In the October 2024 update of the AREO, AMRO forecasts the ASEAN+3 region to grow at 4.2 percent in 2024 and improve to 4.4 percent in 2025. Continued recovery in external trade and tourism, alongside resilient domestic demand, will remain the key drivers of growth.
The latest 2024 forecast for the ASEAN+3 region represents a slight downward revision from the July 2024 AREO Update forecast of 4.4 percent, primarily due to adjustments for China and Vietnam. The Plus-3 economies (China; Hong Kong, China; Japan; and Korea) are projected to grow at 4.1 percent, while ASEAN is expected to expand by 4.7 percent in 2024.
AMRO expects the ASEAN+3 region growth to strengthen to 4.4 percent in 2025, aligning with expectations of stable external demand and resilient domestic demand amid easier financial conditions.
Press Briefing: ASEAN+3 Regional Economic Outlook - October 2024 Update
Highlights: ASEAN+3 Regional Economic Outlook – October 2024 Update
