The ASEAN+3 region is projected to grow by 4.2% in 2024 and 4.4% in 2025, driven by recovery in trade, tourism, and strong domestic demand.
ASEAN+3 Region Projected Economic Growth
The ASEAN+3 economies are projected to show strong economic performance despite growing external uncertainties. In the recently released October 2024 update of the ASEAN+3 Regional Economic Outlook (AREO), the ASEAN+3 Macroeconomic Research Office (AMRO) forecasts a growth rate of 4.2 percent for the region in 2024, with a slight increase to 4.4 percent anticipated in 2025. This optimistic outlook highlights the region’s resilience amid global challenges.
Key Growth Drivers
A significant factor contributing to the robust growth of the ASEAN+3 economies is the ongoing recovery in external trade and tourism. These sectors have shown remarkable resilience, aiding in the region’s economic expansion. Moreover, domestic demand remains solid, further bolstering growth prospects by supporting various local industries. This dual focus on external recovery and internal strengths positions the region well for continued economic success.
Tourism and Trade Resilience
The resilience in the trade sector and the revival of tourism activities have emerged as pivotal elements driving the economic momentum within the ASEAN+3 region. Despite external challenges, these sectors are expected to continue their positive trajectory, contributing significantly to the region’s overall economic health. This scenario reflects the adaptive and dynamic nature of the ASEAN+3 economies in navigating global uncertainties while fostering sustainable growth.