ASEAN: IMF outlines three steps for weathering economic challenges

The International Monetary Fund (IMF) recommended that the ASEAN countries follow three main steps in order to weather economic challenges such as tightening liquidity and inflationary pressures, Antara daily newswire reported.

The first step should be maintaining macroeconomic and financial stability to ensure consumers' and investors' confidence, IMF Managing Director Kristalina Georgieva said during the ASEAN-Indo-Pacific Forum in Jakarta.

Second, ASEAN governments should invest more in education and skill building and third, the countries from the bloc should focus on digital connectivity and the green economy.

The economic growth in ASEAN was heavily affected by the pandemic and by the supply chain disruptions caused by it and by Russia’s invasion of Ukraine. High interest rates, which are expected to persist until 2024 and even into 2025, might weaken the strength of ASEAN currencies, Georgieva warned. However, the economic growth of the bloc has reached 4.6% this year, against 3% for the global economy, which makes ASEAN a bright spot on the horizon, she added.

The original news article and data contributions have been taken from the EMIS Professional database, which you can learn more about here.

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