Five Key Takeaways From AMRO’s Q1 2024 ASEAN+3 Regional Economic Outlook Update

Growth for ASEAN+3 was better than expected in 2023, supported by a turnaround in exports amid robust domestic demand and stabilizing economic activities in China. Overall, growth for 2023 was revised upward to 4.4 percent from October’s projection of 4.3 percent. In 2024, growth in the region is forecast to strengthen further to 4.5 percent, anchored by resilient domestic demand and further improvements in trade.

Here are five key takeaways from AMRO’s January 2024 update of the ASEAN+3 Regional Economic Outlook (AREO).

1. Domestic demand continued to underpin growth in the region. Private consumption remained firm, supported by improving labor market conditions and moderating inflation. Retail sales continued to expand, boosted in part by the recovery in travel and tourism. In China, economic activities showed signs of stabilization, with both industrial production and services expanding, and consumer spending remained robust. Additional policy support aimed at enhancing infrastructure investment is poised to further contribute to China’s near-term growth momentum.
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