Straits Times Singapore: ASEAN still has solid potential for growth: Business leaders
THE head honchos of three major South-east Asian firms have given upbeat takes on the long-term outlook for Asean economies, even though regional markets continued to roil yesterday.
The volatility that has hit emerging markets in recent weeks, amid increased speculation about a winding down of stimulus measures by the United States, was only to be expected, they said.
The ringgit fell yesterday to a three-year low against the US dollar, after the government said Malaysia’s current account surplus had plummeted in the second quarter because of softer exports.
In Indonesia, which is running a record current account deficit, the stock market turned bearish yesterday, plunging 20 per cent from a record high set three months ago. Meanwhile, the rupiah dropped to a four-year low against the greenback.