Economic growth has picked up from the sharp falls in Q2 2020, but the recovery across the ASEAN-6 economies has been uneven. Varying success in containing infections, the extent of policy stimulus, and countries’ export composition have created winners and laggards. Vietnam has been a clear winner, as its successful containment of infections has led to faster normalisation in activity, with GDP already back above pre-Covid-19 levels. However, Thailand and the Philippines have lagged. Travel restrictions have weighed on the recovery in Thailand, despite its earlier success in controlling infections, while prolonged lockdowns have weighed on activity in the Philippines.
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