Quarterly Update of the ASEAN+3 Regional Economic Outlook (AREO) – July 2024
In the July 2024 update of the AREO, AMRO has kept its 2024–25 growth forecasts for the ASEAN+3 region broadly unchanged at 4.4 percent and 4.3 percent, respectively.
In the July 2024 update of the AREO, AMRO has kept its 2024–25 growth forecasts for the ASEAN+3 region broadly unchanged at 4.4 percent and 4.3 percent, respectively.
China’s manufacturing landscape is undergoing a major transformation, driven by rising wages, more stringent environmental regulations, a wider adoption of digital technology and opportunities in overseas markets.
In the January 2024 update of the AREO, AMRO maintained its 2024 growth forecast of 4.5 percent for the ASEAN+3 region.
Asian supply chains are evolving from a focus on efficiency to an emphasis on balancing efficiency and resilience. Simultaneously, there is an ongoing push to “green” supply chains as part of a global effort to fight climate change.
This next issue in the Trade Wind Series presents the key takeaways from staff’s discussions in Vietnam, which is that the country has the potential to become a global FDI and supply chain hub if appropriate measures and structural reforms are undertaken.
In the wake of the U.S.-China trade conflict and the COVID-19 pandemic, there has been a notable shift in rhetoric toward supply chain independence and security, consequently challenging China's position as the leading global exporter. Across ASEAN, Vietnam appears to have benefited the most from the rearrangement of global export markets.
In the October 2023 update of the AREO, AMRO forecasts that the ASEAN+3 region will grow by 4.3 percent in 2023, down from July’s projection of 4.6 percent.
This issue analyzes China’s and ASEAN’s trade performance to assess (1) if their respective contributions have materially changed; and (2) China’s changing comparative advantage across sectors and how the rest of the region may be adjusting to benefit from it.
In the July 2023 update of the AREO, AMRO projects the ASEAN+3 region to grow by 4.6 percent in 2023 and 4.5 percent in 2024.