ASEAN Economic Growth Comparison 2023: Indonesia in the Top 3

Several ASEAN countries have published their respective economic growth figures.

Based on data compiled by *Databoks*, the Philippines recorded the highest cumulative economic growth in 2023, at 5.6% (cumulative-to-cumulative/ctc).

According to a release from the Philippine Department of Finance, economic growth in Q4 2023 also reached 5.6% (year-on-year/yoy). This was driven by stronger domestic demand, although rising inflation and external challenges also impacted the country.

Cambodia followed with Q4 2023 growth reaching 5.5% (yoy), according to data compiled by Trading Economics from the Cambodian National Institute of Statistics.

Although its cumulative growth has not yet been released, Cambodia's economic growth is projected to reach 5.4% throughout 2023 by the World Bank. This figure is an increase from the 5.2% (ctc) cumulative growth realized in 2022.

Indonesia is in third place with cumulative growth of 5.05% throughout 2023. Despite being in the top three, this growth percentage is 0.26 percentage points lower than the 2022 achievement of 5.31% (ctc).

Meanwhile, Q4 2023 economic growth was 5.04% (yoy). This achievement is a slight increase of 0.08 percentage points from the previous 4.96% in Q4 2022.

(Read also: [Indonesia's Economic Growth Falls to 5.05% Throughout 2023](https://databoks.katadata.co.id/datapublish/2024/02/05/pertumbuhan-ekonomi-indonesia-turun-jadi-505-sepanjang-2023))

Slightly below is Vietnam with cumulative growth of 5%. Laos is in fifth place, projected to reach 4.2%, according to Lao Prime Minister Sonxay Sipandon.

Malaysia is in sixth place with cumulative growth of 3.8%, followed by Thailand, which the IMF projects to have 2.7% growth.

Myanmar is eighth, projected by the IMF to have 2.58% growth in 2023. Below that is Timor-Leste, projected by the World Bank to achieve 2.4% in 2023.

Tenth is Singapore, which grew by 1.2%, based on data released by the country's Ministry of Trade and Industry. Finally, Brunei Darussalam is projected by the IMF to grow by only -0.77% in 2023.

(Read also: [ASEAN Economic Growth Projections by the World Bank: How is Indonesia Doing?](https://databoks.katadata.co.id/datapublish/2024/01/10/proyeksi-pertumbuhan-ekonomi-asean-versi-world-bank-bagaimana-indonesia))