The major Southeast Asian nations enjoyed growth in their gross domestic product in the first quarter of 2024. But they are wary of inflation resurging due to their currencies weakening.
Thailand's GDP from January through March showed a real growth rate of 1.5 percent, year on year. Foreign tourists returning after the pandemic boosted profits at hotels and restaurants.
Vietnam's GDP rose 5.6 percent on the back of strong exports of computers and smartphones to the US.
Indonesia, the region's largest economy, saw an increase of 5.1 percent. The figure for the Philippines was plus 5.7 percent, while Malaysia's economy expanded 4.2 percent and Singapore's was up 2.7 percent.
With inflation and monetary tightening prolonged in the United States, Southeast Asian nations are seeing their currencies lose value. Indonesia hiked its interest rates in April for the first time in six months to shore up the rupiah.
Currency depreciation could cause inflation to spike due to higher import prices and have longer-term negative impacts on the economies.