Quarterly growth rates of six major ASEAN economies
Only three countries in the region, namely Indonesia, Singapore and Viet Nam, witnessed positive growth in the third quarter of 2020.
Indonesia's economy advanced 5.05% on quarter in the third quarter of 2020, compared with market consensus of a 5.34% expansion and after a 4.19% contraction in the second quarter.
With the economy expanding 7.9% the third quarter, Singapore recorded the strongest growth rate ever, after a record 13.2% plunge in the previous period due to the coronavirus crisis.
The Vietnamese economy grew by 2.62% year-on-year in the third quarter, making it the only economy in the region.
In its latest World Economic Outlook Update, the International Monetary Fund (IMF) forecasted that Viet Nam would remain the only one with positive growth among five major ASEAN economies, and its economic growth would rebound to 6.7% in 2021.
The IMF forecasted that Viet Nam’s GDP in 2020 may exceed US$340 billion, higher than Singapore (US$337 billion) and the Philippines (US$367 billion).
- IMF: VN's economic growth to rebound to 6.7% in 2021
- IMF trims Vietnam GDP growth forecast to 1.6% in 2020
- Vietnam is among rare economies to have maintained positive growth in 2020
- Vietnam among the few economies to have positive growth in 2020: IMF
- Vietnam’s economy is forecasted to rebound strongly
- UOB forecasts Vietnam economy to grow 7.1% in 2021
- Singaporean outlet: Vietnam’s economy recovers faster than other countries’ in region
- ICAEW: Vietnam Expected to be the only South-East Asian Economy to Record Positive Growth
- Vietnam GDP growth forecast in 2020 remains highest in Asia: IMF
- Vietnam GDP growth in 9-month period estimated at 1.76%