ASEAN’s economic growth could bounce back to 8 pct by 2021
Economic growth in the ASEAN region could rebound to an average 8 percent in 2021 after falling into recession in the first half of 2020, a report suggested on June 8.
Singapore (VNA) – Economic growth in the ASEANregion could rebound to an average 8 percent in 2021 after falling intorecession in the first half of 2020, a report suggested on June 8.
The report, written by Oxford Economics and commissioned bythe Institute of Chartered Accountants in England and Wales (ICAEW) suggestedthat most Southeast Asian economies will fall into recession in the first halfof 2020 before recording a 1.9 percent contraction for the full year.
The report said Thailand will be one of the worst hit in theregion because tourism and travel account for 20 percent of itsgross domestic product (GDP).
On the other hand, Vietnam will emerge the least affectedwith its lead in unwinding measures as compared to other regional peers,although it is not immune to the sharp slowdown in trade flows, the reportsaid.
The adverse impact on Southeast Asian economies is forecastto turn the corner in the second half of 2020 as Chinese import demand andglobal trade recover at a consistent pace, while a slower pace of normalisationwill continue to weigh on tourism-dependent economies, according to the report.
It added that coordinated fiscal stimulus packages andmonetary easing from authorities across the region will support the recovery ineconomic growth.
On the whole, the COVID-19 pandemic is likely to cause theglobal economy to shrink by 4.7 percent, it noted. This is more than double theimpact of the global financial crisis in 2008 and will be the biggest globalrecession in post-war history./.
Speakers from India, Vietnam, Thailand, Malaysia and Laos discussed trade and geopolitical connectivity between Indian and ASEAN at a recent video conference, during which they said that the two sides have stayed closed in numerous fields.
Vietnam, performing its roles as the ASEAN Chair in 2020 and a non-permanent member of the UN Security Council, will continue boosting cooperation in sustainable development for the goal of building a cohesive and responsive ASEAN, towards the realisation of the ASEAN Community Vision 2025, a Government official has affirmed.
ASEAN member nations, China, Japan, and the Republic of Korea (ASEAN Plus Three) should strengthen cooperation in fighting the COVID-19 pandemic and promoting economic development, Chinese Minister of Commerce Zhong Shan was quoted by Xinhua as saying on June 4.
The ASEAN Commission on the Promotion and Protection of the Rights of Women and Children (ACWC) on June 5 organised a consultation and special online meeting on protective and preventive measures for women and children at risk of domestic violence during the COVID-19 pandemic.
The British Government announced on June 5 that the country had applied to become a dialogue partner of ASEAN as it sought to boost post-Brexit ties in the region.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative photo. (Source: asiapacific.ca)
