US and Europe still dominant forces driving Asean growth: economists

A SIGNIFICANT share of the exports from Asean to China is re-exported to the US and Europe for final consumption. This makes the Western economies still the dominant driving force for the region’s economic growth, despite China’s growing influence, economists say.

China, they say, serves as the final node of global supply chains, assembling and re-exporting a significant portion of its imports to other parts of the world. But the final demand lies in the Western economies. 

In its latest Global Investment Views report for March, Amundi Asset Management said that China’s reopening was positive for the global economy, but the event would mainly support its domestic performance.