Malaysia, India top Asia's forecasts for faster economic recovery 2022
Economic activity in Malaysia and India next year is expected to recover faster than previously forecast, although these two countries have been among those hardest hit by the COVID-19 pandemic in recent months.
Hanoi (VNA) - Economic activity in Malaysia and Indianext year is expected to recover faster than previously forecast, althoughthese two countries have been among those hardest hit by the COVID-19pandemic in recent months.
Survey results showed that Malaysia's economic growth outlook isrevised up the most in the region, with 0.85 percent, to an expected growthrate of 5.65 percent next year. India was a close second, with its economyexpected to grow 6.7 percent, 80 basis points faster than previously seen.
Economists have raised their growth projections for most Asiancountries, except Thailand and New Zealand, which saw their outlooks slashedby at least 20 basis points, while Indonesia’s outlook was little changed.
Malaysia, which posted one of the world’s highest daily new infectionrates over the past month and underwent a leadership change, doesn’t face anyimmediate economic risks.
Improved domestic demand and increased exports supported the economicactivity and GDP of the country in the second quarter of 2021 increased by16.1 percent.
Strong demand is keeping India on track to achieving the world’sfastest growth in the year to March, with new weekly infections dropping tothe lowest in more than six months as of September 19.
The country’s economic losses have been limited so far, and it willbe boosted by factors such as better-adapted firms, stable financialconditions and robust global growth spillovers, said Madhavi Arora, leadeconomist at Emkay Global Financial Services Ltd./.
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on September 14 announced a project to link their respective fast payment systems to facilitate cross-border money transfer with low cost.
The Malaysia External Trade Development Corporation (MATRADE) estimated the sales of Malaysian-made products and services at the 18th China-ASEAN Expo (CAEXPO) to reel in 572 million RM (143 million USD).
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
In Kuala Lumpur, Malaysia (Photo: Xinhua) 
