Top 20 ASIA'S BIGGEST ECONOMY in 2025 | ASIA 2025 Projected GDP

[Indos]

Saudi Arabia posts highest Q1 economic growth in a decade at 9.6%​

Oil activity in the kingdom rose 20.4% amid higher prices, government data showed​

https://www.thenationalnews.com/business/economy/2022/05/02/saudi-arabia-posts-highest-q1-economic-growth-in-a-decade-at-96/

 

[Indos]

Malaysia among economies to win big from high commodity prices — Moody's Analytics​

Bernama
/
https://www.theedgemarkets.com/source/Bernama

May 24, 2022 13:17 pm +08


KUALA LUMPUR (May 24): Malaysia will be among the economies that win big from high commodity prices and will pay less of a price on the inflation side as it exports several times its domestic production, according to a Moody’s Analytics report.

It highlighted that Malaysia, Colombia, Indonesia and Saudi Arabia are among the few economies that would benefit from high commodity prices.

“For Colombia and Saudi Arabia, this is crude oil. For Indonesia and Malaysia, this is palm oil, the price of which has surged following severe global shortages of Russia- and Ukraine-produced sunflower oil,” senior economist Jesse Rogers said in an analysis titled “Emerging Market View: The Growth Recession”.

He said across the rest of the emerging world, inflation is pushing higher, and central banks are not going to give up until it is tamed.

Malaysia among economies to win big from high commodity prices — Moody's Analytics

KUALA LUMPUR (May 24): Malaysia will be among the economies that win big from high commodity prices and will pay less of a price on the inflation side as it exports several times its domestic production, according to a Moody’s Analytics report.It highlighted that Malaysia, Colombia, Indonesia...

www.theedgemarkets.com

 

[Indos]

UPDATE Q1 Data 2022

1. Saudi Arabia GDP growth : 9.6 %
2. Philipine GDP growth : 8.3 %
3. Vietnam GDP growth : 5.03 %
4. Indonesia GDP growth : 5.01 %
5. Malaysia GDP growth : 5 %
6. China GDP growth : 4.8 %
7. India GDP growth : 4.1 %
8. Singapore GDP growth : 3.4 %
9. Thailand GDP growth : 2.2 %
10. Turkey GDP growth : 1.2 %
11. South Korea GDP growth : 0.7 %
12. Japan GDP growth : - 0.2 %

Other Asian countries hasnt released the Q1 data yet

 

[Indos]

Highest Trade Surplus Countries in Asia | 1950-2021 (Japan,Malaysia,Indonesia,China,Taiwan,Korea)​

 

[Indos]

China goods destination countries (2020)

 

[Indos]

SLOWER-THAN-EXPECTED GROWTH IN Q2​

MTI’s report on Thursday also showed that the economy expanded 4.4 per cent on a year-on-year basis in the second quarter, slower than the Government’s advance estimate of 4.8 per cent but faster than the 3.8 per cent growth recorded in the first quarter.

Growth was mainly supported by the manufacturing, other services and information and communications sectors.

Taking into account Singapore’s GDP performance in the first quarter, the economy expanded by 4.1 per cent on a year-on-year basis in the first half of the year, said MTI permanent secretary Gabriel Lim at a press conference.

On a quarter-on-quarter seasonally adjusted basis, second-quarter GDP contracted slightly by 0.2 per cent, below the initial estimates of 0.9 per cent growth and a reversal from the 0.8 per cent expansion in the first quarter.

Singapore narrows 2022 GDP growth forecast to 3-4% amid further deterioration in global economic outlook

SINGAPORE: Singapore has trimmed its growth forecast for 2022, as the global economic environment weakens further amid challenges such as inflation and persistent supply chain disruptions. The Ministry of Trade and Industry (MTI) said on Thursday (Aug 11) that the country’s gross domestic...

www.channelnewsasia.com

 

[Indos]

Malaysian economy smashes forecasts, growing 8.9 percent in Q2​

Southeast Asian country continues strong pandemic recovery after reopening its borders in April.

