ASEAN+3: Navigating Secular Trends and Uncertainties

ASEAN+3 has come a long way in the past two decades: now the largest economic region in the world, it has enjoyed solid and more stable growth—even when compared to its richer peers.

With years of solid macroeconomic fundamentals, improvements in governance, and enhanced external resilience, all the regional economies have transitioned to middle-income status, with half of our region well-positioned to become high-income economies by the end of this decade.

But getting there may not be smooth sailing. Concerns are rising that the various tailwinds behind such remarkable growth are dissipating: the global economy is projected to grow more slowly than it did in the past decade. Productivity growth, which has allowed the region to move up the income ladder, has slowed, and the COVID-19 pandemic has left big scars on some economies which will remain a drag on growth.
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