The ASEAN+3 economies are in a solid position to mitigate economic headwinds from the escalation of the US-China trade tensions, which have dampened the economic outlook in the region.
Improvements to both soft and hard infrastructure, with a focus on environmental, social, and governance, will be key for East Asia to keep up its growth momentum and reap the benefits of the new economy.
Strengthening regional financial safety nets and ensuring a smooth transition into the new economy are pertinent to the economic stability and well-being of the ASEAN+3 region. This was highlighted across all three outreach events the ASEAN+3 Macroeconomic Research Office (AMRO) held in Australia.
Our previous blog article discussed the key drivers of East Asia’s transformation from the conventional “manufacturing for exports” strategy to a more broad-based “new economy”, and considered some of the region’s efforts to strengthen its capacity and connectivity.
East Asia’s growth model is transforming, surely and rapidly.
The chiefs in charge of finance and monetary authorities in East Asia gathered in early May this year in Fiji to discuss how to further strengthen the regional financing arrangement (RFA), called the Chiang Mai Initiative Multilateralisation (CMIM).
Closing Remarks by Mr Yasuto Watanabe, Deputy Director of AMRO at the 3rd Joint Regional Financing Arrangement (RFA) Research Seminar Luxembourg 16-17 May 2019
The regional rescue funds will discuss, at their 3rd Joint Research Seminar in Luxembourg, how to detect, analyse, prevent and tackle sovereign risk and how they can provide enhanced support, given the heightened global risks related to trade tensions, geopolitical challenges and economic and market uncertainties.
The 3rd Joint Regional Financing Arrangement (RFA) Research Seminar co-organized by the ASEAN+3 Macroeconomic Research Office (AMRO), the European Stability Mechanism (ESM), and the Fondo Latinoamericano de Reservas (FLAR), will be held on May 16 and 17, 2019 in Luxembourg.
AMRO Director Dr Junhong Chang (first row, first from right) poses for a group photo with ASEAN+3 Finance Ministers and Central Bank Governors at the meeting in Fiji on May 2, 2019.
