The IMF expects economic growth in ASEAN-5 countries to reach 4.8 percent in 2020 and 5.1 percent in 2021, a downward revision of 0.1 percentage points for 2020 and 2021 projections compared to those in the fund’s World Economic Outlook released in October 2019.

Growth in the ASEAN-5 countries is projected to remain stable in 2020 before picking up in 2021, after slowing to 4.7 percent in 2019 from the IMF’s October projection of 4.8 percent.

In October 2019 report, the IMF stated Indonesia's gross domestic product (GDP) was expected to expand just 5 percent in 2019 and 5.1 percent in 2020.

Despite a boost in market sentiments caused by a first-phase trade deal between the US and China, the IMF revised down its global growth forecast, mostly because of a sharper-than-expected slowdown in India and other emerging markets.

“Growth prospects have been revised down slightly for Indonesia and Thailand, where continued weakness in exports is also weighing on domestic demand,” the IMF report said.