Thinktank maintains positive outlook on ASEAN+3 economies
The ASEAN+3 region will remain resilient in 2022 in face of new challenges from the COVID-19 pandemic and the global economy, according to the ASEAN+3 Macroeconomic Research Office (AMRO).
A view of Hai Phong Port in northern Vietnam (Photo: VNA)
Singapore (VNA) - The ASEAN+3 region will remain resilient in2022 in face of new challenges from the COVID-19 pandemic and the global economy,according to the ASEAN+3 Macroeconomic Research Office (AMRO).
In its quarterlyupdate of the ASEAN+3 Regional Economic Outlook released on January 25, AMRO maintainsa positive outlook on ASEAN+3 economies (comprised of the 10 ASEAN countries plus China, the Republic of Korea, and Japan) for this year, with regional GDP growth of4.9 percent, lower than the projection of 5 percent in the October update. Meanwhile,inflation will be kept relatively low at 2.9 percent for 2022.
The thinktank pointed out that the emergence ofthe Omicron variant towards the end of 2021 brought new uncertainties and set backthe progress of economic reopening. Nevertheless, high vaccination coverage hasmitigated the risk of nationwide lockdowns, as experienced during the earlydays of the pandemic.
“The ASEAN+3 region has sufficient policy spaceto navigate through these new challenges, and stay on its recovery path,” saidAMRO’s Chief Economist, Dr. Hoe Ee Khor.
The2022 growth forecasts for most ASEAN economies have been revised downward asthe spread of the highly transmissible Omicron at the beginning of theyear necessitated the re-imposition of containment measures.
Meanwhile,AMRO estimated the 2021 economic growth in the ASEAN+3 region at 5.9 percent,down by 0.2 percentage point from last October’s forecast. The revision wasdriven by weaker-than-expected growth in Japan, where economic activity in thethird quarter was significantly curtailed with the resurgence of infectionsacross the country, and in China, due to the softening of the property marketas a result of stricter measures on leverage of property developers./.
There are many driving forces for growth for Vietnam in 2022, and the growth target of 6.0 - 6.5 percent for 2022 is quite feasible, according to foreign economists.
Japanese Minister of Economy, Trade and Industry Hagiuda Koichi has revealed an initiative regarding investment in ASEAN, which focuses on supply chain, connectivity, digital innovation and human resources.
The ASEAN-Korea Centre, in coordination with the International Contractors Association of Korea (ICAK), will hold the 9th ASEAN Connectivity Forum on 18-19 January, aiming to further promote mutually beneficial economic partnership.
Tourism ministers of ASEAN member nations on January 19 agreed to reopen ASEAN tourism to revive this industry amid the COVID-19 pandemic, according to a statement.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
A view of Hai Phong Port in northern Vietnam (Photo: VNA) 
