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The US Inflation Reduction Act and ASEAN+3 Electric Vehicle Exports Mountain or Molehill?

The United States passed the Inflation Reduction Act of 2022 (IRA), which includes a controversial incentive to accelerate the adoption of electric vehicles (EVs) produced domestically. This analytical note examines the potential implications of the IRA for the ASEAN+3 EV industry and members’ growth strategy going forward.

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ASEAN+3 Regional Economic Outlook 2023

AMRO forecasts growth in ASEAN+3 at 4.6 percent this year and 4.5 percent in 2024, with growth for ASEAN at 4.9 percent and 5.2 percent, respectively. The report’s thematic chapter focuses on climate change mitigation and transitioning to net zero, and the implications for the long-term macroeconomic and financial development of the ASEAN+3 region as a whole.

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