12 Aug 2022

Malaysia’s economy grew at its fastest annual pace in a year in the second quarter, boosted by an expansion in domestic demand and resilient exports, but a slowdown in global growth is expected to pose a risk to the outlook for the rest of 2022.

Gross domestic product (GDP) in April-June surged 8.9 percent from a year earlier, the central bank said. This was faster than the 6.7 percent growth forecast in a Reuters poll and was up from the 5 percent annual rise in the previous quarter.

It was also quicker than any annual rate seen since the second quarter of 2021, when GDP was 16.1 percent higher than a low year-earlier base.

Seasonally adjusted GDP for April-June was up 3.5 percent on the previous three months, when quarterly growth was 3.8 percent.

Malaysia’s economy has been on a strong recovery path since the country reopened its borders in April.

“Going forward, the economy is projected to continue to recover in the second half of 2022, albeit at a more moderate pace amid global headwinds,” Central Bank of Malaysia Governor Nor Shamsiah Mohd Yunus told a news conference.

Full-year growth for 2022 would likely be at the upper end of the previously forecast range of 5.3 percent to 6.3 percent, Nor Shamsiah said.

Headline and core inflation were expected to average higher in 2022, though Nor Shamsiah said any adjustments to the overnight policy rate would be measured and gradual to avoid stronger measures in the future.

The central bank lifted its benchmark interest rate for the second straight meeting in July.

Capital Economics said in a note it expected Malaysia’s economic growth to slow in coming quarters, as commodity prices dropped back and the boost from border reopening fades.

“That said, the slowdown is likely to be relatively mild, with the reopening of the international border set to provide decent support to activity,” said Gareth Leather, the group’s senior Asia economist.

Malaysian economy smashes forecasts, growing 8.9 percent in Q2

Southeast Asian country continues strong pandemic recovery after reopening its borders in April.

www.aljazeera.com

 

[Indos]

Indonesia's Q2 economic growth impressive: minister​

11th August 2022

Finance Minister Sri Mulyani Indrawati at a press conference on the state budget in Jakarta on Thursday (August 11, 2022). (ANTARA/Astrid Faidlatul H/rst)


Bandung (ANTARA) - Indonesia's economic growth in the second quarter of 2022 reached 5.44 percent year on year, indicating an impressive domestic recovery amid global disruption that has left several countries struggling.

Finance Minister Sri Mulyani Indrawati delivered the remarks at a press conference on the state budget (APBN), which was followed online from Bandung on Thursday.

“In the midst of this bad situation, the Indonesian economy in the second quarter showed a very impressive performance. Many countries in the second quarter experienced downward corrections," she said.

Economic growth in the second quarter showed a slowing trend in most countries, and even the United States recorded contractions in two consecutive quarters this year, the minister noted.

For example, the economy of Singapore grew 4.8 percent, Italy 4.6 percent compared to 6.2 percent in the first quarter, Europe 4.0 percent compared to 5.4 percent in the first quarter, while China recorded a growth of just 0.4 percent from 4.8 percent in the first quarter.

The slowdown was triggered by the conflict between Ukraine and Russia, a decline in investment in the US, the zero COVID policy, and a property crisis in China.

"Indonesia's economic growth in the second quarter strengthened and was supported by consumption and export performance," Indrawati said.


Related news: People's trade activities contribute to economic growth: Vice Minister


Public consumption, which grew 5.5 percent year on year, mainly due to rapidly increasing activity during the Ramadan month and Eid al-Fitr, supported national economic growth in the second quarter.

Exports, which grew 19.7 percent, in line with the demand for national superior commodities and manufactured products, also supported the economy.

Investment also grew positively by 3.1 percent, but declined from 4.1 percent in the first quarter due to high prices of input goods.

At the same time, government consumption contracted 5.2 percent on account of a decline in spending for handling the pandemic due to the accelerated recovery.

Imports also supported the economy, growing 12.3 percent due to the expansion of the manufacturing and trade sectors that continued to stabilize, in line with the improvement in production capacity and domestic demand.

