ASEAN+3 expects growth of 4.6 percent in 2023

Jakarta. A recent report shows that the combined economic growth of the ASEAN+3, which brings together the 10 ASEAN member states Japan, Korea and China, will exceed 4 percent in 2023.

According to the July edition of the ASEAN+3 Macroeconomic Research Office, or AMRO’s quarterly report, the region will grow 4.6 percent this year, up from 3.2 percent in 2022. ASEAN+3 GDP growth is expected to slow slightly. It will be 4.5 percent in 2024.

Japan Housing Finance Agency Director General of International Affairs Shimizu Toshio drew attention to the AMRO report while addressing an ASEAN-related forum in Jakarta on Tuesday.

“The economies of ASEAN + 3 are expected to grow by 4.6 percent [in 2023]. [The AMRO] retains the view that [ASEAN+3]Toshio said.

While the ASEAN+3 forecasts were unchanged from the previous forecast, the report downgraded the Southeast Asian Association’s overall growth. AMRO said in April that ASEAN’s economy would expand by 4.9 percent. However, they revised ASEAN’s economic outlook to 4.5 percent.

Toshio added: “The [lower GDP forecast for ASEAN] This was due to the impact of weak external demand on Singapore and Vietnam.

The combined GDP growth of the plus-3 economies (Japan, Korea, China and Hong Kong) experienced an improved outlook. AMRO earlier pegged year-on-year growth at 4.5 percent for 2023, but later raised it to 4.6 percent.

„[Plus-3’s growth] reflecting strong inbound tourism and domestic demand driven mainly by Hong Kong and Japan,” Toshio told the forum.

Japan’s economy is expected to hold steady at around 1 percent. The report shows Japan’s GDP will rise 1.4 percent in 2023 and 1.1 percent the following year. In 2022, Japan projects GDP growth of 1 percent.

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Toshio also spoke about the housing market in the ASEAN+3 region.

„Costs of building materials and labor have gone up significantly, driving up house prices, depressing the housing market and making housing unaffordable,” he said.

„Most central banks have tightened their monetary policies to deal with rapid inflation. … Mortgage interest rates have also risen, making housing more unaffordable, especially for lower- and middle-income families,” Toshio said.

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