VIENTIANE, LAO PDR, October 10, 2024 – Mr. Kouqing Li, Director of the ASEAN+3 Macroeconomic Research Office (AMRO), today delivered an assessment of the ASEAN+3 region’s economic outlook at the 27th ASEAN+3 Summit. This year’s summit is hosted by Lao PDR as the ASEAN Chair during the 2024 ASEAN Summit held in Vientiane on October 8-11, 2024.
The ASEAN+3 economies maintained solid growth in the first half of 2024, supported by strong domestic demand, rebounding tourism, and export recovery. Despite rising external uncertainties, the ASEAN+3 region is expected to grow by 4.2 percent in 2024 and 4.4 percent in 2025.
“The ASEAN+3 region has demonstrated remarkable resilience, recovering robustly from the COVID-19 pandemic and maintaining solid growth despite strong global headwinds. It continues to be one of the world’s fastest-growing regions,” Mr. Li said. “In the near-term, the region should continue to anchor price stability, address vulnerabilities, and rebuild policy space to prepare for future challenges.”
Looking ahead, the escalation of protectionist policies, geoeconomic fragmentation, and heightened geopolitical tensions could derail the region’s longer-term outlook.
“An increasingly fragmented world calls for greater regional cooperation, and it is imperative for the ASEAN+3 region to become a stabilizing and unifying force. Regional economies must remain committed to the rules-based multilateral trading system and resist protectionist policies that threaten to undo the progress of globalization that has delivered prosperity to our regional economies,” Mr. Li said. “To realize its full potential, the region also needs to address common structural challenges, including rapidly aging population and climate change.”
Mr. Li also reported that AMRO has broadened and improved its surveillance capability. Additionally, significant progress has been made in strengthening the ASEAN+3 region’s financial safety net. The Chiang Mai Initiative Multilateralisation (CMIM) is operationally ready and has been expanded to include a new facility, the Rapid Financing Facility, which aims to support members hit by sudden external shocks such as pandemics and natural disasters.
The ASEAN+3 region comprises 10 members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea. AMRO has attended the ASEAN+3 Summit as an Observer since 2021.
Read the full transcript of Mr. Li’s remarks here.
About AMRO
The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organization established to contribute toward securing macroeconomic and financial stability of the ASEAN+3 region, comprising 10 members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.