Abstract
According to the estimates of the International Monetary Fund (IMF), the growth momentum of the Southeast Asian economies moderated to around 5.2 per cent in 2013 compared to 5.4 per cent in 2012. Private consumption was strong and investment, albeit weak, benefited from increased public infrastructure outlays. Subdued exports due to significant external headwinds continue to hold back economic growth in the region. Among the Southeast Asian economies, the Philippines is estimated to have maintained an impressive growth rate of 6.8 per cent in 2013, while Indonesia, Malaysia and Thailand were the laggards with growth rates of 5.3 per cent, 4.7 per cent and 3.1 per cent respectively. Myanmar gained investors’ confidence all through 2013 following progress in domestic reforms, and Cambodia and Laos rode high on increased construction activities.
As each of the Southeast Asian nations have some distinct economic characteristics, aggregate figures may mask the diversity in performances and challenges being faced at country levels. This chapter gives a simultaneous account of macroeconomic performance and policy challenges at the regional and country level.
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