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Economy

ASEAN economies seen hit by U.S. rate hikes in 2023: JCER/Nikkei

Economists revise down forecasts to 4.3% for five regional countries

The Thai economy, which depends heavily on Chinese tourists, will be hit by a slowdown in China. (Photo by Ken Kobayashi)

TOKYO -- Economists have revised down 2023 growth forecasts for Southeast Asia's five biggest economies over concerns about a global slowdown amid rising interest rates in the U.S.

Gross domestic product for Indonesia, Malaysia, the Philippines, Singapore and Thailand is expected to rise 4.3% in 2023, according to the latest quarterly survey by the Japan Center for Economic Research and Nikkei in September. The figure reflects a downward revision from 4.8% in the June survey.

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