Jakarta (VNA) – The ASEAN+3 Macroeconomic Research Office (AMRO) has forecast the ASEAN+3 region will grow to 4.2% in 2024 and 4.4% in 2025, in its latest quarterly update.
The economy of ASEAN+3 countries, namely China, Japan and the Republic of Korea, is projected to grow 4.1%, while ASEAN is expected to expand by 4.7% in 2024, according to AMRO Chief Economist Hoe Ee Khor.
Khor said the region’s growth momentum will be driven by a continued recovery in foreign trade, resilient domestic demand and robust tourism growth due to relaxed visa policies in some countries.
He said Vietnam will be the best-performing country among ASEAN and ASEAN+3 countries in 2024 with a forecast of 6.2%, followed by the Philippines and Cambodia with expected growth of 6.1% and 5.6%, respectively. Indonesia is forecast to grow by 5.1%, followed by China (5%), Malaysia (4.7%), Laos (4.5%), Brunei (4%), China (3.3%), Thailand (2.8%), RoK (2.5%), Singapore (2.4%), Myanmar (1.8%) and Japan (0.5%).
Inflation in ASEAN+3 countries is forecast to be 4.9% in 2024 and will decline to 4.1% in 2025. Meanwhile, inflation in ASEAN countries is forecast to be 6.1% in 2024 and will decline to 4.9% in 2025./.
ASEAN-China commercial arbitration cooperation centre launched
A centre for commercial arbitration cooperation between the Association of Southeast Asian Nations (ASEAN) and China has made debut in Nanning, China's Guangxi Zhuang Autonomous Region, within the framework of the China-ASEAN Commercial Law Forum.
