ASEAN+3 to grow at 4.2% in 2024: research office

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.

Illustrative photo (Photo: amro-asia.org)

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./.

VNA