- Conducive external demand, coupled with a modicum of public spending, has underpinned the robust performance across the ASEAN economies. Moreover, drags on growth stemming from one-off negatives have largely subsided, supporting growth further still.
- While private investment has disappointed as an engine of growth in Singapore, it is more promising in Thailand following a nascent pick-up in recent quarters. Investment shares of GDP also reveal diverging fortunes, with the Philippines witnessing an improvement relative to its regional peers over the years.
- Going forward, fiscal and monetary policy will remain largely accommodative to prop up growth in the near-term across the ASEAN economies.
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