Southeast Asia Economic Outlook: Philippines and Vietnam to Lead Growth
In the latest economic outlook released by the Asian Development Bank (ADB) in April 2024, it is projected that the Philippines and Vietnam will outperform their peers in Southeast Asia in 2024 and 2025.
GDP Forecasts
The GDP forecast for Southeast Asia as a whole is 4.6% in 2024 and 4.7% in 2025. Among the countries, the Philippines and Vietnam are expected to lead with a GDP growth rate of 6.0% in 2024, increasing to 6.2% in 2025.
Other notable forecasts for 2024 include Cambodia at 5.8%, Indonesia at 5.0%, and Malaysia at 4.5%. For 2025, Cambodia and Indonesia are expected to maintain their growth rates, while Malaysia’s GDP is forecasted to increase to 4.6%.
Temporary Hold on Myanmar
It should be noted that effective 1 February 2021, the ADB placed a temporary hold on sovereign project disbursements and new contracts in Myanmar.
These projections provide valuable insights into the economic trends and potential growth areas in Southeast Asia. The strong performance of the Philippines and Vietnam highlights their growing significance in the region’s economy.
Source: Asian Development Bank. 2024. Asian Development Outlook April 2024