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Comparing ASEAN Countries' Economic Growth in 2022: Who Achieved the Highest Growth?

Cindy Mutia Annur 27/03/2023 10:48 WIB

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While not the highest in ASEAN, Indonesia's economic growth in 2022 was quite high among other countries in the region.

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ASEAN Countries' Economic Growth (2022)

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Indonesia is one of the countries that recorded positive economic growth amidst global uncertainty. Although not the highest in ASEAN, Indonesia's economic growth throughout 2022 was quite high among other countries in the region.

The Central Bureau of Statistics (BPS) reported that Indonesia's economic growth reached 5.31% throughout 2022. This realization is higher than the 2021 economic growth of 3.7% (year-on-year/yoy).

This is also in line with the International Monetary Fund's (IMF) projection in the World Economic Outlook (WEO) January 2023 edition, which predicted Indonesia's economy to grow in the range of 5.3% in 2022.

According to the IMF, central bank interest rate hikes to combat inflation and the Russia-Ukraine war continue to burden economic activity.

In addition, the rapid spread of Covid-19 in China hampered economic growth in 2022. "But the recent reopening (mobility) has paved the way for a faster-than-expected recovery," wrote the IMF in its January 2023 report titled *Inflation Peaking amid Low Growth*, quoted on Monday (27/3/2023).

Malaysia led economic growth in Southeast Asia with 8.7% throughout 2022. Its position is followed by Vietnam with economic growth of 8.02% and the Philippines with 7.6%.

Meanwhile, the World Bank predicts Laos' economic growth to be 2.5% in 2022. Then, the Asian Development Bank projects Timor Leste and Myanmar's economic growth at 2.3% and 2%, respectively, in 2022.

On the other hand, the IMF estimates Brunei Darussalam's economic growth at 1.2% in 2022.

Here's a comparison of the economic growth of ASEAN countries throughout 2022:

* Malaysia: 8.7%
* Vietnam: 8.02%
* Philippines: 7.6%
* Indonesia: 5.31%
* Cambodia: 5.1%
* Singapore: 3.8%
* Thailand: 2.6%
* Laos (projection): 2.5%
* Timor Leste (projection): 2.3%
* Myanmar (projection): 2%
* Brunei Darussalam (projection): 1.2%

Editor : Padjar Iswara

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Comparing ASEAN Countries' Economic Growth in 2022: Who Achieved the Highest Growth?

Comparing ASEAN Countries' Economic Growth in 2022: Who Achieved the Highest Growth?

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