“Building Capacity and Connectivity for the New Economy in East Asia” Seminar Nadi, Fiji 1 May 2019 (As prepared for delivery) Distinguished guests, panellists, colleagues, ladies and gentlemen 1. Good…
Watch this two-minute video to learn how the ASEAN+3 region can prepare for the new economy and tackle the multiple challenges related to strengthening their collective development capacity and cross-border connectivity.
The region should leverage on complementarities, embrace technology, and strengthen multilateralism and regional integration.
The ASEAN+3 region remains resilient, anchored by sustained domestic demand. Regional growth is expected to moderate slightly to 5.1 percent this year, and 5.0 in 2020, reflecting mostly the drag from exports, given the cyclical slowdown in the tech/capex cycle and lingering uncertainties from the U.S.-China trade negotiations.
The ASEAN+3 Regional Economic Outlook (AREO) provides a comprehensive assessment of recent developments and the outlook for the region, taking into account spillovers from the global economy and inter-linkages in international financial markets.
Following strong growth in 2017 and the first half of 2018, Singapore’s economy is expected to expand at a slower pace in 2019.
Singapore’s structural transformation efforts to boost productivity and innovation remain firmly on track, while economic growth is expected to moderate going forward due to softer global growth and easing global tech cycle amid the U.S.-China trade conflict.
A seminar on the theme “Building Capacity and Connectivity for the New Economy in East Asia” follows the launch of the ASEAN+3 Regional Economic Outlook (AREO) 2019.
Amid slowing global growth, weaker external demand, and rising protectionism, the near-term prospects for the ASEAN+3 region is expected to be softer, while the longer term economic fundamentals remain intact.
