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ASEAN economies seen to survive similar market volatility in 2023


Singapore-based United Overseas Bank (UOB) said major ASEAN economies should be able to survive volatile market swings this year following similar turmoil in 2022. Enrico Tanuwidjaja, an economist at UOB ASEAN, noted that the region’s economies were resilient last year, which should help them as risks loom for recessions in the US, the UK, and Europe, tightening financial conditions, further straining of US-China relations, and the Russia-Ukraine war, among others. Economic growth for most economies rebounded strongly in the second and third quarters of 2022. Malaysia topped the list with the fastest growth rate in ASEAN in the quarter to September. Except for Thailand, national output is now back to pre-Covid levels as the region benefited from export demand while reopening of economies boosted domestic demand.

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