SE Asian economies languish as virus challenges persist
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published : 11 May 2021 at 13:49
4 FILE PHOTO: Local residents collect free food packets from a food bank called a community pantry , run by volunteers, along a road in Quezon City in suburban Manila, April 21, 2021. (AFP)
The Philippine and Malaysian economies continued contracting in the first three months of the year, adding to signs that some of Southeast Asia’s biggest nations are struggling amid a resurgence in coronavirus cases.
The quarterly figures released Tuesday which came in below all forecasts for the Philippines add to recent weaker signals from top regional economies Indonesia and Thailand.
May 11 2021, 1:04 PM
May 11 2021, 10:38 AM
May 11 2021, 1:04 PM
(Bloomberg)
(Bloomberg)
The Philippine and Malaysian economies continued contracting in the first three months of the year, adding to signs that some of Southeast Asiaâs biggest nations are struggling amid a resurgence in coronavirus cases.
The quarterly figures released Tuesday which came in below all forecasts for the Philippines add to recent weaker signals from top regional economies Indonesia and Thailand.
All four countries have faced a surge of Covid-19 cases in recent weeks, part of the broader challenge across Asiaâs developing economies to stem a renewed outbreak, particularly in India. Among Southeast Asiaâs biggest economies, only Singapore and Vietnam, which have been able to contain the pandemic, have shown year-on-year expansions in the first quarter.
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Among Southeast Asia s governments, Thailand s may regret the most Donald Trump s departure from the White House. The government of Prime Minister Prayut Chan-o-cha has benefited from the Trump administration s de-emphasis of human rights and democracy in favour of geostrategic interests. A shift in emphasis under President-elect Joe Biden s administration is likely to ensnare the Thailand-United States treaty alliance in Thai domestic politics.
The pro-democracy side of the Thai political divide, which is led by younger generations under 40, will be looking for international solidarity and support, while the royalist-military regime will try to keep a lid on protests at home and democracy voices from abroad at bay. As a result, Thai-US relations will likely experience more friction under Mr Biden compared to the rather smooth ride Mr Trump gave the Thai military authorities.