Quarterly growth rates of six major ASEAN economies
Only three countries in the region, namely Indonesia, Singapore and Viet Nam, witnessed positive growth in the third quarter of 2020.
Indonesia's economy advanced 5.05% on quarter in the third quarter of 2020, compared with market consensus of a 5.34% expansion and after a 4.19% contraction in the second quarter.
With the economy expanding 7.9% the third quarter, Singapore recorded the strongest growth rate ever, after a record 13.2% plunge in the previous period due to the coronavirus crisis.
The Vietnamese economy grew by 2.62% year-on-year in the third quarter, making it the only economy in the region.
In its latest World Economic Outlook Update, the International Monetary Fund (IMF) forecasted that Viet Nam would remain the only one with positive growth among five major ASEAN economies, and its economic growth would rebound to 6.7% in 2021.
The IMF forecasted that Viet Nam’s GDP in 2020 may exceed US$340 billion, higher than Singapore (US$337 billion) and the Philippines (US$367 billion).
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