The Asean region itself is tipped to expand by 4.8% in 2024 as it is poised to benefit from these factors. At the same time, growth in the “Plus-3” region is expected to remain “robust” at 4.3% in 2024.
The Asean+3 region – which includes China, Hong Kong (China), Japan and Korea – is expected to grow at 4.5% in 2024, up from the 4.3% reading in 2023, says the Asean+3 Macroeconomic Research Office (AMRO) in a report released on April 8. The higher expansion is mainly due to the robust domestic demand from higher household incomes and recovering investment activity.
In addition, exports are expected to see a turnaround due partly to the global upcycle in chips and the continued recovery of tourism.
