Latest news with #Asean+3MacroeconomicResearchOffice
Business Times
5 days ago
- Business
- Business Times
Amro cuts Hong Kong's 2025 growth outlook on trade uncertainty
[HONG KONG] Hong Kong's growth outlook was cut by a regional organisation, which urged the city to diversify its economy and trading partners to counter growing protectionism. The Asian financial hub is set to expand by 1.9 per cent in 2025 from the prior year, according to the Asean+3 Macroeconomic Research Office (Amro), a step down from the group's 2.4 per cent forecast just last month. While first-quarter activity proved better than expected, it was largely driven by a frontloading of exports – as companies tried to beat a 90-day tariff pause window – and a boost in tourism. The trade picture is growing uncertain for the rest of the year, though, AMRO analysts said. They also encouraged the city to seek deeper partnerships and trade with other nations to offset US protectionism against China, while also saying deeper integration with China was important. 'It is crucial for Hong Kong to further calibrate its macroeconomic policy stance, bolster growth, secure new growth drivers, and tackle structural challenges,' while remaining a financial centre, economists wrote in a press release on Monday (Jun 2). BLOOMBERG
Business Times
5 days ago
- Business
- Business Times
Hong Kong's 2025 growth outlook cut by Amro on trade uncertainty
[HONG KONG] Hong Kong's growth outlook was cut by a regional organisation, which urged the city to diversify its economy and trading partners to counter growing protectionism. The Asian financial hub is set to expand by 1.9 per cent in 2025 from the prior year, according to the Asean+3 Macroeconomic Research Office (Amro), a step down from the group's 2.4 per cent forecast just last month. While first-quarter activity proved better than expected, it was largely driven by a frontloading of exports – as companies tried to beat a 90-day tariff pause window – and a boost in tourism. The trade picture is growing uncertain for the rest of the year, though, AMRO analysts said. They also encouraged the city to seek deeper partnerships and trade with other nations to offset US protectionism against China, while also saying deeper integration with China was important. 'It is crucial for Hong Kong to further calibrate its macroeconomic policy stance, bolster growth, secure new growth drivers, and tackle structural challenges,' while remaining a financial centre, economists wrote in a press release on Monday (Jun 2). BLOOMBERG
South China Morning Post
18-04-2025
- Business
- South China Morning Post
China's trade with Asia could plug hole left by US tariffs, economists say
China's growth could drop by as much as one percentage point this year if soaring US import tariffs hold up, but its increasingly deep ties with Southeast Asia can help offset that loss, a regional economic surveillance body said on Tuesday. Advertisement US import tariffs of 145 per cent on Chinese shipments will limit expansion of the world's second-largest economy to a 'quite optimistic' 4.8 per cent this year, said Hoe Ee Khor, chief economist with the Asean+3 Macroeconomic Research Office (AMRO). The office made its prediction based on a strong first quarter followed by weak periods, particularly the second half of the year. Beijing has made 'around 5 per cent' its official gross domestic product growth target for 2025. 'With the new tariff of 145 per cent, exports are going to be hit quite hard,' Khor said at a news conference on Tuesday. 'The tariff will definitely cause exports from China to drop substantially.' The economic surveillance office, which tracks developments in China, Japan, South Korea and the 10-member Association of Southeast Asian Nations (Asean) bloc, said Chinese reliance on the US market – which provided some US$525 billion in export value in 2024 – will set it back this year and next if the US tariff rate does not change, with a projection of 4 per cent GDP growth in 2026. Advertisement US President Donald Trump has launched a protracted trade conflict with China, sending tariff rates through the stratosphere and leading to rates of 125 per cent being imposed by Beijing in reply. While there have been recent, perhaps temporary, exemptions allowed for certain goods , it is unclear how the landscape will evolve. China's increasingly tight trade and investment ties with Southeast Asia will help fill the void left by limited access to the US market, AMRO economists said at the conference.
South China Morning Post
15-04-2025
- Business
- South China Morning Post
China's trade with Asia could plug hole left by US tariffs, economists say
China's growth could drop by as much as one percentage point this year if soaring US import tariffs hold up, but its increasingly deep ties with Southeast Asia can help offset that loss, a regional economic surveillance body said on Tuesday. Advertisement US import tariffs of 145 per cent on Chinese shipments will limit expansion of the world's second-largest economy to a 'quite optimistic' 4.8 per cent this year, said Hoe Ee Khor, chief economist with the Asean+3 Macroeconomic Research Office (AMRO). The office made its prediction based on a strong first quarter followed by weak periods, particularly the second half of the year. Beijing has made 'around 5 per cent' its official gross domestic product growth target for 2025. 'With the new tariff of 145 per cent, exports are going to be hit quite hard,' Khor said at a news conference on Tuesday. 'The tariff will definitely cause exports from China to drop substantially.' The economic surveillance office, which tracks developments in China, Japan, South Korea and the 10-member Association of Southeast Asian Nations (Asean) bloc, said Chinese reliance on the US market – which provided some US$525 billion in export value in 2024 – will set it back this year and next if the US tariff rate does not change, with a projection of 4 per cent GDP growth in 2026. Advertisement US President Donald Trump has launched a protracted trade conflict with China, sending tariff rates through the stratosphere and leading to rates of 125 per cent being imposed by Beijing in reply. While there have been recent, perhaps temporary, exemptions allowed for certain goods , it is unclear how the landscape will evolve. China's increasingly tight trade and investment ties with Southeast Asia will help fill the void left by limited access to the US market, AMRO economists said at the conference.
