SINGAPORE, October 28, 2021 – ASEAN+3 leaders have reaffirmed their strong support for the Chiang Mai Initiative Multilateralisation (CMIM) Agreement and the mandates given to the ASEAN+3 Macroeconomic Research Office (AMRO) at the 24th ASEAN+3 Leaders’ Summit hosted by Brunei Darussalam on October 27, 2021.
“AMRO was invited to participate in the ASEAN+3 Leaders’ Summit for the first time as an observer. The invitation coincided with AMRO’s tenth anniversary,” says AMRO Director, Toshinori Doi.
“AMRO’s attendance at this preeminent meeting for the ASEAN+3 region highlights our mission as a trusted policy advisor for the region, especially in these challenging times amid the COVID-19 pandemic,” adds Mr. Doi.
As the international organization supporting the implementation of the CMIM, AMRO focuses on macroeconomic surveillance under the ASEAN+3 cooperation process, and has provided a policy note on regional economic developments and regional financial cooperation to the annual ASEAN+3 Leaders’ Summit since 2017.
AMRO’s policy note for the 2021 Leaders’ Summit states that the ASEAN+3 economies are gaining recovery momentum.
“With its progress in vaccination, the ASEAN+3 region as a whole should grow by 6.1 percent this year and 5 percent next year, with inflation projected to rise to 2.9 percent in 2022 from 2.4 percent this year,” says Mr. Doi.
“The persistence of the pandemic underscores the importance of ASEAN+3 regional cooperation in preparing for the post-pandemic recovery. Members have reiterated their commitment to strengthening the CMIM regional financing arrangement, and significant progress has been achieved to drive it forward,” adds Mr. Doi.
AMRO advises policymakers to focus on targeted policy measures that continue to support hard-hit sectors, minimize scarring effects that could lead to lasting inequalities and social inequity, and facilitate the transition to the new digital economy. Existing policy support should be phased out in a gradual and well-communicated manner to avoid jeopardizing the recovery.
The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organization established to contribute towards securing the macroeconomic and financial stability of the ASEAN+3 region, comprising the 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 the implementation of the regional financial arrangement, the Chiang Mai Initiative Multilateralisation (CMIM) facility, and provide technical assistance to members.