Impact of COVID-19 on ASEAN Economy Research and Forecast 2019-2025

ASEAN is a group of ten countries in Southeast Asia with an aim to promote intergovernmental corporation between each other in the region. Any of the countries of the ASEAN has not been affected similarly to the US, China, or a European country due to coronavirus, however; considerable increment in the number of infected people has been witnessed in the region in March 2020. Malaysia, a country with a population of 32 million has registered more than 3,600 by 6th April 2020. Indonesia is the fourth most populated country across the globe and due to this, it is highly vulnerable to the COVID-19 pandemic. By far, around 2,300 cases have been registered in the country. Besides, Singapore has registered around 1,300 cases by 6th April 2020.

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After a sudden spike in cases related to coronavirus, a lockdown was imposed in Malaysia for two weeks on 18th March 2020. On 25th March 2020, the lockdown was extended till 14 April. However, the Indonesian government is not in favor of any lockdown until now to restrict the spread of the pandemic. Instead, the government has opted for the route of large scale social distancing. The country has also announced an emergency fund of $1.5 billion for social assistance and subsidies for low-income workers. Vietnam, one of the top exporters of electric equipment and clothing, has not witnessed a significant number of cases related to coronavirus however the country will witness a downfall of its exports due to global pandemic spread. Moreover, a disruption in the supply chain will also witness in the country. To remain safe a number of manufacturing units have been shut down in the country including TC Motor of Hyundai and Honda Vietnam.

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On the basis of industry verticals, the impact of COVID-19 pandemic in ASEAN is studied into automotive, energy, healthcare, retail & e-commerce, agribusiness & food, aviation, construction, manufacturing, travel & tourism, and other verticals. Aviation, travel & tourism, and construction are among the most affected vertical due to the COVID-19 pandemic in the region. Geographically, the report analyzes the effect of COVID-19 spread on major economies of the region including Malaysia, Singapore, Indonesia, Thailand and the Rest of ASEAN countries.

The key companies operating in ASEAN getting affected by the COVID-19 pandemic include AirAsia Berhad, Airports of Thailand Public Co. Ltd., Indorama Ventures Public Co. Ltd., Singapore Airlines Ltd., The Siam Cement Group Public Cp. Ltd., Wilmar International Ltd. and so on. Companies operations have been halted or operating at very low capacity due to government guidelines as well as a reduction in the workforce. For instance, on 22nd March 2020, Singapore Airlines announced to reduce its 96% flights till the end of April due to the pandemic.

Impact of COVID-19 on ASEAN Economy- Segmentation

• Automotive
• Energy
• Healthcare
• Retail & E-commerce
• Agribusiness and Food
• Aviation
• Construction
• Manufacturing
• Travel and Tourism
• Others (Electronics, ICT)

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Regional Analysis

• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of ASEAN Countries

Companies Profile

• AirAsia Berhad
• Airports of Thailand Public Co. Ltd.
• PT Astra International Tbk
• Astro Malaysia Holdings Berhad
• Axiata Group Berhad
• Banyan Tree Holdings Ltd.
• Charoen Pokphand Foods Public Co. Ltd.
• ComfortDelGro Corp. Ltd.
• CP All Plc
• Delta Electronics (Thailand) PCL
• DRB-HICOM Berhad
• Flex Ltd.
• IHH Healthcare Berhad
• Indorama Ventures Public Co. Ltd.
• Keppel Corp. Ltd.
• Malaysia Airports Holdings Berhad
• Olam International Ltd.
• PT Adaro Energy Tbk
• PT Gajah Tunggal Tbk
• PT Hero Supermarket Tbk
• PT Pertamina
• PT Telekomunikasi Indonesia Tbk

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