Google: Southeast Asia Relatively Unaffected by Global Economic Turmoil

Economics & Macro

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Viva Budy Kusnandar 28/10/2022 16:30 WIB

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Amidst the crisis, the ASEAN region's economy experienced a relatively smaller impact compared to other regions.

Southeast Asian and Other Regional Economic Growth (2020-2023*)

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Google: Southeast Asia Relatively Unaffected by Global Economic Turmoil

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Southeast Asian and Other Regional Economic Growth (2020-2023*)

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In 2021, the global economy was just beginning to recover from the impact of the Covid-19 pandemic. However, dark clouds gathered again in 2022.

Since Russia's invasion of Ukraine, energy and food commodity prices have been rising, triggering inflation, central bank interest rate hikes, and a global economic slowdown.

This situation also impacted the six dominant countries in Southeast Asia (SEA-6): Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines.

In the *e-Conomy SEA 2022* report, Google, Temasek, and Bain & Company noted that the SEA-6 economy cumulatively grew only 3.5% in the 2020-2021 period due to the pandemic.

Then, in the 2021-2022 period, the economies of these six countries were projected to rebound and grow by 5.3%, but slowed again to 4.6% in 2022-2023.

The good news is that the SEA-6 economic slowdown was relatively milder compared to other regions.

China's economy is projected to slow down and grow only 3.8% in the 2021-2022 period, lower than the SEA-6. Then, in the 2022-2023 period, China's projection shows only a slight improvement with 4.9% growth.

Google, Temasek, and Bain & Company also projected that the economies of India, the European Union, and the United States experienced a significant slowdown, as shown in the graph.

Editor : Adi Ahdiat

"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."