Korea's economy is forecast to rebound to an above-potential rate of 2.3 percent in 2024, supported by continued strengthening in goods exports, especially semiconductors.
Vietnam’s economy is expected to strengthen to 6.0 percent growth in 2024 from 5.1 percent growth in 2023.
The ASEAN region is expected to benefit from a combination of these favorable factors, with growth in 2024 and 2025 forecast at 4.8 and 4.9 percent, respectively while growth in the Plus-3 region is expected to remain robust at 4.3 and 4.1 percent, respectively.
The Indonesian economy expanded by 5.0 percent in 2023 and is projected to strengthen to 5.2 percent in 2024.
The Japanese economy is forecast to grow at a steady pace of 1.1 percent in 2024 after a strong recovery of 1.9 percent in 2023.
Following a contraction in 2022, Hong Kong’s economy rebounded to record 3.2 percent growth in 2023.
China’s economy should recover steadily in 2024, supported by well-calibrated and targeted monetary, financial, and fiscal policies.
AMRO maintained its 2024 growth forecast of 4.5 percent for the ASEAN+3 region in its January quarterly update.
Korea’s near-term growth outlook is expected to continue improving, reflecting the upturn in manufacturing exports, especially semiconductors.
Indonesia’s economic growth continued to perform robustly, led by resilient domestic consumption and strengthening investment.
