The recently-held fifty-fifth ASEAN Economic Ministers (AEM) meeting expressed optimism regarding the projected economic growth rates of 4.6 per cent this year and 4.9 per cent next year in the Association of Southeast Asian Nations region based on forecasts of the Asian Development Bank (ADB).

The ASEAN economy expanded by 5.7 per cent in 2022, primarily driven by strong consumption, investment and trade. The meeting was held in Semarang, Indonesia, on 19-20 August.

Intra-ASEAN trade increased 21.3 per cent last year compared to the previous year, constituting 22.3 per cent of total ASEAN trade.

Foreign direct investment (FDI) inflows into the region hit $224.2 billion last year.

The region's banking sector remains stable, the meeting noted. It acknowledged that geopolitical tensions could lead to economic fragmentation and increased policy uncertainty, ultimately diminishing market confidence, reducing investment, and adversely affecting long-term growth prospects in the region, a joint statement issued after the meeting said.

The meeting highlighted the significance of resilience, deepening regional integration, and advocacy for multilateralism in navigating the future economy of the region amidst global uncertainties.

Fibre2Fashion News Desk (DS)

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