The Asian Development Bank (ADB) raised the outlook for Southeast Asia to five per cent this year from 4.9 per cent amid increased domestic demand due to more relaxed COVID-19 restrictions. According to ADB’s Asian Development Outlook (ADO) 2022 Supplement released on Thursday, Southeast Asia’s consumption growth in all sub-regional economies rebounded strongly in the first five months of 2022 on the gradual lifting of COVID-19 mobility restrictions and the re-opening of markets and borders. Manufacturing and services output is increasing in most economies, creating jobs and lifting household incomes. Still, Southeast Asia’s economies face the challenges of higher oil prices, the end of low global interest rates, and continuing trade and supply disruptions. More details in Friday’s Borneo Bulletin.