Meanwhile, Indonesia recorded real gross domestic product (GDP) growth of 7.1 percent, or higher than the pre-COVID-19 level in 2019, which shows that the weakening has been replaced with a strong economic recovery.

Indonesia's position is better than several countries, such as Singapore (6.8 percent), Italy (minus 0.2 percent), Europe (1.4 percent), Mexico (minus 1.7 percent), and the US (4.2 percent).

Related news: Everyone must help maintain positive economic growth: minister
Related news: BI forecasts economic growth of 5.05 percent for Q2 2022

Indonesia's Q2 economic growth impressive: minister - ANTARA News

Indonesia's economic growth in the second quarter of 2022 reached 5.44 percent year on year, indicating an impressive domestic recovery amid global ...

en.antaranews.com

 

[MH.Yang]

Will the PLA start laying mines on border to Vietnam?

u r very ill, go and c a doctor.

 

[Indos]

Philippine economy grows 7.4 percent, slowing from Q1​

Southeast Asian country’s economic expansion slows from 8.2 percent growth during the first quarter.

9 Aug 2022

The Philippines’s economy grew 7.4 percent during the April-June quarter, fuelling expectations of interest rate hikes to cool soaring prices in the archipelago.

The second-quarter results fell short of market forecasts and the 8.2 percent expansion in gross domestic product (GDP) recorded between January and March.

Still, the results fell within the government’s official growth target, buttressing the case for the central bank to further tighten monetary policy to cool rising inflation.

The Bangko Sentral ng Pilipinas (BSP) last month unveiled a 0.75 percentage point rate hike before inflation hit 6.4 percent in July, the highest level in nearly four years.

The BSP has suggested it may raise its key interest rate by half a percentage point at its August 18 policy meeting amid growing confidence the economy can withstand higher borrowing costs.

Economic Planning Secretary Arsenio Balisacan said “global headwinds”, particularly inflation, had contributed to the slowdown, but the country’s economic performance had beaten regional peers such as China and Indonesia and remains on track to hit the government’s 2022 GDP growth target of 6.5-7.5 percent.


“Timely changes in COVID-related policies, such as easing alert levels, removing tourism restrictions, and accelerated vaccine rollout, helped increase economic activities,” Balisacan said.
President Ferdinand Marcos, who began a six-year term in June, is aiming to achieve 6.5-8 percent growth annually from 2023 to 2028, pledging to harness agriculture and infrastructure construction to fuel the archipelago’s rebound from the pandemic.

“Today’s GDP report points to full year growth settling at the lower-end of the government’s 6.5-7.5 percent growth target,” ING said in a note.

“The economy is facing the triple threat of accelerating inflation, rising borrowing costs and a relatively high debt-to-GDP ratio. Faster inflation, which was last reported at 6.4 percent, should cap overall household spending while rising interest rates are likely to deter investment outlays. Meanwhile, elevated levels of debt could act as a handicap and mitigate the ability of the national government to provide stimulus in the near term.”

SOURCE: AL JAZEERA AND NEWS AGENCIES

Philippine economy grows 7.4 percent, slowing from Q1

Southeast Asian country’s economic expansion slows from 8.2 percent growth during the first quarter.

www.aljazeera.com

 

[Cheepek]

Update Q2?

 

[Indos]

Update Q2?

I will update both inflation and economic growth later


---------------------------------------------------------------

Indonesia Records Deflation of 0.21% in August 2022​

Wahyu Dwi Anggoro - 2 hours ago

Jakarta: Indonesia's consumer price index (CPI) recorded a deflation of 0.21 percent month-to-month in August 2022, according to the Central Statistics Agency (BPS).

Of the 90 cities surveyed, 79 cities recorded deflation, while 11 cities recorded inflation.

Tanjung Pandan had the highest deflation of 1.65 percent with a CPI of 115.34, while Depok and Kediri had the lowest deflation of 0.01 percent each with CPI of 113.29 and 111.01, respectively.

