Economic growth prospects of the ASEAN+3 region

The above remarks were made at the webinar with the theme “ASEAN+3 Regional Economic Recovery: New Drivers of Growth and Optimism” co-hosted by the Asian Development Bank (ADB) and the Asian Development Bank (ADB). ASEAN+3 Macroeconomic Research Office (AMRO) held on May 13.

The ADB – AMRO workshop focused on a number of issues critical to economic recovery in the region, including discussing pandemic impacts and new growth drivers in sectors at the national level. country and region.

At the event, Ms. Marthe M. Hinojales – economist, regional supervisor (AMRO) – said that while the tourism industry needs time to recover, digital services can boost productivity growth. region in the long run.

Speakers at the webinar organized by the Asian Development Bank and the ASEAN+3 Macroeconomic Research Office on May 13. (Screenshots)

According to her, strong connectivity in the region will be the main driver to help drive growth. Meanwhile, Mr. James Villafuerte – senior economist at ADB – pointed out the risks after the Covid-19 pandemic, including soaring oil and commodity prices, countries in the region ending low interest rates and economic stagnation.

The ADB expert called on countries to promote an open trade and investment environment through trade facilitation, financial integration and technological upgrading that will help strengthen regional linkages.

AMRO experts warn that in ASEAN + 3, financial risks remain high in many economies due to the impact of the pandemic, and recommend ASEAN + 3 policymakers to take important balancing actions, avoid premature withdrawal of policy support to sustain the economic recovery.

Also at the event of ADB – AMRO, Mr. Tran Toan Thang – Head of Industry and Enterprise Economic Forecasting Department, National Center for Socio-Economic Information and Forecasting, – assessed the risk of a re-emergence of the virus. The Covid-19 epidemic with new strains still exists, threatening the economic recovery process.

The pressure to increase inflation is increasing strongly. Some important indicators such as producer price index, raw material price index for production can show a clear trend of increasing producer prices for the industrial sector.

According to Mr. Thang, the driving force for Vietnam’s economy in 2022 comes from the policy of opening the economy, along with the recovery of the labor market, which is an important condition for boosting production.