to shrink by 1.7 percentage points from 2017-2026, and 2.5 percentage points in the following ten years.
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Singapore plans to retain its spot as a major trading hub Southeast Asia with the new Tuas Port which will be completed by 2040.
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The Finance Ministry of Vietnam has put forward a proposal to increase value-added tax (VAT) to 12% in 2019 from the current 10% to reduce the public debt.
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Cambodia will request Japan to invest US$800 million in a skytrain system to connect the country’s international airport to the state capital Phnom Penh. According to Cambodia’s Prime Minister Hun Sen during his visit to Tokyo.
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The Southeast Asian automobile industry is recovering after a year long slump with Philippines and Thailand leading the way. The sales in six major Southeast Asian countries grew by 5% with 1.62 million new vehicles sold from January to June 2016.
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According to a survey on the situation on ASEAN investment by the Economic Research Institute for ASEAN and East Asia (ERIA), ASEAN countries see their peer, Vietnam, as a “regional special investment destination”.
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Southeast Asia’s Banks must embrace the digital revolution to cater to the rising middle-class population. Pipit Aneaknithi, President of Kasikron Bank said that ASEAN is at a transition period and that there is a need to provide new and better services for the new generation which has a larger capacity for consumption.
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Philippines Central Bank is closely monitoring financial risks in the country and is ready to act if necessary. According to the new governor Nestor Espenilla, Bangko Sentral ng Pilipinas’ (BSP) has been vigilant in assessing the current economic situation as the government tries to strike a balance between economic growth and overheating of the economy.
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After five months of expansion, Southeast Asia’s manufacturing activity turned flat in June, with the Nikkei ASEAN Manufacturing Purchasing Managers’ Index (PMI) teetering at 50 – the fine line between expansion and contraction. Indonesia, Myanmar and Malaysia experienced declines while Singapore and Philippines slowed down in manufacturing.
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ASEAN and Australia reaffirmed their commitment to strengthen their strategic partnership at the 7th ASEAN-Australia Joint Cooperation Committee Meeting. The two parties agreed to work together in promoting peace, security and prosperity in the region and addressing regional challenges.
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ASEAN is Hong Kong’s second largest trading partner. Asia is estimated to need US$26 trillion worth of investments from now to 2030 for utilities, power, telecommunications and transportation.
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Managing Director of state-run Myanmar Insurance Sandar Oo revealed at the Myanmar Investment Forum 2017, that the Ministry of Planning and Finance intends to release a blueprint for insurance market reforms in the next three months.
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ASEAN is embracing mobile payments. The larger economies namely, Indonesia, Malaysia, Singapore, Thailand are moving towards being a cashless society.
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The ten members of the ASEAN Council on Petroleum (ASCOPE) agreed to boost cooperation when they convened for their 83rd national committee meeting in Vietnam.
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The World Economic Forum released its ASEAN Youth Survey at its annual forum on ASEAN in Cambodia. They survey showed that 69 percent of respondents in the six countries polled – Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam – expect to have a better life than their parents do.
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The World Economic Forum on ASEAN gathered in Phnom Penh, Cambodia to discuss growth in the region. The theme of the summit was Youth, Technology and Growth: Securing ASEAN’s Demographic and Digital Dividend.
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In its Chairmanship year, the Philippines is keen to place emphasis on micro small and medium enterprises (MSMEs) as the key drivers of economic growth in the region with its thematic priority of “inclusive, innovation-led growth”.
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An annual report titled, “Leading Maritime Capitals of the World,” by a Norwegian consulting firm has ranked Singapore as the the world’s top maritime capital. Singapore is home to the fourth largest fleet in the world.
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The recently released IMF’s World Economic Outlook projects, April 2017 predicts that four out of the ASEAN-5 countries, namely Indonesia, Malaysia, Philippines and Vietnam, will see a slight acceleration in economic activity this year.
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China continues to be ASEAN’s largest trading partner and total trade between ASEAN and the world’s second largest economy is expected to reach US$1 trillion by 2020.
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Indonesia is ranked 15th in a list of 16 countries Trump has put down on his “trade hit list”. The list contains 16 countries which have trade surpluses with the United States. Of the 16 countries, three are ASEAN countries – Indonesia, Malaysia and Thailand. Indonesia currently has a US$13 billion trade surplus with the world’s largest economy.
