ASEAN economic growth expected to be at 4.3% this year

Illustrative image (Photo: AFP)

Jakarta (VNA) – As chair of ASEAN, Indonesia targets to push the bloc’s economic growth to 4.3% this year.

In 2021, the growth rate was 3.98% while the global growth rate was 2.6%, which demonstrates the ASEAN economy's resilience to shocks, said Director of ASEAN Economic Cooperation at the Ministry of Foreign Affairs of Indonesia Berlianto Situngkir.

According to Berlianto, ASEAN has become the fifth economic power among developed countries, with a total GDP of 3.3 trillion USD and a population of over 650 million, placing it third after China and India. Berlianto highlighted four main elements necessary for sustained economic growth in ASEAN: a strong health architecture, food security, energy resilience toward clean and renewable economic transition, and financial stability in the region to anticipate external shocks.

To support the theme of 'Epicentrum of Growth', ASEAN needs to strengthen its presence in creating stability and peace in the region, not only in ASEAN but also in the Indo-Pacific region, he added.

On the same day, Indonesia's Minister of Tourism and Creative Economy Sandiaga Uno said that at the 42nd ASEAN Summit set to take place in Labuan Bajo from May 9-11, countries will discuss measures promoting economy, healthcare, developing electric vehicle ecosystem, financial connectivity solutions in the region. In addition, the conference series will also contribute to promoting Indonesia's economic activities through tourism and services./.