On the other hand, the highest inflation occured in Ambon of 0.82 percent with a CPI of 114.65 and the lowest inflation occured in Bekasi of 0.12 percent with a CPI of 113.74.

Deflation occurred as the prices went down as indicated by the decrease in some of the expenditure groups indices, namely Food, Beverages, and Tobacco Group of 1.80 percent; Transport Group of 0.08 percent; and Information, Communication, and Financial Services Group of 0.03 percent.

On the other hand, the other groups recorded inflation, namely: Clothing and Footwear Group of 0.02 percent; Housing, Water, Electricity, and Household Fuel Group of 0.58 percent; Furnishings, Household Equipment, and Routine Household Maintenance Group of 0.25 percent; Health Group of 0.11 percent; Recreation, Sport, and Culture Group of 0.21 percent; Education Group of 1.85 percent; Food and Beverage Serving Services/Restaurant Group of 0.33 percent; and Personal Care and Other Services Group of 0.29 percent.

"The year-to-date inflation rate (August 2022 compared to December 2021) was 3.63 percent, and the year-on-year inflation (August 2022 compared to August 2021) was 4.69 percent," it stated.

"The Core Component increased by 0.38 percent in August 2022. The year-to-date inflation rate of the Core Component (August 2022 compared to December 2021) was 2.50 percent. The year-on-year inflation of the Core Component (August 2022 compared to August 2021) was 3.04 percent," it concluded.

Indonesia Records Deflation of 0.21% in August 2022

 

[Cheepek]

I will update both inflation and economic growth later

That's great, you forgot to update the former in your previous post.

Top 20 ASIA'S BIGGEST ECONOMY in 2025 | ASIA 2025 Projected GDP

Saudi Arabia posts highest Q1 economic growth in a decade at 9.6% Oil activity in the kingdom rose 20.4% amid higher prices, government data showed https://www.thenationalnews.com/business/economy/2022/05/02/saudi-arabia-posts-highest-q1-economic-growth-in-a-decade-at-96/

defence.pk

 

[Indos]

​

Sep 12, 2022

Depleting Reserves Spell Risks for Emerging Asian Currencies​

Subhadip Sircar, Bloomberg News

(Bloomberg) -- Emerging Asian central banks have seen a sharp depletion in their foreign-exchange reserves, stoking concerns it may crimp market interventions to curb currency losses in the face of the mighty dollar.

A closely-watched measure of reserves cover -- the number of months of imports a country can finance with its foreign-exchange holdings -- has dropped to about seven for EM Asia ex-China, the lowest since the global financial crisis in 2008, according to Standard Chartered Plc. It was about 10 months at the beginning of the year and as high as 16 in August 2020, pointing to an erosion of developing nation firepower to defend currencies.

“The deterioration indicates that central bank intervention to support local currencies might be much more limited going forward,” Divya Devesh, head of Asean and South Asia FX research at Standard Chartered in Singapore said last week. “Overall, we expect central banks’ FX policy to turn less supportive.”

Thailand saw the biggest drop in reserves as a percentage of the gross domestic product, followed by Malaysia and India, according to data compiled by Bloomberg. Reserves cover about nine months of imports for India, six for Indonesia, around eight for Philippines and seven for South Korea, Standard Chartered said.

Central bankers across emerging Asia have relied on reserves to protect their currencies against a resurgent dollar as aggressive Federal Reserve policy tightening spurred flows back to the US. Any indication of a slowdown in market interventions may exacerbate losses for Asian currencies, many of which hit record or multi-year lows recently.


Central bank interventions may also see a change -- from dollar sales to purchases -- as their focus is likely to shift from containing imported inflation to boosting export competitiveness if Asia’s exports come under pressure, said Devesh.

Using the drop in reserves as a proxy for FX intervention, India and Thailand have been among the most aggressive, with reserves declining by about $81 billion and $32 billion, respectively, this year. Reserves dropped by $27 billion in South Korea, $13 billion in Indonesia and $9 billion in Malaysia.

Part of the decline was also due to dollar strength eroding the value of other currencies held in reserves.