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Filipino Environment Secretary Gina Lopez is the subject of much criticism from the country’s mining industry. Since her nomination to the position of Environment Secretary in June of 2016 she has had 41 firms audited and closed or suspended 30 mines across the Philippines.
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According to the Vietnamese government the country needs about US$480 billion up to 2020 for infrastructure projects including 11 power plants and 1,380 kilometers of highways.
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Transparency International came out with its latest report on corruption and bribery in Asia Pacific. Six of the ten ASEAN nations were featured in the report namely Cambodia, Malaysia, Myanmar, Indonesia, Thailand and Vietnam.
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In comparison to all its ASEAN peers Thailand’s currency is seen as a ‘safe haven’ and Thai bonds have gained popularity among investors.
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Singaporean Prime Minister Lee Hsien Loong said his country would sign the trade deal if a unanimous decision is made by the remaining 11 members of the Trans-Pacific Partnership.
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The Malaysian Department of Statistics reported that the Consumer Price Index (CPI) saw a year-on-year increase of 3.2 percent. This is higher than the 2.7 percent increase expected by a Bloomberg estimate.
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Malaysia’s economy grew at the fastest pace in a year, growing by 4.5 percent in the fourth quarter of 2016 on the back of strong consumer spending, a recovery in exports and commodity prices. While government expenditure has domestic consumption has been the key driver to economic growth with the central bank keeping interest rates low to fuel this growth.
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The Asian Development Bank released a report titled, “Firing Up Regional Brain Networks: The Promise of Brain Circulation in the ASEAN Economic Community.” The report states that the Philippines experienced the largest brain drain among the ASEAN countries in 2010 with 64% of its highly skilled labour (tertiary educated) leaving the country. While this leads to high remittances, USD 27 billion in 2014, it is also causing a labour shortage in skilled occupations such as nursing and engineering. However, the reports acknowledges the importance of labour mobility especially within the region and observes that no country can be “self-sufficient” when it comes to talent. The report also notes that in the last 30 years the number of university graduates in each of the 10 ASEAN member states has grown.
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Along with the ongoing improvement of private investment and consumption levels in Indonesia, the Asian Development Bank estimates the Indonesian economy will grow 5.1% in 2017, a slight improvement from 5.0% in 2016. This growth will be further supported by a series of policy reforms in various fields aimed to increase investment, strengthen competitiveness and diversify the Indonesian economy”
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While there are some notable improvements among ASEAN countries such Myanmar and Singapore, Cambodia received the same dismal score as last year in its 2016 Corruptions Perception Index (CPI), putting Prime Minister Hun Sen’s government as the most corrupt in Southeast Asia. Malaysia and Thailand also join Cambodia in the list of ASEAN countries that display worse ranking than 2015.
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Myanmar has riveted the world’s attention since it embraced democratic processes in 2011 and ended decades of junta rule. However, the market’s star may be on the wane as The World Bank’s “Global Economic Prospects” predicted a moderating economic growth for the country. The country ended 2016 with a real-time GDP growth that is below than 7% for the first time in five years. The root cause of the deceleration could be a decline in foreign investment as the country’s FDI decreases US$1 billion in 2016 when compared to 2015.
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The Malaysian economy is forecasted to grow at a better pace in the next two years. The country’s Prime Minister, Najib Abdul Razak is also optimistic about the ringgit’s chances of stabilising in 2017. As the fundamentals in Malaysia appear steady and stable, the Malaysian ringgit is set to rebound from a 19-year low after being emerging Asia’s worst performing currency last year.
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Philippine President Rodrigo Duterte visited Cambodia and Singapore on 13-16 December, a part of his preparation for the ASEAN chair in 2017. Duterte wants to get a unified ASEAN stand on certain issues, including trade policies. His message to his ASEAN neighbors were that the Philippines is open for business, but foreign investment pledges to his country have fallen drastically since he took office in June.
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Tensions are still running high in ASEAN due to the Rohingya crisis. Myanmar has now banned its nationals to go to Malaysia to work, while military chiefs of both countries met to try to mend the ties between them. Indonesia’s Foreign Minister Retno LP Marsudi and former United Nations chief Kofi Annan offer advice and support.
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International criticism over Myanmar’s dealing with the Rohingya crisis has been increasing over the past weeks. The Malaysian Prime Minister Najib Razak joined a protest in Kuala Lumpur, calling for a stop of the killing of Rohingya Muslims. Myanmar has warned that Malaysia risks violating the ASEAN principle of non-interference.
