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ASEAN+3 Growth Momentum Steady on Export Recovery, Solid Domestic Demand
In the July 2024 update, AMRO maintains its growth forecasts for the ASEAN+3 region at 4.4 percent for 2024 and 4.3 percent for 2025.
This steady outlook is attributed to favorable export prospects which are expected to bolster the region’s growth. Equally important, robust domestic demand and the resurgence in tourism further contribute to sustaining this growth momentum.
The assessment underscores the significance of both external and internal economic drivers. With exports expected to perform well, countries in the ASEAN+3 region could see enhanced economic activity. On the domestic front, increased consumer spending and investment are pivotal, indicating a balanced growth trajectory for the region through 2025.
Alongside the publication of these forecasts, AMRO has also introduced the Regional Economy Dashboard (RED). This tool provides comprehensive data and insights, offering a clearer picture of the region’s economic health and aiding policymakers and analysts in their evaluations.
The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organization established to contribute towards securing macroeconomic and financial stability of the ASEAN+3 region, comprising 10 members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong; Japan; and Korea.
Source: ASEAN+3 Macroeconomic Research Office
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