The post-pandemic “recovery” year of 2022 was beset by new challenges as the ASEAN+3 region was buffeted by multiple external shocks. Overall, the ASEAN+3 region grew at 3.2 percent in 2022. The lifting of COVID-19 containment measures led to a surge in consumer spending and investment. Meanwhile, inflation in the region rose to 6.5 percent in 2022, due mainly to supply disruptions caused by the Ukraine crisis, the release of pent-up demand in advanced economies, and the lingering impact of supply chain bottlenecks. Looking ahead, growth in ASEAN+3 is fraught with uncertainties and a calibrated policy mix is essential to navigate the challenges that 2023 will bring.
The ASEAN+3 Regional Economic Outlook 2023 (AREO 2023) covers key macroeconomic developments in the ASEAN+3 region and assesses the risks to the outlook. During the launch of AREO 2023, Chief Economist Hoe Ee Khor presented the report’s main findings and answered questions from the media with Deputy Group Head and Senior Economist for Regional Surveillance Anthony Tan.
Watch the replay for their insights!