Asean finance chiefs conclude Laos meeting with optimism for economic growth despite obstacles

South-east Asian economies are set to see a boost in 2024, with a rebound in exports and tourism expected to drive growth, according to top finance officials in the region. The joint statement issued at the conclusion of the 11th Asean Finance Ministers’ and Central Bank Governors’ Meeting highlighted the positive outlook, despite challenges such as geopolitical tensions and global economic uncertainties.

Singapore’s Deputy Prime Minister and Minister for Finance Lawrence Wong emphasized the importance of regional cooperation in achieving sustainable and inclusive growth. He highlighted the need for Asean countries to work together to realize the region’s full potential and bring benefits to all its peoples.

The Asean joint statement also addressed structural issues such as climate change, digitalization, and an ageing population, which will continue to shape economic development in the region. Stronger regional economies, through integration and connectivity, are seen as essential to navigate the challenging global environment.

The finance ministers and central bankers discussed initiatives to boost financial integration and cooperation within Asean, including the expansion of cross-border QR payment services. The recent launch of linkages between various member states has placed Asean at the forefront of QR payment services integration globally.

Overall, the region is expected to grow by 4.9% in 2024, up from 4.3% in 2023, according to the Asean+3 Macroeconomic Research Office. The focus on enhancing connectivity, payment linkages, and green financing reflects Asean’s commitment to sustainable economic development and inclusive growth.