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With the future of the US-led TPP uncertain following the United States’ presidential election, APEC members discussed alternative free trade agreements during the recent APEC Summit in Lima, Peru.
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The surprising victory of Donald Trump in the United States presidential election has left ASEAN questioning the status of the region’s ties with the US, which has hitherto played a key role in regional stability.
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The IMF revised down the world economic growth forecast for this and next year but confirmed strong growth forecasts for the Asean nations. Indonesia is expected to expand at 5.3 per cent next year, higher than the regional average, continuing a long period of fast and stable growth.
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The Philippines’ new foreign policy of reducing ties with the United States and strengthen relations with China, is raising questions about what this will mean for the other ASEAN member nations as well as the Philippine economy.
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The world’s longest serving head of state and Thailand’s longest serving monarch, King Bhumibol Adulyadej passed away at age 88
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ASEAN’s goals for a single region economy have been met with a multitude of challenges in the past, but will it be able to overcome its two tier market which may derail its future?
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As Malaysia attempts to achieve its growth targets, continued contraction in manufacturing and employment levels challenge the central bank’s resolve in maintaining its fiscal and monetary policies.
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Though political and economic undertakings and issues tend to take precedence when it comes to ASEAN initiatives, social issues such as the movement and treatment of migrant workers are still a core focus of the bloc. A new project by the International Labour Organisation (ILO) hopes to support ASEAN’s regional efforts to strengthen policies that defend migrant workers, particularly women.
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Indonesia’s tax amnesty program continues to help broaden the nation’s tax base. The declaration of assets within fellow ASEAN states however, does not necessarily mean repatriation.
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A recent survey suggests that although ASEAN’s importance as a marketplace for American companies is still high, the number of firms who have increased trade and investment in the region has declined from last year and the business optimism for the next two years is also lower.
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Indonesia’s Dilemma
Plagued by the possibility of capital flight due to regional and US FED rate hikes, a slowdown in global economic demand, and a domestic fall in GDP growth rates, Indonesia’s central bank faces tough choices ahead.
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According to the Singaporean Ministry of Trade and Industry (MTI), ASEAN has overtaken the United States in the trade of Singaporean goods and services.
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Thailand’s first democratically held vote since its coup in 2014 was a referendum on accepting a military approved constitution.
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Police chiefs from the all ten member states signed a historic pact first tabled a decade ago that will speed up the distribution of information, intelligence and assistance in times of crisis.
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ASEAN released a watered down joint statement regarding territorial disputes in the South China Sea, which neglected to refer to a recent court ruling against Beijing.
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The Permanent Court of Arbitration in The Hague has released its findings on 12 July 2016, which affirmed the neutrality of the Spratly islands, the illegality of Chinese claims and operations, and the infringement of Filipino sovereignty.
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Following decades of progress, ASEAN’s burgeoning infrastructure development is likely to see sustained growth into the future.
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ASEAN stock markets led by Indonesia, the Philippines, and Thailand with double-digit gains were relative first-half shelters from China and India, where MSCI index losses reflected internal financial system woes, as the region absorbed more end-June safe haven inflows from Europe’s Brexit crisis.
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In a vote that stunned analysts around the world, the UK has voted to exit the European Union (EU); this has led to the short term effects of increased volatility in foreign exchange, whilst putting into question the uncertain future of ASEAN-EU/UK trade.
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A strongly worded joint statement critical of China’s actions released by the ASEAN bloc was retracted shortly after its release due to a need for “urgent amendments”.
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With the 13th Regional Comprehensive Economic Partnership (RCEP) Trade Negotiation Committee deliberations to finish in under a week, Ronnarong Poonpipat, deputy head of Thailand’s Trade Negotiations Department has called for speeding up the negotiation process.
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The two day World Economic Forum for ASEAN in Kuala Lumpur involves heads of states from various ASEAN member states including Malaysia, Cambodia, Vietnam, and Indonesia; whilst economic growth, trade, digital innovation, infrastructure, and gender rights are currently on the agenda, ASEAN’s worst drought in more than 50 years is not.
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Defence ministers of all 10 ASEAN states ratified a Joint Declaration on Promoting Defence Cooperation for a Dynamic ASEAN Community, effectively affirming to combat terrorism in all forms in the region.
