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CLMV economies Outlook by EIC Q1/2021

Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.

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The global recession and COVID-19 pandemic heavily affected CLMV economies in 2020, resulting in major slowdown in Vietnam and Myanmar whereas Laos and Cambodia faced economic contractions from additionally specific negative factors.

While showing signs of bottoming out in 2020, the overall CLMV recovery thus far remained sluggish, with the exception of Vietnam, supported by its robust exports and success in contained COVID-19 cases. For 2021F, EIC expects the overall CLMV economic recovery to remain gradual and uneven, while continuing to hinge on 3 major factors:

1) the effectiveness of COVID-19 containment and vaccine progress,

2) the size of stimulus packages to mitigate the scarring effects, while waiting for the herd immunity, expected to take place in 2022F in this region, and

3) country specific risks, such as debt distress in Laos and recent political uncertainty in Myanmar.

Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.

Meanwhile, Myanmar is expected to have another sluggish year due to negative factors from both the prolonged COVID-19 pandemic and political turmoil.


Source : CLMV Outlook / CLMV Outlook by EIC Q1/2021 | Economic Intelligence Center (EIC)

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Banking

Malaysia, Thailand banks to join the ASEAN Banking Integration Framework

Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to become a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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Pursuant to the bilateral arrangement under the ASEAN Banking Integration Framework (ABIF) between Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) which was concluded in April 2019, banking institutions from Thailand and Malaysia are invited to indicate their interest to be a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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Tech

Global fashion e-tailer Shein launches new hub in Singapore

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Shein has websites for Singapore, Indonesia, Thailand, Vietnam, and the Philippines and has plans to create a standalone website for Malaysia too.

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