South-east Asia poised for better growth in 2024, with Indonesia leading the charge

SOUTH-EAST Asia will see improved growth in 2024 amid a gloomy global outlook, with analysts expressing optimism due to a recovery in the electronics sector, steady domestic demand, higher public investment and the ongoing rebound in travel and tourism.

In a recent report, the Asian Development Bank (ADB) projected the region’s gross domestic product (GDP) to expand by 4.7 per cent this year, up from 4.3 per cent in 2023.

Analysts from Nomura Global Research, meanwhile, said they expect GDP for the Asean-5 countries – Indonesia, Malaysia, the Philippines, Singapore and Thailand – to grow by an aggregate rate of 4.5 per cent in 2024, from 3.9 per cent last year.