Citi slashes Asean GDP growth forecast to 2.9%, down from 4.3%

Published Mon, Mar 23, 2020 · 09:50 PM

CITI Research economists have slashed their 2020 economic growth forecast for Asean to 2.9 per cent, down from a January prediction of 4.3 per cent, as the Covid-19 outbreak reaches an "inflection point" in South-east Asia.

This reflects further extended drag on tourism; weaker domestic demand from both social distancing measures and the "fear factor"; transitory supply shocks and a drop in external demand for exports as the virus spreads to developed markets, Citi said in a report on Thursday.

The assessment is made following an "exponential jump" in new cases in Asean since March 14, Citi s…