ASEAN+3 Economies Set for Solid Growth Amid Uncertainties
The ASEAN+3 Macroeconomic Research Office (AMRO) predicts the ASEAN+3 region to grow at 4.2% in 2024, slightly lower than the previous forecast of 4.4%, due to economic adjustments in China and Vietnam.
However, growth is expected to strengthen to 4.4% in 2025, driven by recovering external trade, tourism, and resilient domestic demand. The Plus-3 economies (China, Hong Kong, Japan, Korea) are forecasted to grow at 4.1%, while ASEAN nations will expand by 4.7% in 2024.
ASEAN+3 Economies
Inflation in the region (excluding Lao PDR and Myanmar) is forecast to moderate to 1.9% in 2024. Risks include potential market volatility and protectionist policies, especially after the U.S. election, which could affect US-China trade relations.
Positive impacts are expected from global monetary policy easing and China’s stimulus measures. AMRO stresses the need for regional cooperation to manage rising external uncertainties. Full details are available in AMRO’s latest ASEAN+3 Regional Economic Outlook (AREO) report.