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Southeast Asia nations reached a consensus in Sochi to seriously look into establishing a free trade deal with the Eurasian Economic Union (EAEU), of which Russia is a party to.
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With unofficial tallies showing President-elect Rodrigo Duterte leading the polls with 40% of the 54 million voters, the current mayor of Davao City has begun to outline policy shifts to the current regime’s approach to crime and peace.
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According to Citi Research, Indonesia and the Philippines have the most fiscal and monetary policy space to boost domestic growth.
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Malaysia’s 10-year government bonds completed the biggest weekly drop in almost three months as a debt default by a state investment company damped demand for the nation’s assets.
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According to Asia-Pacific’s chief economist at IHS Global Insight Rajiv Biswas, the El Nino weather phenomenon causing severe drought conditions will continue to reduce the production of key commodities including rice, palm oil, and sugar.
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The recent leak of more than 11.5 million confidential documents relating to 214,000 offshore companies serviced by Panamanian corporate service provider Mossack Fonseca has led to the public scrutiny of many prominent wealthy individuals and public officials across ASEAN.
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Finance ministers and central bank governors from ASEAN have agreed to make efforts toward realising financial integration in the region by 2025, according to their statement adopted at the Second ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (2nd AFMGM).
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In a bid to address the shortfall in tax collection this year, the Indonesian government has ordered 23 banks to share customer credit card transaction information so as to better crosscheck the wealth of individuals.
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The growth outlook for ASEAN economies is likely to be mixed in the next two years according to a press release by Moody’s Investor Service.
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After receiving 360 out of the total 652 votes from lawmakers, Htin Kyaw, a member of the National League for Democracy (NLD) was declared the country’s first truly democratically elected civilian leader in 54 years.
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A consortium made up of Indonesia’s PT Pertamina and Japan’s Marubeni Corp has signed a deal with US firm General Electric to provide gas turbines for a US$2 billion power plant in Indonesia’s island of Java.
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Malaysia’s national oil firm announced the retrenchment of 1000 jobs due to financial challenges caused by a downturn in global crude oil prices.
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According to the Indonesian Real Estate Association (REI), Bank Indonesia’s (BI) rate cut will help to spur growth in the real estate industry.
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In a bid to attract foreign investment and meet growth expectations amidst a slowing global economy, Indonesia’s 10th economic stimulus package has loosened foreign ownership across several key sectors.
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Twelve nations accounting for nearly 40% of global Gross Domestic Product (GDP) worth US$30 trillion have ratified the Trans Pacific Partnership (TPP); this includes the ASEAN member states of Malaysia, Vietnam, Singapore, and Brunei.
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After falling 35% over the past three years, the Rupiah strengthened 5.6% from October 2015 and January 2016.
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Volatility in oil prices has led to mixed results across ASEAN equity markets and has also resulted in macroeconomic implications for the year.
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A string of coordinated suicide bombings and shootings left eight dead whilst injuring 30 others in Jakarta’s commercial district.
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In 2015, Vietnam saw a record high of US$4 billion in Mergers and Acquisitions (M&A) due to the government’s privatisation drive which sparked foreign interest in firms.
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ASEAN’s plans to liberalise aviation laws between member states has hit a road block as both Indonesia and the Philippines have yet to ratify the Multilateral Agreement on Air Services (MAAS).
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Despite the sale of 1MDB assets, which lessened sovereign debt, the continuing slide of commodity prices and speculation surrounding the US Federal Reserve’s (Fed) interest rates has muddied Malaysia’s economic outlook.
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The EU-Vietnam Free Trade Agreement (FTA), which has been a work in progress since 2012, has been signed and is expected to increase both the flow of investment and trade between both parties.
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Despite the lack of progress in negotiations regarding the Regional Comprehensive Economic Partnership (RCEP), which would have standardised Free Trade Agreements (FTA) amongst ASEAN nations, a comprehensive framework regarding ASEAN’s 2025 goals was drafted alongside the formal declaration of the ASEAN Economic Community (AEC).
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The Institute of International Finance (IIF) recently released a report which estimated that US$6.2 trillion of the total US$7.7 trillion in worldwide household debt over the past 8 years can be attributed to emerging markets.
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Malaysian Defence Minister Hishammudin Hussein called for unity amongst ASEAN nations in the face of rising tensions in the South China Sea during the most recent ASEAN Defence Minister’s Meeting (ADDM).
