ASEAN+3 Financial Stability Report 2025
October 9, 2025
The AFSR 2025 explores the evolving risks and vulnerabilities shaping ASEAN+3’s financial landscape and how the region is building greater resilience for the future.
October 9, 2025
Andrew Tsang, Chenxu Fu, Chiang Yong (Edmond) Choo, Eunmi Park, Ivan Lim, Junjie Shi, Kuchsa Dy, Leilei Lu, Prashant Pande, Runchana Pongsaparn, Ruperto Majuca, Shunsuke Endo, Yang Jiao, Yoki Okawa
The AFSR 2025 explores the evolving risks and vulnerabilities shaping ASEAN+3’s financial landscape and how the region is building greater resilience for the future.
April 22, 2025
Chenxu Fu, Chiang Yong (Edmond) Choo, Eunmi Park, Ivan Lim, Prashant Pande, Runchana Pongsaparn, Yoki Okawa
This analytical note attempts to assess the post-liberation impact on ASEAN+3 financial markets, conduct a comparative study with the 2018 China-US trade tension to draw lessons learned and identify potential risks at sectoral level.
March 10, 2025
Singapore’s economy showed resilience in 2024, with growth accelerating to 4.4 percent on the back of a strong upturn in electronics exports and robust domestic demand.
January 10, 2025
Catharine Kho, Justin Lim, Kevin C. Cheng, Leilei Lu, Prashant Pande, Yoki Okawa
Singapore’s economic growth is expected to strengthen in 2024 to 3.7%, driven by an upturn in exports and resilient domestic demand.
October 10, 2024
Alex Liyang Tang, Benyaporn Chantana, Chenxu Fu, Chiang Yong (Edmond) Choo, Eunmi Park, Ivan Lim, Jungsung Kim, Junjie Shi, Leilei Lu, Prashant Pande, Ruperto Majuca, Trung Thanh Vu, Yang Jiao, Yoki Okawa
This year’s AFSR expands its scope to chart a broader array of risks and challenges confronting the region in the period ahead.
March 7, 2024
Andrew Tsang, Diana del Rosario, Fan Zhai, Jade Vichyanond, Jinho Choi, Justin Lim, Kimi Xu Jiang, Nguyen Thi Kim Cuc, Paolo Hernando, Suan Yong Foo, Tanyasorn Ekapirak, Tolakham Vann, Vanne Khut, Wanwisa May Vorranikulkij, Yoki Okawa
This database presents a summary of the capital flow management and macroprudential policy measures deployed by each ASEAN+3 member economy since the 1990s or 2000s.
January 24, 2024
Kit Yee Lim, Siang Leng Wong, Yoki Okawa
East Asian companies are more leveraged than their global counterparts. For the 10 member states of ASEAN, the ratio of corporate debt to gross domestic product stood at 80.7% as of March 2023.
January 9, 2024
Laura Grace Gabriella, Siang Leng Wong, Yoki Okawa
Financial crises are simply too costly for any country and the ASEAN+3 economies must make every effort to prevent them
December 5, 2023
Benyaporn Chanthana, Chiang Yong (Edmond) Choo, Eunmi Park, Kevin C. Cheng, Kimi Xu Jiang, Laura Grace Gabriella, Leilei Lu, Prashant Pande, Sean R. Craig, Siang Leng Wong, Yoki Okawa
The ASEAN+3 Financial Stability Report (AFSR) 2023—AMRO’s second flagship report—is the ASEAN+3 region’s pioneering financial stability report.
November 9, 2023
Benyaporn Chantana, Chanthevivanh Keobounphanh, Naoaki Inayoshi, Nguyen Thi Kim Cuc, Phiengphathai Maniphone, Ravisara Hataiseree, Somphone Changdabout, Sota Nejime, Sumio Ishikawa, Yoki Okawa
Lao PDR’s economic growth is projected to accelerate to 4.8 percent in 2023 from 4.4 percent in 2022, bolstered by the service sector.