ASEAN economic ministers’ meeting optimistic about regional growth

ASEAN economic ministers’ meeting optimistic about regional growth.

JAKARTA, TGO: The ASEAN Economic Ministers’ (AEM) Special Meeting 2022 showed optimism that the region will return to pre-pandemic levels, with GDP growth expected to reach 4.9 percent in 2022 and 5.2 percent in 2023.

According to a joint statement, the meeting, which was held in Bali, Indonesia under the theme “Addressing challenges together”, had a fruitful discussion and exchange of views on ASEAN’s collective effort and strategy to address regional and global issues, mitigate their potentially adverse impact on ASEAN’s economy, and push forward ASEAN centrality in strengthening economic integration in the region.

The meeting noted that the fast-changing global economic landscape is bringing both new opportunities and challenges to the region.

Digital technology and sustainable development are emerging as new driving forces for the future growth of ASEAN, the statement said.

Meanwhile, current geopolitical tensions, disruptions on global economic and trade activities, and climate change highlight the imperative for the region to strengthen community-building efforts, it added.

The statement underlined the importance for ASEAN to reaffirm its commitment and determination to work together to ensure that the ASEAN Economic Community remains relevant, competitive, inclusive, sustainable, cohesive, and resilient in the post-pandemic world.

The meeting also stressed that ASEAN needs to remain vigilant and accelerate the implementation of the ASEAN Comprehensive Recovery Framework (ACRF) to navigate global challenges and to ensure that the ASEAN economy is able to bounce back better and stronger.