Asean economy to expand at 4.7% in 2025, says Tengku Zafrul
KUALA LUMPUR: The collective Asean gross domestic product (GDP) is projected to grow at 4.7% in 2025 as compared to 4.2% last year, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said the 25th Asean Economic Community (AEC) Council meeting on Sunday (May 25) also forecast the inflation rate for the region at 3%.
"There was a discussion and a presentation by the Asean Secretariat when we talked about the year 2024 and what our forecast is for the year 2025 in terms of GDP growth. There was also a discussion on what we expect the inflation rate to be.
"So today, the expectation is 4.7% for 2025 for the Asean GDP growth and inflation around three per cent," he said in a press conference after the conclusion of the 25th AEC Council meeting on the sidelines of the 46th Asean Summit here on Sunday.
According to Tengku Zafrul, the projection was higher than average compared to the global growth rate, and the strong export and public capital spending in larger economies drive it.
Commenting on negotiations on the tariff issue, Tengku Zafrul noted that Asean member states have agreed on Asean neutrality and would continue to support the principle of multilateralism and the need for engagement between each country and the United States (US).
"Every country will have its position vis-à-vis the US, and we welcome the engagement that has been done bilaterally by Asean member states," he added.
The 46th Asean Summit, being held under Malaysia's Asean 2025 Chairmanship theme of "Inclusivity and Sustainability", also marks Malaysia's fifth time chairing the regional bloc since its previous chairmanships in 1977, 1997, 2005 and 2015.
The Asean Summit and its related meetings were expected to address a wide range of pressing regional and international issues, with the ongoing crisis in Myanmar remaining a key point of concern for Asean member states.
In addition to the Asean-level meetings, the summit would also feature two important inter-regional platforms, the 2nd Asean-Gulf Cooperation Council (GCC) Summit and the inaugural Asean-GCC-China Summit, signalling growing engagement between Southeast Asia and its strategic partners in the Gulf and China. – Bernama
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