The demand for infrastructure projects in Indonesia is still high, leading the government to encourage further private-sector participation, especially in funding. There are several schemes to mobilize private money.
ASEAN+3 member economies have rolled out fiscal stimulus measures to protect both lives and livelihoods against the COVID-19 pandemic.
Indonesia’s economic prospects have been solid despite external headwinds, supported by a large-scale infrastructure investment program and the continuation of structural reforms, according to the 2019 Annual Consultation Report on Indonesia published by the ASEAN+3 Macroeconomic Research Office (AMRO) today.
Despite its disruptive effects, the ASEAN+3 economies can harness technology for job creation and sustainable economic growth. To successfully do so, regional economies need to create a technology-friendly ecology by investing in hard and soft infrastructure. This insight was shared by government officials, economists, and private sector representatives during a seminar entitled “Building Capacity and Connectivity for the New Economy in East Asia” co-organized by the ASEAN+3 Macroeconomic Research Office (AMRO) and the Bangko Sentral ng Pilipinas (BSP) on June 19 in Manila. This seminar is part of AMRO’s outreach program to introduce key findings of its flagship report, the ASEAN+3 Regional Economic Outlook (AREO) 2019, which is published in early May. It attracted an audience of 80 participants from both the public and private sectors.
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.
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.
ASEAN+3 economies, after two decades of prospering with the “manufacturing-for-exports” strategy, should now focus on building capacity and connectivity to leverage on the Fourth Industrial Revolution in order to sustain growth in the new economy.
“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.