The Asian Development Bank (ADB) has cut its growth forecast from 5.8 to 5.2 percent, VN Express is reporting. Data is from the Asian Development Bank Outlook December 2023.
Key reasons for the downgrade listed include:
- falling external demand;
- weak budget execution, particularly at the provincial level; and
- and a sluggish recovery in jobs and domestic consumption.
GDP forecasts for Southeast Asia, per ADB Outlook
| 2022 | 2023 | 2024 | |||
| September | September | December | September | December | |
| Indonesia | 5.3 | 5.0 | 5.0 | 5.0 | 5.0 |
| Malaysia | 8.7 | 4.5 | 4.2 | 4.9 | 4.6 |
| Philippines | 7.6 | 5.7 | 5.7 | 6.2 | 6.2 |
| Singapore | 3.6 | 1.0 | 1.0 | 2.5 | 2.5 |
| Thailand | 2.6 | 3.5 | 2.5 | 3.7 | 3.3 |
| Vietnam | 8.0 | 5.8 | 5.2 | 6.0 | 6.0 |
| SEA | 5.6 | 4.6 | 4.3 | 4.8 | 4.7 |
For additional context see: Vietnam’s Economy, November 2023: Snapshot