Economic Outlook for Southeast Asia, China and India 2023
Reviving Tourism Post-Pandemic
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.
Macroeconomic assessment and economic outlook in Emerging Asia
Growth in Emerging Asia is showing resilience in the face of great economic uncertainty. The countries of the region – ASEAN-10 countries, the People’s Republic of China (hereafter “China”) and India – have stood up well in the face of uncertainties caused by the COVID-19 pandemic, Russia’s war of aggression against Ukraine, weaker external demand, and inflationary pressures. The export sector helped boost economic growth and keep up the momentum of the region’s economies, though momentum is weakening recently. Inflation combined with interest rate differentials among countries increase the volatility of capital flows and put pressure on currencies in the region. Supply issues threaten food security and make goods and services more expensive, which can weigh on both external and domestic demand. The return of tourists will bolster economies. The reopening of China following its abandonment of zero-COVID policy will serve to counterbalance some of these challenges.
- Click to access:
-
Click to download PDF - 808.14KBPDF