AMRO Forecasts Steady Growth for ASEAN+3 Region in 2024-25
The ASEAN+3 Macroeconomic Research Office (AMRO) has maintained its growth forecasts for the ASEAN+3 region at 4.4 percent for 2024 and 4.3 percent for 2025, citing favorable export prospects, strong domestic demand, and a resurgence in tourism as key drivers of growth.
The region is expected to grow steadily at 4.4 percent this year, with domestic demand supported by robust employment conditions and stable prices. Export growth is expected to return to positive territory due to improving global demand, driving overall growth in ASEAN to 4.8 percent.
AMRO Chief Economist Hoe Ee Khor noted that the balance of risks to the region’s outlook has improved, with China’s economy continuing to grow robustly and tourism rebounding to pre-pandemic levels. However, Khor cautioned that inflation may remain a concern, and geopolitical tensions could trigger spikes in global commodity and shipping prices.
U.S.-related risk factors, such as higher interest rate expectations and potential trade tensions, could impact ASEAN+3 asset markets in the run-up to the November presidential election. Khor emphasized the importance of building policy space and enhancing resilience to shocks in preparation for potential disruptions.
AMRO’s findings are detailed in the latest update of its ASEAN+3 Regional Economic Outlook report, with the next update scheduled for October.
Founded to promote macroeconomic and financial stability in the ASEAN+3 region, AMRO conducts macroeconomic surveillance, supports regional financial arrangements, and provides technical assistance to its members. As a regional knowledge hub, AMRO plays a key role in facilitating financial cooperation among ASEAN+3 countries.
For more information on AMRO and its research, visit their official website or follow them on social media.
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