Amro cuts Asean+3 growth forecast on gloomier prospects for China, Japan, South Korea

THE Asean+3 Macroeconomic Research Office (Amro) on Thursday (Oct 6) cut its 2022 growth estimate for the Asean+3 region to 3.7 per cent, from the 4.3 per cent projected in July, on gloomier prospects for China, Japan and South Korea.

For 2023, the 10-member states in the Association of Southeast Asian Nations (Asean) plus China, Japan and South Korea are projected to grow at a slower pace of 4.6 per cent, compared to the 4.9 per cent growth forecast in July. Excluding the latter three, Asean is expected to grow at 5.3 per cent for 2022, and at 4.9 per cent next year.

In its October update, Amro’s chief economist, Hoe Ee Khor, said the growth outlook for 2023 is dimmer now than what it was in July.