Faced with an unprecedented global crisis, governments across the ASEAN+3 region responded quickly to the COVID-19 pandemic and deployed strict policy measures to contain the spread of the virus.
Following a strong 6.3 percent expansion last year, Hong Kong’s GDP is expected to contract by 2.5 percent in 2022 before rebounding by 4.3 percent in 2023.
The ASEAN+3 Macroeconomic Research Office (AMRO) today shaved down its short-term growth forecast for the ASEAN+3 region, reflecting the impact of the recent COVID-19 outbreak in China and stronger headwinds arising from the war in Ukraine and tighter global financial conditions.
In this July 2022 quarterly update, AMRO shaves down its short-term growth forecast for the ASEAN+3 region to reflect the impact of the recent COVID-19 outbreak in China and stronger headwinds arising from the war in Ukraine and tighter global financial conditions.
The COVID-19 pandemic has seen ASEAN+3 members introduce and implement a wide array of policies.
After more than 2 years of the COVID-19 pandemic, the crisis may have left lasting scars on ASEAN+3 economies. How can they minimize these pandemic scars and take advantage of new and emerging growth drivers to secure a resilient and sustainable future?
The economic fallout from the prolonged pandemic has required extensive policy responses, leaving a large dent in policy space.
Regions across the globe have been facing a double-shock as the pandemic triggered a demand shock and supply disruptions while economies were recovering.
AMRO forecasts the ASEAN+3 region to grow by 4.7% in 2022 and 4.6% in 2023. While growth is expected to normalize as the pandemic recedes, the outlook is clouded by new and legacy risks. Watch the highlights of the 2022 ASEAN+3 Regional Economic Outlook.
SINGAPORE, April 21, 2022 – The Indonesian economy is on track to a firm recovery as a result of effective pandemic containment measures and policy support. In light of ongoing pandemic…