Economic Outlook for Southeast Asia, China and India 2022
Financing Sustainable Recovery from COVID-19
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The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) members: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises two main parts. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second part consists of special thematic chapters addressing a major issue facing the region. The 2022 edition addresses financing sustainable recovery from the COVID-19 pandemic. The COVID-19 pandemic is proving to be extremely costly, both economically and socially and sustainable financing solutions are crucial for an equitable and inclusive recovery. The report explores how governments can obtain additional financing by harnessing bond markets, and use green, social and sustainability bonds to achieve policy objectives.
Overview
The economic recovery in Emerging Asia, which began in 2021, is expected to continue in 2022, although great uncertainty remains. Countries in Emerging Asia faced persistent waves of COVID-19 cases from the Delta variant in 2021 and, more recently, from the Omicron variant. The potential emergence of new variants of concern in 2022 remains a risk. Furthermore, differences in economic outlook among Emerging Asian countries have become more visible, with approaches to managing the pandemic differing starkly. Looking ahead, Emerging Asian economies are projected to expand by 5.8% on average in 2022 and by 5.2% in 2023. Growth in real gross domestic product (GDP) is forecast to be 5.2% for the Association of Southeast Asian Nations (ASEAN) in 2022 and 5.2% in 2023, albeit with countries in the region varying in the pace of their recoveries. Indeed, economic growth in ASEAN will range from -0.3% in Myanmar to 7.0% in the Philippines in 2022 ().
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