ASEAN economy to expand at 4.7% IN 2025
He said the 25th ASEAN Economic Community (AEC) Council meeting today also forecast the inflation rate for the region at three per cent.
'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 per cent 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 today.
According to Tengku Zafrul, the projection is higher than average compared to the global growth rate and it is really driven by the strong export and public capital spending in larger economies.
'But the 4.7 per cent growth is subject to ... there is a downside risk to that projection because of the external environment and such that we need to look at,' he added.
Commenting on negotiations on the tariff issue, Tengku Zafrul noted that ASEAN member states have agreed on ASEAN neutrality and will 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 are 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 will 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.
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