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ADB lowers 2023 growth forecast for Southeast Asia

The Asian Development Bank (ADB) has revised down its GDP growth forecast for Southeast Asia to 4.3% for 2023, from its previous estimate of 4.6% in September, which itself was a downgrade from April's projection of 4.7%. The lowered forecasts are attributed to the lacklustre performance of the manufacturing sector in key economies like Malaysia, Thailand, and Vietnam. Timor-Leste is expected to experience slowed growth this year, while Myanmar is predicted to face a downturn in 2024. Thailand had one of the most substantial downgrades, with its 2023 growth forecast dropping from 3.5% to 2.5%. In Vietnam, the growth forecast for 2023 was reduced to 5.2% from 5.8%. Malaysia's growth projections were also cut to 4.2% for 2023 and 4.6% for 2024. Indonesia and the Philippines maintain stable growth forecasts, while Singapore is expected to grow by 1% in 2023 and 2.5% in 2024.


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