ASEAN+3 Macroeconomic Research Office

Videos

Watch: ASEAN+3 Fiscal Policy Report 2025

April 21, 2025

Watch: How can ASEAN+3 navigate fiscal strategy through uncertainty?

Press Releases

ASEAN+3 Fiscal Policymakers Urged to Stay Agile Amid Heightened Uncertainty and Rising Protectionism

April 21, 2025

The AFPR highlights that ASEAN+3 policymakers need to maintain flexibility to respond swiftly to emerging shocks amid heightened uncertainties, particularly given rising protectionist trends.

Policy Perspectives

ASEAN+3 Fiscal Policy Report 2025

April 21, 2025

Byunghoon Nam, Seung Hyun (Luke) Hong

This year’s report provides a comprehensive assessment of recent fiscal developments and the fiscal outlook for ASEAN+3 economies in FY2025.

ASEAN+3 Regional Economic Outlook

ASEAN+3 Regional Economic Outlook 2025

April 15, 2025

Allen Ng, Andrew Tsang, Anthony Tan, Byunghoon Nam, Catharine Kho, Chunyu Yang, Fan Zhai, Haobin Wang, Jade Vichyanond, Jinho Choi, Jungsung Kim, Lay Lay Aung, Megan Chong, Naoaki Inayoshi, Nguyen Thi Kim Cuc, Pim-orn Wacharaprapapong, Poh Lynn Ng, Seung Hyun (Luke) Hong, Tanyasorn Ekapirak, Vanne Khut, Wanwisa May Vorranikulkij, Wee Chian Koh, Xianguo (Jerry) Huang, Yuhong Wu

The ASEAN+3 region maintained stable growth of 4.3 percent in 2024 despite various uncertainties and is positioned to remain resilient.

Other Research

Fiscal Management of Social Protection Systems in Selected ASEAN+3 Economies

April 3, 2025

Dek Joe Sum, Seung Hyun (Luke) Hong

This report provides an analysis of the fiscal management of social protection systems across selected ASEAN+3 economies.

Annual Consultation Reports

AMRO’s 2024 Annual Consultation Report on Vietnam

March 6, 2025

Dac Toan Nguyen, Ginanjar Wibowo, Ivan Lim, Jade Vichyanond, Sumio Ishikawa, Trung Thanh Vu, Van Duc Tran, Wanwisa May Vorranikulkij

Vietnam’s economy is estimated to grow by 6.5 percent in 2025, after posting a strong 7.0 percent growth in 2024. Despite potential headwinds from heightened US trade protectionism, growth is projected to be supported by improving domestic demand and frontloaded external orders.

Annual Consultation Reports

AMRO’s 2024 Annual Consultation Report on Japan

March 4, 2025

Aruhan Rui Shi, Koon Hui Tee, Paolo Hernando, Pim-orn Wacharaprapapong, Runchana Pongsaparn, Shunsuke Endo, Wee Chian Koh

The Japanese economy is projected to grow at 1.3 percent in 2025. While inflation has eased, it is expected to remain above the Bank of Japan’s target.

Blogs

The Post-Pandemic Fiscal Tightrope

March 3, 2025

Carlos Giraldo, Hoe Ee Khor, Rolf Strauch

As economies worldwide start to emerge from the inflation-fueled cost-of-living crisis that followed the COVID-19 pandemic, fiscal policymakers are confronting a sobering reality: they are not out of the woods yet.

Other Research

AMRO’s Country Fiscal Review on Vietnam

February 18, 2025

Byunghoon Nam, Seung Hyun (Luke) Hong

The inaugural AMRO Country Fiscal Review (CFR) report on Vietnam provides a comprehensive review of the key fiscal institutions shaping Vietnam’s fiscal policymaking.

Blogs

Policy Priorities to Safeguard Longer-Term Fiscal Sustainability in Brunei

June 27, 2024

Anthony Tan

In the recent decade however, Brunei’s hydrocarbon-based economic model has come under increasing pressure, reflecting major disruptions in offshore oil and gas production.

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