1、ASEAN+3REGIONALECONOMIC OUTLOOK2025The report is produced by the ASEAN+3 Macroeconomic Research Office(AMRO)for the use of the AMRO members and has been reviewed by the Executive Committee.Its publication has been approved by the Executive Committee of the AMRO.Any interpretations or conclusions exp

2、ressed are not necessarily those of the AMRO members.By making any designation of or reference to a particular territory or geographical area,or by using the term“member”or“country”in this report,AMRO does not intend to make any judgements as to the legal or other status of any territory or area.Not

3、hing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of the AMRO,all of which are specifically reserved.The factual information covers data for the period up to March 14,2025,except when stated otherwise.2025 ASEAN+3 Macroeconomic Research

4、Office ISSN:2529-7538Printed in SingaporeASEAN+3 Macroeconomic Research Office10 Shenton Way,#15-08 MAS Building Singapore 079117 enquiryamro-asia.orgwww.amro-asia.orgiiASEAN+3 Regional Economic Outlook 2025Table of ContentsForewordAcknowledgmentsAbbreviationsChapter 1.Macroeconomic Prospects and Ch

5、allenges HighlightsI.Economic Developments in 2024:Solid Growth Despite Rising Uncertainties Robust Domestic Demand Anchored Growth External Sector Recovery Strengthened Growth Momentum Inflation Normalized from Post-Pandemic Surge Financial Conditions Continued to Ease External Position Remained Re

6、silientII.Outlook for ASEAN+3:Steady Growth amid Heightened Uncertainties Key Factors Shaping Near-Term OutlookIII.Risks to the Outlook:Tilted to the DownsideIV.Policy Considerations:Preparing for a Highly Uncertain Environment Fiscal Policy Monetary PolicyAppendixReferencesChapter 2.Inflation in AS