Macquarie has revised down its ASEAN (Indonesia, Malaysia, Singaporean and Thai) GDP growth forecasts due to lower liquidity and weak exports. The broker says that ASEAN is entering a modest economic downgrade cycle with slower credit growth that is set to disappoint markets. Longer-term reform is also required in these countries, according to Macquarie. Looking at both the urgency of reform and liquidity impact, the biggest adjustments are needed in Indonesia and Malaysia. The broker is most optimistic about growth in the Philippines and Thailand.