ASEAN – ECONOMY: ASEAN Economic Scoreboard as of 13 January
Gavroche has selected some economic news from Southeast Asia for you last week. An essential news overview for anyone interested in the region’s economy.
Malaysia exports palm oil to the EU
Malaysia said on Thursday it may stop exporting palm oil to the European Union in response to a new EU law aimed at protecting forests by strictly regulating the sale of the product. Commodities Minister Fadillah Yusof said Malaysia and Indonesia will discuss legislation that would ban the sale of palm oil and other products linked to deforestation unless importers can prove that their production does not harm forests. The EU is a major importer of palm oil, and the law passed in December sparked protests in major producers Indonesia and Malaysia.
Indonesian data center investment boom to continue in 2023
Investments in Indonesian data centers surged in 2022, and industry insiders say the trend will continue in 2023 due to high demand for digital adoption, given that the internet economy is a vital resource for the country’s development. Governments, private investors, public companies and conglomerates have invested heavily in data centers in the past year. According to a report by Mordor Intelligence, the data center market was worth USD 1.67 billion in 2022. The market research firm also forecasts a compound annual growth rate (CAGR) of 13.15% for the sector from 2022 to 2027, which translates into the market. The value in 2027 is $3.43 billion.
The 500 largest companies in Vietnam in 2022 have been announced
Vietnam’s top 500 largest companies (VNR500) and the top 10 most influential companies in 2022 in pharmaceuticals, logistics, tourism, transportation and pets were announced on January 5 by Vietnam Report and online newspaper VietNamNet. Companies leading the VNR500 list are Samsung Electronics Thai Nguyen Co., National Oil and Gas Group (PetroVietnam – PVN), Vietnam Electricity Group (EVN), Vietnam Gasoline and Oil Group (Petrolimex), Hoa Phat Group, Vietnam Army Industrial and Telecommunication Group. Viettel), Vingroup, Agriculture and Rural Development Bank of Vietnam (Agribank), The Gioi Di Dong Group (Mobile World – MWG) and Vietnam Investment and Development Bank (BIDV). The country’s top 10 private companies, including Vingroup, Mobile World, Doji Group, Hoa Phat and Masan…
Cambodia’s exports to the United States will increase by nearly 20% in 2022
In 2022, Cambodia exported products worth about 9 billion US dollars to the US market. This figure means an increase of 19.7% compared to the same period last year. Ministry of Economy and Finance. Meanwhile, Cambodia’s imports from the US fell 7.1 percent to more than $312 million, the report added. Cambodia’s main exports to the US are textiles, footwear, travel goods and agricultural products, while its main imports are vehicles, animal feed and machinery.
NBC’s growth forecast for 2023 is 6%
The National Bank of Cambodia (NBC) forecasts the country’s gross domestic product (GDP) to grow by nearly 6% in 2023, according to a recent report released by NBC. Growth should be supported by apparel and non-apparel products, which should grow by 6.9% and 14.3%, respectively. The macroeconomic and banking sector development in 2022 and the forecast for 2023 published by the BNC on Wednesday show that the agricultural sector is expected to grow by a further 1.1% thanks to the implementation of the regional Comprehensive Economic Partnership (RCEP) agreement. free trade. (FTA) between Cambodia and other countries such as China and South Korea. The report also predicts that the tourism sector will continue to grow at a slower pace of 18.5%, while the construction and real estate sectors will grow at a slower rate of 1.7% and 1.2%, respectively, thanks to an increase in domestic and international tourist arrivals.
Famous British clothing retailer Paul Smith opens a store in Cambodia
Paul Smith Clothing Store, a famous British clothing store, will officially open in Phnom Penh on January 15, 2023. The store will be located at Chip Mong Shopping Mall 271 Mega Mall on the first floor. The Paul Smith fashion company was founded in 1970 and has spread to more than 70 countries.
Inflation forecast in the Philippines at 5.1% in 2023
Private economists polled by the Bangko Sentral ng Pilipinas last month expect inflation to hit 5.1% in 2023, beating the Monetary Board’s forecast of 4.5%. Highlights of the December 15 monetary board meeting noted that inflation remained high ahead of the decision to raise the policy rate by 50 basis points that day.
Indonesia plans to limit development of nickel smelters
Indonesia will limit the construction of nickel plants to ensure new factories produce high-value-added products, including inputs for electric vehicle batteries and adhere to green principles in the production process, said Bahlil. Lahadalia, investment minister.
The Philippines is planning a bond sale of at least 30 billion pesos
The Philippines plans to hold an auction on Feb. 7 to set a price for an initial tranche of at least 30 billion pesos, the equivalent of billions of U.S. dollars, to finance public infrastructure and social projects.
Bank of Laos (BOL) closes 113 currency exchange offices
BOL revoked business licenses of 113 foreign exchange firms affiliated with six commercial banks in the country. He also instructed the banks to stop the contracts with these companies. BOL will now continue to close deposit accounts. Foreign exchange firms were also asked to return any contracts or agreements to the Department of Monetary Policy or relevant departments of the BOL by January 31.
