Covid appears to be the ‘Achilles’ heel’ for Southeast Asian economies, says Jeffe …

covid appears to be the achilles heel for southeast asian economies says jefferies

Sumary of Covid appears to be the ‘Achilles’ heel’ for Southeast Asian economies, says Jefferies:

  • SINGAPORE — The failure to contain Covid infections is impeding the recovery of many Southeast Asian economies, says Sean Darby from Jefferies.
  • “That seems to be the Achilles heel for the ASEAN economies at the moment,” he said referring to Association of Southeast Asian Nations regional grouping.
  • Goldman Sachs recently slashed its 2021 growth forecasts for major economies in Southeast Asia as a surge in the more infectious delta variant triggered daily record highs in infections in Indonesia, Malaysia and Thailand these past weeks.
  • Indonesia’s credit rating under pressureThe surge in infections regionally has also called into question the credit ratings of South East Asia’s economies.
  • “A resurgence in more infectious mutations of the virus poses significant risks to Indonesia’s economic recovery,” Moody’s said in the report.
  • Sean DarbyJefferiesDarby said Indonesia’s situation has to be put into context: The country’s balance of payments position is “actually very good,” he said, adding that its foreign exchange reserves are near record highs.

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