RHB | ASEAN | Modest Improvement In Growth In 2H 2015 Amid Exchange Rates Volatility

Economic Research	30 June 2015
ASEAN
Economic Outlook
Modest Improvement In Growth In 2H 2015 Amid Exchange Rates Volatility   The five major ASEAN countries’ economic performance with the exception of Malaysia and Singapore were below expectation in 1Q 2015. Moving forward, we expect ASEAN-5’s economic growth to improve in 2H 2015, albeit modestly, as contribution from exports to GDP growth in these countries will likely be subdued given the challenging external economic environment. Although domestic demand will likely remain a key driver of economic growth, lower commodity prices and weak currencies suggest that spending will unlikely be strong. On balance, we project the ASEAN-5’s real GDP to expand by 4.6% in 2015, marginally faster than +4.5% in 2014. . Economist:  Peck Boon Soon  | +603 9280 2163
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