Economic activity across the ASEAN-5 countries is expected to gradually return to pre-COVID levels. The region is expected to recover faster than most major APAC markets.
While traffic in pharmacies and grocery stores gradually return to pre-COVID levels, retail stores and restaurants will be impacted by consumer fear and lockdown restrictions. As a result, digital channels are becoming increasingly important since they are not impacted by disruptions from additional outbreaks.
These countries have pursued diverging virus management strategies with the Philippines and Indonesia promoting virus tolerance, Thailand and Malaysia striving for virus reduction, and Vietnam attempting virus elimination. The ASEAN economies are likely to recover at varying rates, with Vietnam expected to come out of the pandemic the strongest.
Actions for Business Professionals:
- Pressure-test your ASEAN portfolio
- Identify and prioritize fast recovering customer segments
- Capture opportunities created by digitalization
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