Economic recover at ASEAN +3: New motivation of growth and optimism

DNHN - On 13.5,The ASEAN+3 region (including ASEAN and China, Japan and South Korea) has shown signs of economic recovery after more than two years of the Covid-19 pandemic. 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).

 The seminar included Mr. Byungsik Jung, Deputy General Director, Department of International Finance, Ministry of Economy and Finance, Korea; Mr. Tran Toan Thang, Director of the Department of Industrial Forecasting and Enterprise Development, National Center for Socio-Economic Information and Forecast, Vietnam; Mr. Lei Lei Song, Director, Department of Economic Research and Regional Cooperation, ADB; Mr. James Villafuerte, Senior Economist, Southeast Asia Department, ADB; Mr. Toshinori Doi, Director of AMRO; Ms. Ling Hui Tan, Team Leader and Chief Economist, Regional Supervisor, AMRO; and Ms. Marthe M. Hinojales, economist, Regional Monitor, AMRO.

 Mr Toshinori Doi said: “This webminar is a side event of the 25th Meeting of ASEAN + 3 Finance Ministers and Central Bank Governors. The meeting discussed policy support in response to the pandemic, opportunities for growth. new growth and regional cooperation. As regional policy advisors, ADB and AMRO organize this webminar to continue the conversation between ASEAN+3 Ministers and Governors on new post-pandemic growth drivers,”

 He also mentioned the impact of Covid 19:” COVID-19 is both a major disruptor and a catalyst for change. The effects of the pandemic on labor, capital and productivity may have cast a shadow over long-term growth. But the pandemic has also spurred innovation in sectors such as retail, finance and healthcare, which could lift the region's economies in the long run towards more productivity-driven growth”

 At the same time, he also acknowledged the external factors affecting the development of the region, that is, the conflict in Ukraine has caused the price of energy and the price of main agricultural commodities to rise, and exacerbated it.

 On the other hand, the pandemic has spurred innovation in sectors such as retail, finance and healthcare, which could lift the region's economy in the long run towards higher productivity-driven growth.

 Ms. Ling Hui Tan, Team Leader and Chief Economist, Regional Supervisor, AMRO.ADB Representative Ramesh Subramaniam, Southeast Asia Regional Director General, said: "Supporting industries that have a competitive advantage to drive a green, resilient and inclusive recovery will not requires only industry-specific government interventions, but also interwoven measures to encourage a favorable business environment, improved infrastructure, and stronger intra-regional linkages.

 The workshop not only covered sectors such as tourism, apparel, and agro-processing, and their direction in a post-pandemic world, but also discussed emerging industries with growth potential. The speakers also discussed policy responses to a number of risks, including rising inflation and supply disruptions from the conflict in Ukraine.

 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 early 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-eruption of the country.

 The workshop not only covered sectors such as tourism, apparel, and agro-processing, and their direction in a post-pandemic world, but also discussed emerging industries with growth potential.

 The speakers also discussed policy responses to a number of risks, including rising inflation and supply disruptions from the conflict in Ukraine.

 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 early withdrawal of policy support to sustain the economic recovery.

 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.

Khanh Linh