Currency depreciation against the United States dollar did not boost exports much, due in part to stable or appreciating real effective exchange rates and offsetting effects on companies with high dollar debt.17 At the same time, consumer spending moderated in some countries on the back of slower job creation, high household debt and weak rural incomes. Mild inflation and low interest rates were unable to stimulate domestic demand as much as in the past. Given the subpar demand in both external and domestic markets, private investment was not robust either. Fiscal policy was generally supportive, such as strong growth in social spending and capital expenditures in Indonesia, the Philippines and Thailand. Except for the Lao People’s Democratic Republic and Malaysia, subregional countries still have relatively low levels of public debt and external debt. In particular, consumer spending and investment are expected to steadily strengthen in Indonesia and Thailand - the two largest economies in South-East Asia - benefiting from economic stimulus and reform measures introduced in late 2015.