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2023 Economic Outlook for Southeast Asia, China and India 2023

Reviving Tourism Post-Pandemic

image of Economic Outlook for Southeast Asia, China and India 2023

The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises three parts: a regional economic monitor, special thematic chapters addressing a major issue facing the region, and a series of country notes.

The 2023 edition discusses the region’s economic outlook and macroeconomic challenges at a time of great uncertainty and a slowdown of the global economy, in particular owing to inflationary pressures, capital flow volatility and supply-side bottlenecks. The thematic chapters focus on reviving tourism after the pandemic. Tourism was among the sectors most affected by both the COVID-19 pandemic and responses to it. The report highlights the economic impact of tourism in the region and explores how the sector can be reshaped to regain its significant role in Emerging Asia. The interruption of tourism allowed countries in the region to consider reforms in the sector, including diversifying tourism markets and addressing labour market challenges, while catering to the new needs and preferences of the post-pandemic world, prioritising sustainable and environmentally responsible activities, and accelerating digitalisation.

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Inflation in Emerging Asia: Characteristics, implications for food security, and effects on capital flows

Economies worldwide are facing multifaceted inflationary pressures – supply-side issues followed by a surge in demand for goods, increased freight costs stemming from the COVID-19 pandemic and global uncertainty, and disrupted food and energy markets due to Russia’s invasion of Ukraine. This inflationary episode differs from previous episodes in Emerging Asia in various ways. The effects on fertiliser and food threaten food security, with particular concern caused by the current volatility in grain markets. The capital flow volatility and pass-through effects on local currencies are constraining household budgets. The multifaceted nature of this inflationary episode has required a variety of policy responses.

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