The Asean+3 region will remain a major engine of growth for the global economy in the coming decades, as the global centre of gravity for economic activities continues to shift to Asia.
Growth rate in the region is expected to accelerate to 4.6% in 2023, well above the global average, said Kouqing Li, director of the Asean+3 Macroeconomic Research Office (AMRO), at the inaugural Asean+3 Economic Cooperation and Financial Stability Forum in Singapore today (December 2).
AMRO director Kouqing Li opens the Asean+3 Economic Cooperation and Financial Stability Forum in Singapore.
“The region was also able to turn challenges into opportunities. The Covid-19 pandemic has spurred innovations in sectors such as retail, finance, and healthcare. Furthermore, the green and digital transformations will boost the region’s potential and comparative advantage,” Li says.
However, he warns that downside risks continue to cast a dark shadow over the global economy. These include a sharper slowdown in major economies, a more aggressive monetary tightening in the United States, fragmentation of the global economy caused by geopolitical tensions, and a deepening energy crisis which adds to the climate crisis.
“We must always stay vigilant and be prepared for any potential crisis,” Li says. “Strengthening regional cooperation is essential to cope with the evolving challenges, enhance economic resilience and safeguard financial stability. Closer intraregional cooperation – in connectivity, cross-border flows, and digital integration – will expand the region’s opportunities to secure resilient growth and prepare for future shocks.”
Twenty-four policymakers, experts and representatives from regional economies, renowned institutions and international organizations are gathered in today’s event to discuss how Asean+3 can rise above the looming risks.
In the morning session, keynote speakers, Chinese finance minister Liu Kun and Bank of Japan governor Haruhiko Kuroda and panellists shared their insights on the challenges and opportunities from the perspective of forging macroeconomic and financial stability.
In the afternoon session, keynote speakers, Indonesian finance minister Sri Mulyani Indrawati and Thai finance minister Arkhom Termpittayapaisith, and panelists were to discuss actions to enhance regional cooperation to overcome the evolving challenges, sustain the region’s dynamism, and prepare for future shocks.
AMRO is an international organization established to contribute towards securing macroeconomic and financial stability of the Asean+3 region, comprising 10 members of the Association of Southeast Asian Nations (Asean) and mainland China, Hong Kong, Japan, and Korea.