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How Asean feels the heat from 'someone else's war'

Lim Hui Jie
Lim Hui Jie3/17/2022 09:02 PM GMT+08  • 7 min read
How Asean feels the heat from 'someone else's war'
Despite the Russia-Ukraine conflict being far away, its effects can be felt close to home. Find out how.
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As the Russian invasion of Ukraine reaches its three-week mark, the economic fallout raises the possibili­ty of tipping economies into recession — specifically those in Eu­rope already burdened with inflationary woes, warns Chua Hak Bin, Maybank Investment Banking Group’s regional co-head for macro research.

Now, despite the conflict feeling like “someone else’s war” due to the distance it is taking place from Ase­an, the economic impact can be felt in the region.

In a webinar on March 14, Chua ob­serves that although Asean has relative­ly small trade links with Russia, with the latter only making up only 0.4% of trade and 0.1% of foreign direct in­vestment (FDI), the effects of the con­flict could spill over to affect the Eu­ropean market, which could have a “larger adverse impact on us”, he says.

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