In its update to the annual ASEAN+3 Regional Economic Outlook (AREO) 2021 released on October 7, AMRO said China, Japan and the Republic of Korea will continue driving ASEAN+3 recovery with a growth of 6.9% this year.
In ASEAN, AMRO forecast that it will expand at a slower pace of 2.7%. Singapore will post the highest growth, with 6.3%, followed by the Philippines 4.3%, Malaysia 4.1% and Vietnam about 2.6%. Myanmar is the only country predicted to contract by 18.7%.
In 2022, Vietnam is expected to post the fastest growth in ASEAN+3 with 7.5%, ahead of the Philippines and Malaysia 6.7%, Cambodia 6.6%, Thailand 5.8%, Indonesia 5.6% and China 5.5%.