Southeast Asian economies are forecast to grow by 5.2 percent in 2012, the chief of Asian Development Bank said Friday, though he urged nations to be "vigilant" in an uncertain global environment. "Despite a difficult external environment, we still expect ASEAN growth this year to remain robust at 5.2 percent, above last year's rate of 4.6 percent," Haruhiko Kuroda told finance ministers of the 10-member Association of Southeast Asian Nations (ASEAN) during a meeting in the Cambodian capital.
Thailand and the Philippines are likely to show "vibrant growth" after a drop in exports last year, he said, while Singapore, and to a certain extent Malaysia, will see "some slowdown" as they are more affected by external financial turmoil. Looking ahead to 2013, the Manila-based bank expects ASEAN Gross Domestic Product to expand above 5.5 percent on the back of improved domestic demand and exports, as worries about the US and eurozone economies look set to ease. "The region is doing well," the ADB president said, but ASEAN nations - which also include Indonesia, Brunei, Cambodia, Laos, Vietnam and Myanmar - should be on guard for "sudden shocks".
Comments
Comments are closed for this article.