The ASEAN Plus Three (China, Japan and South Korea) economies are expected to grow by 4.2 per cent in 2025, down from a forecast of 4.4 per cent in October, according to the Macroeconomic Research Office (AMRO).
AMRO noted that the downgrade was based on the premise that the United States could impose higher tariffs on China in the second half of this year. AMRO's latest quarterly outlook report noted that strong domestic demand and export growth remain the main drivers supporting regional economic growth, but escalating trade tensions and higher tariffs will weaken external demand.
The report points out that the potential US tariffs will have a greater impact on China, Japan and South Korea, where economic growth is expected to be 4% this year; Asean, on the other hand, is less affected, with a projected growth of 4.8% in 2025.
AMRO's economic growth forecast for ASEAN plus Three in 2024 is unchanged at 4.2 percent, unchanged from October last year.
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