The ASEAN+3 Macroeconomic Research Office (AMRO) paints a positive economic outlook for the ASEAN region, China, Japan, and the Republic of Korea (Photo: CNBC)Singapore (VNA) – The ASEAN+3 Macroeconomic Research Office (AMRO) paintsa positive economic outlook for the ASEAN region, China, Japan, and theRepublic of Korea (RoK), projecting their growth to hit 4.9 percent in 2020.
AMRO upgraded its growth forecast just a month after its previous prediction of4.7 percent in December 2019, thanks to the signing of a Phase One trade dealbetween the US and China following nearly two years of dispute.
In its report “ASEAN+3 Regional Economic Outlook 2020” released on January 17,AMRO said economic growth of ASEAN 4 (Indonesia, the Philippines, Malaysia andThailand) and Vietnam will be at 5 percent, while that of China, Japan, the RoKis predicted at 6.1 percent, 0.5 percent, and 2.4 percent, respectively.
In the ASEAN bloc, highest growth will be seen in Myanmar (7.1 percent),Cambodia (7 percent) and Vietnam (6.9 percent).
AMRO also said that inflation rate of the ASEAN+3 region will be around 2.3percent, with highest level projected for Myanmar (7.9 percent), Vietnam (3.3percent), Indonesia and the Philippines (3 percent).
According to AMRO, the US-China trade dispute together with instability in theglobal policy making will affect market confidence and economic activities inthe year. Although several nations are said to suffer a lot from the US-Chinatension, many others will benefit from the shift of trade and FDI flow.
AMRO also gave out several recommendations to prop up economic growth in theASEAN+3, including loosening monetary policy in economies with low inflationrate, maintaining support policies for sustainable growth, and improvingcapacity of labour force and advanced technology./.
VNA
