News: In Graphic Detail: ASEAN

Sunday, July 7, 2024

In Graphic Detail: ASEAN

July 8, 2024

Building Momentum

📈 A report by McKinsey & Company shows that in the first quarter of 2024, the economies of Southeast Asia continued to sustain their growth momentum, driven by stronger demand at home and supported by growth shoots in some global markets.

📈 In the Philippines, exports rebounded as it was fueled by a recovery in electronic shipments. But with inflation continuing to remain at elevated levels, private consumption growth slowed.

📈 The peso has also been on a downward trend against the US dollar since the early 2024. This follows a similar trend amongst currencies in the region, which have fallen against the greenback following the US Federal Reserve Board's decision to delay any policy rate cuts.

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