A gradual U-shaped recovery is expected for the ASEAN+3 region, which includes ten ASEAN member states, China, Japan and the Republic of Korea, according to an updated forecast by ASEAN+3 Macroeconomic Research Office (AMRO).
Singapore (VNA) – A gradual U-shaped recovery is expected for the ASEAN+3 region, which includes tenASEAN member states, China, Japan and the Republic of Korea, according to anupdated forecast by ASEAN+3 Macroeconomic Research Office (AMRO).
Regionalgrowth is expected to slow sharply this year to zero percent, from 4.8 percent in 2019, beforerebounding strongly to 6.0 percent in 2021, AMRO said in a statement.
Nine of the 14ASEAN+3 members are expectedto contract this year, while economies projected to record positive growthrates are China and smaller ASEANeconomies – Brunei, Laos, Myanmar and Vietnam.
Strictcontainment measures to prevent the coronavirus from spreading have causedeconomies to come to a standstill, leading to massive increases inunemployment, disruptions to businesses, and widespread collapse in domesticdemand.
Additionally,bans on international travel have decimated the region's all-important tourismsector.
AMRO said theresurgence in infections in some parts of the region had heightened cautionabout another spate of lockdowns, which the ASEAN+3 economies can ill-afford,even though most still have some fiscal and monetary space to provide supportif needed.
Li Lian Ong, AMROgroup head and lead specialist for financial surveillance and acting group headfor regional surveillance, said the biggest challenge facing the regionalpolicymakers in the second half of 2020 would be balancing the trade-offbetween easing restrictions to revive their economies and risking another waveof infections.
AMRO said itsgrowth trajectory was predicated on the effective containment of the COVID-19,both regionally and globally./.
The government is reviewing the continuation of the free trade agreement (FTA) with ASEAN in the wake of the trading bloc’s reluctance to address India’s concerns over what it believes are asymmetries in the trade pact during the last ten years. According to Times of India, the country’s main grouse is the rising trade deficit with the 10–country bloc.
Deputy Minister of Foreign Affairs Nguyen Quoc Dung, Head of Vietnam's ASEAN SOM, attended the 33rd ASEAN-US Dialogue, which was held via video conference on August 5 to discuss cooperation orientations between the two sides in the coming time and exchange views on regional and international issues of mutual concern.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
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.
Illustrative photo. (Source: VNA)
