ADB raises growth forecast for Indonesia, Myanmar, Philippines

Consumer spending in Indonesia, Myanmar, and the Philippines has accelerated after their borders reopened, according to a recent update in the Asian Development Outlook 2022 released by the Asian Development Bank. The report said robust domestic demand is benefiting Indonesia and the Philippines, while higher global commodity prices and dimmer global economic prospects are denting consumer and business sentiment in Singapore and Thailand. The ADB has revised up its 2022 growth projection for Southeast Asia to 5.1% from 4.9%. Inflation forecast for the region has been revised higher to 5.2% for 2022 and 4.1% for 2023. This is driven by higher food and energy prices in Indonesia, Thailand, and the Philippines, as well as in the region’s other larger economies.