J.P.Morgan：东盟2026年经济展望报告（英文版)

Two weeks ago, we published our EM Asia Year Ahead 2026outlook. The main message was that regional growth willremain resilient via a rotation of drivers from the external sec-tor to domestic demand. For ASEAN, we expect fixed assetinvestment to pick up the slack against a softer exports out-look -key examples being data centers in Malaysia,Danant-ara-led strategic investments in Indonesia, and public infra-structure in Vietnam. On average, GDP growth is expected tomoderate from 4.8%in 2025 to