Economic Outlook for Southeast Asia, China and India 2024
Developing amid Disaster Risks
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, a thematic chapter addressing a major issue facing the region, and a series of country notes.
The 2024 edition discusses the region’s macroeconomic challenges such as external headwinds, impacts of El Niño and elevated levels of private debt. The thematic chapter focuses on strategies to cope with more frequent disasters. Emerging Asia is among the world’s most disaster-prone regions, and the threat of disasters, such as floods, storms, earthquakes and droughts, is increasing. The report explores how countries can reduce disaster risks and improve resilience by developing a comprehensive approach involving policy measures such as improving governance and institutional capacity, ensuring adequate budgets and broadening financing options, strengthening disaster-related education, improving land planning, investing in disaster-resilient infrastructure and disaster-related technology, improving health responses, and facilitating the role of the private sector.
Malaysia
Malaysia is primarily exposed to floods, droughts, landslides, severe haze episodes associated with fires, and tsunamis (Chan, 2015[1]). It is classified as facing the 36th-highest disaster risk by the WorldRiskIndex 2023. The country lies close to the equator and beyond from the Pacific Ring of Fire, leaving it relatively less exposed to both tropical storms and hazards associated with geotectonic risks (earthquakes and volcanic eruptions) than other countries within that region (Chan, 2015[1]; Mohamed Shaluf and Ahmadun, 2006[2]). However, smaller earthquakes and storms do occur and have the potential to cause damage. Between 2000 and 2022, 74 disasters triggered by natural hazards led to almost 500 deaths, affected more than 3.3 million people and caused USD 4.3 billion in economic damage (CRED, 2024[3]).