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In a reversal of previous protectionist policies, Indonesia’s recently reshuffled cabinet has begun to push for membership of the Trans-Pacific Partnership (TPP) as well as a trade agreement with the EU.
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Several Asian sovereign bonds received a boost on 6 October following the signing of the Trans-Pacific Partnership (TPPA).
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The regional haze crisis plaguing nations surrounding Indonesia has been the topic of high level talks between Singapore and Indonesia.
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Vietnam will supply over 450,000 tonnes of rice to the Philippines over the next two years following an auction organised by the Filipino National Food Association (NFA).
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Singapore’s snap elections carried out on 11 September 2015 saw the ruling People’s Action Party (PAP) extend its 56 year reign.
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Heavy smog caused by forest fires in Indonesia has caused delays and even forced the temporary closure two regional of airports in Indonesia and Malaysia.
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In a bid to jump start economic growth amidst lacklustre exports, falling factory productivity, and slowing tourism, Thailand’s government has approved economic measures to boost spending in rural areas.
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Whilst general elections were not due to be mandatory for another year, Singapore’s President Tony Tan Keng Yam dissolved parliament on the 25 August and has scheduled snap elections to be held on 11 September 2015.
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A bombing at the Erawan Shrine in Bangkok on the 17 August killed 19 whilst injuring 123, marking the largest terrorist bombings in Thailand’s capital.
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Since its Independence from Malaysia in 1965, the city state has relentlessly pursued and achieved unrivalled economic success in a region plagued with poverty and political instability.
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The Government is slated to offer 11 new oil and gas blocks to investors in the month of August, with the online tender to be completed by November.
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Since Malaysia’s last cabinet reshuffle in June 2014, the total number of ministers rose by two, bringing the new total to 37.
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Almost half of Widodo’s 10 priority infrastructural plans highlighted shortly after his inauguration have fallen to political infighting caused by a lack of cooperation amongst various stakeholders and ministries surrounding the reforms.
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Malaysia climbed five spots from 11th place to achieve a 6th position ranking in 2015’s Baseline Profitability Index (BPI).
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Following progress in extended negotiations surrounding the Trans-Pacifc-Partnership (TPP), the US has extended overtures in developing stronger bilateral relations with Vietnam.
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According to a recent government statement, the current 49% restriction on foreign ownership in select industries is to be abolished in September 2015.
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Currently, overseas investors may only own up to 40% of Indonesian lenders, however, Indonesia’s financial regulator has announced its reconsideration of said restrictions for Islamic Banks.
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Following the completion of a six month study into regulations regarding funding towards village development, the corruption Eradication Commission (KPK) of Indonesia has identified the disbursement of state funds as a key point of interest in terms of transparency.
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Twelve priority infrastructure projects, which have been identified as key proponents of economic growth and welfare development by the Indonesian government, have been expedited in their approvals process.
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Under the leadership of its new CEO Christoph Mueller, Malaysia Airlines Berhad (MAS) has continued in its efforts to return to sustained profitability, and in line with its 12 point plan outlined, the airlines most recently slashed 6,000 jobs.
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According to a statement released by the Office of the National Economic and Social Development Board, Thai graduates were the hardest hit amongst individuals affected by rising unemployment rates amidst slow economic growth.
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With the death toll reaching above a hundred, the fate of Rohingya refugees continues to remain undecided as surrounding nations continue to provide limited aid.
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Following the executions of two Indonesian women in Saudi Arabia in the month of April 2015, Indonesia’s government has announced that 21 countries in the Middle East will no longer be receiving domestic workers from the nation
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Following the execution of seven foreign individuals convicted of drug smuggling related crimes, Indonesia faced backlash on the international stage, with many nations condemning its actions.
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The military run government, which currently operates under a temporary charter, submitted a recent draft outlining key changes to the previously abolished Thai constitution.
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From the 1 July 2015 onwards, legislation passed will allow overseas nationals with valid residence visas to purchase up to 250 houses in designated administrative areas, as well as 30% of condominiums.
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Following its 1 April implementation, Malaysia joins 160 other countries in embracing the Goods and Services Tax (GST).
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In a joint statement with Party General Secretary Sayasone of Laos, President Sang of Vietnam affirmed Vietnam’s commitment to making relations with Laos their highest foreign policy priority.
