Illustrative image. — Photo amro-asia.org

JAKARTA — The ASEAN+3 Macroeconomic Research Office (AMRO) has forecast the ASEAN+3 region will grow to 4.2 per cent in 2024 and 4.4 per cent in 2025, in its latest quarterly update.

The economy of ASEAN+3 countries, namely China, Japan and the Republic of Korea, is projected to grow 4.1 per cent, while ASEAN is expected to expand by 4.7 per cent 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 Việt Nam will be the best-performing country among ASEAN and ASEAN+3 countries in 2024 with a forecast of 6.2 per cent, followed by the Philippines and Cambodia with expected growth of 6.1 per cent and 5.6 per cent, respectively. Indonesia is forecast to grow by 5.1 per cent, followed by China (5 per cent), Malaysia (4.7 per cent), Laos (4.5 per cent), Brunei (4 per cent), China (3.3 per cent), Thailand (2.8 per cent), RoK (2.5 per cent), Singapore (2.4 per cent), Myanmar (1.8 per cent) and Japan (0.5 per cent).

Inflation in ASEAN+3 countries is forecast to be 4.9 per cent in 2024 and will decline to 4.1 per cent in 2025. Meanwhile, inflation in ASEAN countries is forecast to be 6.1 per cent in 2024 and will decline to 4.9 per cent in 2025. — VNS