“On current burn rates, Thailand remains worrying as does Philippines, India, Indonesia, and even Malaysia is becoming a bigger concern than it was earlier,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore.

Still, emerging Asian markets remain in better shape than in previous crises having built up higher buffers. Investors have been turning to these markets in recent months, optimistic they can offer faster growth, policy support and potentially higher returns.

Read: Bond Markets Are Showing Turnaround Signs in Emerging Asia

The dollar surge has led to China’s yuan edging close to the key 7 level, while the risk-sensitive Korean won weakened to levels not seen since 2009. The Indian rupee and the Philippine peso hit record lows recently. Emerging Asian currencies traded mixed on Tuesday and the dollar extended declines as investors awaited US inflation for clues on interest-rate hikes.

Authorities in the region have ratcheted up their verbal interventions. Bank of Japan Governor Haruhiko Kuroda last week joined a number of officials expressing concern over sudden moves in the yen. Reserve Bank of India Governor Shaktikanta Das said the authority is in the currency market almost everyday, while the Bank of Korea said it will take active stabilization measures.

“They are between a rock and a hard place,” said Varathan. “The conspiracy of bullish dollar, recession risks, and elevated inflation exacerbated by exogenous price shocks means that EM Asia central banks cannot assume that the worst risks are behind us.”

(Updates currency performance in 11th paragraph.)

©2022 Bloomberg L.P.

Depleting Reserves Spell Risks for Emerging Asian Currencies - BNN Bloomberg

Emerging Asian central banks have seen a sharp depletion in their foreign-exchange reserves, stoking concerns it may crimp market interventions to curb currency losses in the face of the mighty dollar.

www.bnnbloomberg.ca

 

[Indos]

AlhamduliLLAH

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Indonesia's GDP grew 5.72% in July-September quarter​

Economic growth accelerated from Q2, buoyed by exports of coal, palm oil

The Tanjung Priok port in Jakarta on Aug. 3. Indonesia's exports between January and September reached $219 billion, up 33% from the first three quarters of last year. © Reuters


ERWIDA MAULIA, Nikkei staff writer
November 7, 2022 13:17 JST
Updated on November 7, 2022 13:57 JST



JAKARTA -- Indonesia's gross domestic product expanded 5.72% between July and September as Southeast Asia's largest economy continued to enjoy a boost in exports.

The Central Statistics Agency on Monday said economic growth accelerated from the 5.44% recorded in the previous quarter, despite higher inflation. The third quarter's growth falls short of the median forecast of 5.89% of 18 economists polled by Reuters.

Private consumption, which makes up half of Indonesia's economy, grew 5.39% in the quarter compared with the same period of 2021, while exports rose 21.6%.

Agency head Margo Yuwono said private consumption was buoyed by rising spending among households in the middle to upper classes. "This is a very good trend, indicating the economic recovery is continuing and strengthening."

He said the sectors of transportation, accommodations, and food and beverages recorded the highest growth, thanks to continually increasing public mobility in the wake of the two-year COVID-19 pandemic.

"All leading sectors grew, namely the mining, agriculture, trade and construction industries," Yuwono added.

He said exports grew significantly as Indonesia continued to enjoy windfalls from high global commodity prices, although the growth started to slow.

Soaring commodity prices since Russia launched its invasion of Ukraine have given Indonesia -- the world's largest exporter of thermal coal and palm oil -- an export boost. The country recorded 29 consecutive months of trade surpluses as of September, led by shipments of those two commodities plus iron and steel products. Indonesia's exports between January and September reached $219 billion, up 33% from the same period of last year.

But the growth outlook over the coming quarters is dampened by a slowdown in China and accelerating inflation, which hit a seven-year high of 5.95% in September, well beyond Bank Indonesia's target range of between 2% and 4%. The central bank has forecast a growth rate of 5.2% for the full year.

Indonesia's GDP grew 5.72% in July-September quarter

Economic growth accelerated from Q2, buoyed by exports of coal, palm oil

asia.nikkei.com