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World leaders praised Lee Kuan Yew, who died Monday at the age of 91, as a visionary statesman whose confidence and insight helped build Singapore into a prosperous and influential nation. Their tributes arrived as Singapore declared a week of national mourning to mark the death of the city-state’s founding father.
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In a bid to curb the rising Baht, Thailand’s Monetary Policy Committee (MPC) elected to lower the policy interest rate from 2% to 1.75%; the move is expected to help maintain the effectiveness of Thailand’s export oriented economy.
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President Joko Widodo’s plan to invest US$25 billion in Indonesian infrastructure is aimed at building up ports, power plants, and roadways.
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In a move to address struggling international operations, General Motors Co. announced the closure of an assembly plant in Indonesia, cutting 500 jobs.
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Year on year growth increased by almost 19% in local Filipino vehicle assemblers in January 2015, as supported by positive performance in both the commercial vehicle (CV) and passenger car (PC) segments.
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As Prime Minister Joko Widodo embarks on his first visit to Malaysia as the leader of Indonesia, issues relating to economic, labour recruitment, and maritime territorial matters are expected to take centre stage during bilateral talks.
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Despite sound economic reforms having been set in motion, President Jokowi’s approval ratings have seen levels uncharacteristic of an administration’s first 100 days.
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Falling oil prices have caused the IMF to lower its earlier estimates of 5.2% growth in 2015, and 5.3% growth in 2016, by 0.2% and 0.1% respectively.
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Due to unfavourable economic conditions, talks between CIMB, RHB, and the Malaysia Building Society (MBSB) have ceased.
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The Widodo administration was quick to capitalise on falling oil prices, lowering subsidies for diesel whilst eliminating subsidies for petrol; the move ultimately increased petrol prices by almost 30%.
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Due to slowing Chinese demand for Indonesia’s exports, and a contracting Japanese economy, the Rupiah fell to its lowest point in six years.
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The Asian Development Bank Institute, or ADBI, recently published a report highlighting that efficient bank and financial institutions were the underpinnings of successful integration amongst the region’s capital markets.
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The 30% rise in fuel prices caused by subsidy cuts in Indonesia are slated to slow consumer purchases in four wheel automobiles, whilst bolstering demand for two wheeled vehicles.
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By raising fuel prices by 16 US cents, or 30%, the Indonesian government is expected to create more than US$8 billion in savings in 2015.
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ASEAN banks will increasingly turn to capital markets, particularly by issuing bonds, in order to fund their lending operations, says Moody’s Investors Service. Its assistant vice president/analyst, Alka Anbarasu, said loan growth in most parts of the ASEAN region has steadily outpaced deposit inflows over the past several years, leading banks to use most of their stock of deposits to fund loans.
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Aimed at enhancing service provision for customers seeking to conduct cross-border transactions, ASEAN’s Banking Initiative seeks to further the goals set out by the ASEAN Economic Community (AEC).
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Hideyuki Oashi, a deputy director general at the Japan Ministry of Economy, Trade and Industry, recently affirmed the nation’s commitment to ASEAN’s growing services industry at the Japan External Trade Organisation (JETRO) international symposium on October the 24th.
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As the US Federal Reserve concludes its current stimulus program and continues on its current course of tightening quantitative easing, high levels of consumer debt within Thailand and Malaysia face potential risks according to Moody’s.
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Aside from non-tariff barriers, the investors service cited disparities in corporate governance, currency, and interest rates between ASEAN member states as barriers against the realisation of the AEC in 2015.
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Whilst the top 100 ASEAN companies have added close to $150 billion in debt since the end of 2008, Filipino firms have featured the highest rate of growth in debt within the region.
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In a bid to support domestic investors, Indonesia’s House of Representatives passed a new plantation bill which enforces foreign ownership limits in the plantation sector.
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Following Malaysia’s recent abolition of export taxes, Malaysia’s palm oil exports jumped by 30%, eating into Indonesia’s international market share of vegetable oil exports; Indonesia is now looking to reduce similar export tariffs.
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Indonesia’s parliament has voted to ratify the ASEAN Agreement on Transboundary Haze Pollution.
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The chief executives of some of ASEAN’s largest companies have warned that ASEAN’s goals for a liberalised economic zone are under threat.
