How the AI semiconductor boom rescued the Asian economy

The economic headwind

The global economy faced a severe energy shock in early 2026. Around 80 percent of vessel transit through the Strait of Hormuz remained disrupted, leading to sustained high energy and commodity prices. These logistical bottlenecks and cost increases put substantial pressure on manufacturing supply chains across Asia. Despite the onset of the Middle East conflict, ASEAN+3 grew firmly by 4.4 percent in the first quarter of 2026.

The hardware rescue

This economic resilience emerged directly from the technology sector. Regional export growth, in particular, remained strong, buoyed by robust AI-led semiconductor and electronics demand. Overall, ASEAN+3 export growth accelerated to almost 20 per cent in the first quarter of 2026, with AI-enabling goods accounting for almost two-thirds of the increase. The upturn was driven by the global memory cycle, with worldwide semiconductor sales nearly doubling in the first five months of the year.

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Source institutions：ASEAN+3 Macroeconomic Research Office

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