Europe’s economic woes hit Southeast Asian exporters

Skyrocketing inflation and energy costs are expected to dampen European spending on retail goods, which will come down hard on Asian production centers.

Southeast Asian exports are beginning to be hit by the economic challenges faced by Europe, as concerns grow that possible recessions in the West could also strain Southeast Asia’s economic recovery efforts well into 2023.

Spiking inflation and energy costs, as well as other economic impacts of the Ukraine war, are likely to see European economies struggle over the coming 12 months, with consumers cutting back on spending.

This is expected to have a significant impact on Southeast Asian exporters, particularly those in textile manufacturing, the largest export sector for several countries in the region.

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