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Current interim prime minister of Thailand General Prayuth Chan- ocha handed several key top cabinet jobs to his closest military allies; with senior armed forces officers holding more than 1/3 of the 32 ministerial posts.
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In a vote that took just 15 minutes, with 191 out of 194 assembly members voting for the motion, General Prayuth was nominated by a legislature made up of most military and police figures.
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Investments flowing from China into Malaysia are expected to exceed US$1 billion in 2014, whilst Chinese counselor Wu Zhengping hopes total trade volume will reach US$160 billion by 2017.
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Following two tragic disasters in four months, Khazanah, the country’s sovereign wealth fund, plans to delist and restructure the airliner.
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Thailand’s National Council for Peace and Order (NCPO) recently approved a US$23 billion infrastructure project which will link China’s railways to Thailand by 2021.
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President Joko Widodo has affirmed his commitment to Singapore’s plan to wield heftier fines against overseas polluters, whilst containing to place emphasis on respecting the sovereignty of Indonesia.
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Whilst Indonesia’s electoral commission declared Joko Widodo the winner of Indonesia’s most recent elections, alleged voter fraud has been cited by presidential contender Prabowo Subianto, who filed a legal challenge against said result.
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World leaders demanded an international investigation into the shooting down of a Malaysia Airlines passenger jet over eastern Ukraine that killed all 298 people on board.
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While Indonesian shares have risen by 20% since the the beginning of the year, recent election uncertainties have begun to impact equity markets.
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Tighter mortgage measures have caused Singapore’s private home prices continue to slide for its third consecutive quarter.
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According to the United Nations Conference on Trade and Development’s (UNCTAD) most recent World Investment Report, total inflows to the developing Asian region amounted to 30% of total Global Foreign Direct Investment (FDI).
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The ruling military’s latest inclinations towards tightening restrictions on migrant employment have spurred a total of 157,000 Cambodians to flee over the course of a week.
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In a bid to continue the development of Malaysia’s growing financial markets, regulations regarding the foreign management of unit trusts and corporate-bond rating procedures have been relaxed.
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Debt in non-financial firms rose to six times the amount of operating cash flows in 2013, from five times the amount in 2012 according to a report by GMT Research Ltd.
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Thailand’s most recent coup has set its economy back even further, with GDP growth forecasts falling to 1.6% for 2014, and a long term effect of capital flight for the country.
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The Thai National Peace and Order Maintaining Council (NPOMC) seized control on May the 24th, prompting Thailand’s former prime minister Thaksin Shinawatra to reveal plans in setting up a government in exile, directly challenging the legitimacy of the military.
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In line with Indonesia’s raising of capital requirements in its mining sector earlier this year, new regulations are now underway to restrict foreign investments into drilling, maintenance and construction in the oil industry.
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In line with President Barack Obama’s visit to the Philippines, the Filipino government ratified an agreement allowing for a larger US presence in the nation’s territory.
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Whilst recent progress in the ASEAN Trade In Goods Agreement (ATIGA) has fostered a regional environment conducive towards free trade, local Vietnamese enterprises have yet to address the opportunities and challenges a post-2015 ASEAN will bring.
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Hopes that Indonesia’s most recent parliamentary elections would heal a divided legislature were not realised as partisan strife continues to plague the Indonesian government.
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The Indonesian Democratic Part of Struggle (PDI-P) recently clinched 19% of the overall votes in Indonesia’s most recent parliamentary elections according to preliminary reports; whilst Governor Joko Widodo lacks the required votes to run for presidency on a single party platform, it places him at the forefront of the road to the presidency.
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Seven Asean stock markets will jointly launch their own Asean/FTSE Index, with 180 constituents aimed at drawing both regional and global investors to increase their exposure to the region’s markets.
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Following years of turmoil and scandals, the Bakrie family has cut all ties with Nat Rothschild’s Bumi Plc in a US$500 million restructuring deal; said deal is expected to yield cash repayments amounting to US$40 million to shareholders.
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Despite slowed growth in its major trading partners, tighter financial conditions around the globe, and increased inflation, the IMF has forecasted a steady year of growth in the Malaysian economy due to solid fundamentals.
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Malaysia Airlines Flight MH370 went missing en route to Beijing on 8 March after failing to check in with air traffic control at around GMT 1730, an hour into the flight; search efforts are currently focused on multiple fronts including the South China Sea, Malacca Strait, and Vietnamese waters.
