World

ASEAN+3 region predicted to grow 6.7 percent this year

The ASEAN+3 Macroeconomic Research Office (AMRO) forecast the ASEAN+3 region will expand by 6.7 percent this year and 4.9 percent in 2022, after contracting marginally by 0.2 percent in 2020.
ASEAN+3 region predicted to grow 6.7 percent this year ảnh 1The ASEAN+3 Macroeconomic Research Office (AMRO) forecast the ASEAN+3 region will expand by 6.7 percent this year and 4.9 percent in 2022 (Photo: Reuters)
Singapore (VNA) – The ASEAN+3Macroeconomic Research Office (AMRO) forecast the ASEAN+3 region will expand by6.7 percent this year and 4.9 percent in 2022, after contracting marginally by0.2 percent in 2020. 

The region is comprised of the 10 ASEAN membercountries and China, Japan, and the Republic of Korea.

In its annual flagship report, the ASEAN+3Regional Economic Outlook, released on March 31, AMRO said on a regional basis,aggregate Plus-3 growth in 2021 is estimated to rise to 7.2 percent, while theASEAN subregion is anticipated to expand by 4.9 percent.

Myanmar is predicted to be the only nation torecord economic contraction of 2.6 percent while China the fastest growth, 8.7percent.

The report said the turnaround in manufacturing andexports, alongside supportive economic policies, are expected to driveexpansion. The eventual widespread distribution of vaccines will furthernormalise economic activity and improve labour market conditions. The gradualreturn of travel and tourism will benefit most economies, especially Cambodia,Japan, Singapore, and Thailand.

The ASEAN+3 region, which is home to 30 percent ofthe world’s population, collectively accounts for only 3 percent of the totalnumber of confirmed COVID-19 cases globally.

However, until herd immunity is achieved throughwidespread vaccinations, localised containment of the virus may continue to benecessary, according to AMRO.

The office added a silver lining in the pandemiccloud is that it has inadvertently become a springboard for digitalisation inthe ASEAN+3 region. As users become ever more comfortable with newtechnologies, the “flight to digital” will be a key factor in strengtheningsupply chains and facilitating global trade. 

Consequently, the region has a tremendousopportunity to upgrade and fortify its role in global value chains, andchampion not only greater openness but also strengthen its competitiveness inthe Fourth Industrial Revolution. 

Full deployment of new technologies will requireboth hard and soft infrastructures to be in place, which calls for strongbilateral and multilateral cooperation, the report noted./.
VNA
#ASEAN+3 Macroeconomic Research Office#AMRO#ASEAN+3 region#vaccinations#digitalisation#Fourth Industrial Revolution#vietnamplus#vietnam news agency
Follow VietnamPlus

Related News

ASEAN moving towards smart production

ASEAN moving towards smart production

The Fourth Industrial Revolution (Industry 4.0) has been strongly affecting every field and subsequently promoting digital transformation, and ASEAN countries have therefore been working hard to adopt smart production.
Vietnam to promote regional organisations’ role in settling disputes

Vietnam to promote regional organisations’ role in settling disputes

Promoting the role of regional organisations in settling disputes is one of the three priorities that Vietnam has set for the month it serves as chairman of the UN Security Council (UNSC) in April, said Director of the Ministry of Foreign Affairs’ Department of International Organisations Do Hung Viet.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.