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Concerns about potential headwinds in Southeast Asia's economy in 2024

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Southeast Asia,Economy,Headwinds

Oxford Economics research commissioned by ICAEW reveals concerns about potential headwinds in Southeast Asia's economy in 2024, including slow global growth, declining tourism, and soft export earnings.

Economic momentum has picked up in Q3 2023 in Southeast Asia, but there are concerns about potential headwinds in 2024. Factors weighing down 2024 forecast include slow global growth led by the United States and China, tourism bright spots losing their shine, and declining private consumption.

Oxford Economics projects the Malaysian economy to grow by 4.3% in 2023. Soft export earnings are also hitting investment, especially in countries where much of industry is trade focused.

 

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