ASEAN member states face a new stage of transformation as they recover from the widespread effects of the COVID-19 pandemic. Where the coronavirus disease brought economic contractions in 2020 for Indonesia, Malaysia, Philippines, Singapore, and Thailand, these countries experienced a revival in 2021. The Indonesian economy contracted 2% y/y in 2020 but grew by 3.7% y/y in 2021. Malaysia saw a 5.5% y/y economic decline in 2020 yet grew 3.1% y/y the following year. A 9.3% y/y decline in GDP in the Philippines in 2020 was followed in 2021 by 5.8% y/y growth. Singapore experienced a 4.1% y/y contraction in its economy during the first year of the pandemic and in 2021 its economy grew by 7.9% y/y. Thailand saw a 6.2% y/y economic contraction in 2020 and experienced the beginnings of a revival with 1.5% y/y GDP growth in 2021.

01 REGIONAL OVERVIEW 

02 INDONESIA

03 THAILANAD 

04 PHILIPPINES 

05 SINGAPORE

06 VIETNAM 

07 MALAYSIA