Southeast Asia’s economies exhibited mixed performance in the third quarter of 2023. Malaysia, the Philippines, Singapore, and Vietnam saw GDP growth increase in this period, while Indonesia’s and Thailand were slower (Exhibit 1). Muted external conditions and demand for the region’s manufactured and commodity exports are the main reasons behind the slower growth in this quarter. On the other hand, robust domestic demand, government spending, and a continued recovery of the services sector—particularly tourism—have contributed…