Asia Pacifc
Economic
Outlook
4th Quarter 2017
COVER IMAGE BY JESSICA MCCOURT
Q4 2017Q4 2017
CONTENTS
Malaysia|3
Pushing the pedal faster through turmoil
The Philippines|7
Poised for strong growth again
Taiwan|13
Export growth bodes well for GDP expansion
Vietnam|17
Fast and steady
Asian exports|23
Time to bet on a strong show
Asia Pacifc Economic Outlook2
Malaysia
Pushing the pedal faster through turmoil
By Rumki Majumdar
Introduction
After starting the year on a frm note with frst
quarter growth of 5.6 percent, Malaysia posted even
stronger growth of 5.8 percent in the second quar-
ter of 2017, beating market expectations of a slight
slowdown (Reuters’ poll forecast).1 Backed by strong
domestic demand, particularly due to private sec-
tor spending, exports, and broad-based expansion
across all major sectors, economic growth was the
fastest in two years.
Private consumption grew 7.1 percent and pri-
vate investment grew 7.4 percent annually in Q2
2017. In large part, the unexpected strength was
probably because of the government cash handouts
and subsidies to low-income households and hous-
ing packages to the country’s majority ethnic group,
which cushioned the fall in total personal income
due to weaker wages. On the other hand, improving
global conditions and strong demand for electronics
boosted exports, which grew strongly for the second
consecutive quarter, at a rate of 9.6 percent.
On the supply side, the manufacturing and ser-
vices sectors performed robustly, registering annual
growth of 6.0 percent and 6.3 percent, respectively,
in Q2. Double-digit growth in manufacturing prod-
uct sales and retail trade since February 2017 and an
above-20.0 percent growth in goods exports in the
last two quarters boosted the manufacturing sector.
The Malaysian economy registered the fastest growth in two years
for two consecutive quarters, due to stronger private spending and
exports. While the growth outlook for the economy has been revised
up, there are considerable risks, primarily from political uncertainty
and the economy’s continued dependence on oil exports for its
growth and revenue.
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