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Political turmoil hurting Thai growth; Jakarta riots leave Indonesia investors on edge

Major Asean economies grappling with post-tariff domestic strife: Thailand downgrades; growth star Philippines dims; Indonesia treads water; Vietnam, Singapore roar on, Malaysia steadies

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Goh Ruoxue

Published Sun, Sep 7, 2025 · 04:10 PM

Economists are holding on to their growth projections for Indonesia for now, noting that the recent protests rocked the political boat, but are unlikely to result in major shifts in government policy. PHOTO: REUTERS

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[SINGAPORE] South-east Asia emerged from the tariff-driven turbulence in the first half-year with decent prints, yet some of its largest markets have either downgraded their forecasts or are expected to miss official full-year growth targets.

As the world enters the home stretch of 2025 and an era that has been branded the slowest decade for global growth, The Business Times re-examines the standings of South-east Asia’s six largest markets, and takes a look at whether key indicators are supporting the nations’ growth stories.

Thailand: Sick man of South-east Asia?

Economists are cutting projections for Thailand’s growth, as the sacking of its fifth prime minister in under 20 years compounded the chaos from its conflict with Cambodia amid a recent string of weak data prints.

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Asean Business South-east Asia Economic growth Philippines Indonesia The Philippines Malaysia Thailand Vietnam Singapore

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