ASEAN+3 Macroeconomic Research Office–AMRO–has lowered its growth forecast for the ASEAN region from 4.8 percent to 4.7 percent after revising down the GDP growth forecasts of Vietnam and Indonesia by a tenth of a point each, according to the body’s ASEAN+3 Regional Economic Outlook Update, October 2024.
“The sharp but short-lived market adjustments that we witnessed in early August is a reminder of the risk of further spikes in financial market volatility. The potential escalation of protectionist policies following the US presidential election is another key risk for the region,” AMRO Chief Economist Hoe Ee Khor noted in a press release from the group.
AMRO GDP growth forecasts, October 2024
| July | October | ||||
| Economy | 2023 | 2024 | 2025 | 2024 | 2025 |
| Brunei Darussalam | 1.4 | 4.0 | 2.1 | 4.0 | 2.1 |
| Cambodia | 5.0 | 5.6 | 5.9 | 5.6 | 5.9 |
| Indonesia | 5.0 | 5.2 | 5.2 | 5.1 | 5.2 |
| Lao PDR | 4.2 | 4.5 | 4.6 | 4.5 | 4.6 |
| Malaysia | 3.6 | 4.7 | 4.9 | 4.7 | 4.9 |
| Myanmar | 3.4 | 1.8 | 2.0 | 1.8 | 2.0 |
| The Philippines | 5.5 | 6.1 | 6.3 | 6.1 | 6.3 |
| Singapore | 1.1 | 2.4 | 2.0 | 2.4 | 2.0 |
| Thailand | 1.9 | 2.7 | 3.0 | 2.8 | 3.3 |
| Vietnam | 5.0 | 6.3 | 6.5 | 6.2 | 6.6 |
| ASEAN | 4.1 | 4.8 | 4.8 | 4.7 | 4.9 |
See also: Vietnam’s Economy: Everything You Need to Know 2024