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Malaysia Airlines lost contact with flight MH 370 which departed from Kuala Lumpur International Airport (KLIA) en route to Beijing in the early hours of Saturday, 8th of March.
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Indonesia has moved to ease a controversial tax on mineral concentrate exports for firms that build smelters in the country.
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According to an ASEAN Development Bank Report (ADB), ASEAN members will collectively need to invest approximately US$8 trillion, or US$750 billion per annum between 2010 and 2020 in order to keep up with expected infrastructural needs.
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The MSCI’s index of Asia-Pacific shares excluding Japan rose by 1.6% following Fed Chair Janet Yellen’s first testimony to Congress, which stressed continuity and caution in US monetary policy.
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Analysts at Australian Banking Group (ANZ) have warned that rising electricity prices in ASEAN nations will contribute half a basis point towards inflation in 2014, negatively impacting purchasing power and manufacturing markets.
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Concerns raised on potential Fed tapering and slowing Chinese growth have prompted foreign investors to abandon risky assets in emerging markets for safer prospects in developed countries; in effect, causing a massive selloff which has prompted ASEAN countries to reconsider their monetary policies.
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Following the recent revisions in GDP growth projections by the IMF, ASEAN economies are expected to collectively continue growing at a projected rate of 5.1 percent despite US Fed tapering and the adoption of austerity in the region.
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Increased ASEAN integration is driving economic trade and growth in Southeast Asia, but scant improvement has been made to bring down non-tariff barriers even as the 2015 ASEAN Economic Community (AEC) pledge looms.
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Singapore’s Oversea-Chinese Banking Corp (OCBC) set to make major inroads into Chinese market as the bank is in exclusive talks to acquire Hong Kong’s Wing Hang Bank.
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MPs from the opposition Democrat Party resigned en masse on 8 December in what was seen as the party’s last-ditch effort to force Prime Minister Yingluck Shinawatra to dissolve the House of Representatives and transfer administrative power to protesters.
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CARI and the ASEAN Business Club (ABC) launched the LTB Report in Jakarta, Indonesia to support the development of the ASEAN Economic Community (AEC) on tackling barriers to regional integration.
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Demonstrations and riots swept across Thailand as thousands of disgruntled protestors stormed several key ministries across Bangkok including the Finance Ministry and Foreign Ministry raising political tensions across the nation and has led to the government invoking the Internal Security Act (ISA) across the whole of Bangkok and Nonthaburi on November 25.
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Indonesian President Susilo Bambang Yudhoyono ceased all joint military training and operations as well as exchange of information and intelligence with Australia with immediate effect in the latest development of this bilateral row amidst claims of alleged phone tapping of the President and his inner circle by the Australian government.
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Super Typhoon Haiyan (STH) wreaked havoc across central Philippines, with winds reaching 314kph, making it the strongest typhoon in the world this year and one of the most powerful ever recorded, bringing the estimated death toll to 10,000 people in the Eastern province of Leyte, of which Tacloban is the capital city.
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While political stability is one of the major concerns, investors are also worried about corruption.
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According to the latest Asian Economic Integration Monitor report by the Asian Development Bank (ADB), achieving the target of the ASEAN Economic Community (AEC) by 2015 is “highly improbable” with recent economic and financial challenges further slowing efforts to meet their commitments by the December 2015 deadline.
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Tax collections have increased by as much as 19% across Thailand, Indonesia and the Philippines as ASEAN Governments are lending more focus to taxes as revenues as they seek to continue their growth along the recovery path and to protect their momentum.
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On the back of signing a Memorandum of Understanding (MoU) to buy one million tonnes of Thai rice over the next five years from Thai traders, the Chinese government has pledged to buy an additional 1 million tonnes of Thai rice annually through government-to-government (G2G) contracts, going some way to easing the burden on the Thai government and its burgeoning rice stocks.
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Leaders of the 10-member nation region bloc met in Bandar Seri Begawan, Brunei, for the annual ASEAN Summit to discuss a myriad of issues against the backdrop of economic trade and maritime issues, together with their non-member partners including the likes of the US, China, South Korea, Japan and India.
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China’s President Xi Jinping made his maiden visit to Malaysia this week as part of his tour of the region. President Xi, fresh from a stop in neighbouring Indonesia, stressed the need to strengthen ties between China and the ASEAN nations.
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