ASEAN's Recovery Momentum Vulnerable to Global Challenges

Wahyu Dwi Anggoro - 19 May 2022 16:00 WIB
ASEANs Recovery Momentum Vulnerable to Global Challenges
Economic growth in the region is expected to reach 4.9 percent in 2022. (Photo:
Jakarta: The ASEAN Economic Ministers’ (AEM) Special Meeting 2022 was held on May 18, 2022 in Bali, Indonesia.

The Meeting was chaired by Cambodia under the theme of its ASEAN Chairmanship in 2022 "ASEAN A.C.T.: Addressing Challenges Together,"
"The Meeting had a fruitful discussion and exchange of views on ASEAN’s collective effort and strategy to address regional and global issues, mitigate their potentially adverse impact on ASEAN’s economy and, push forward ASEAN centrality instrengthening economic integration in the region," ASEAN Economic Ministers said in a joint media statement on Wednesday.

"The Meeting noted that the fastchanging global economic landscape is bringing new opportunities and challenges to the region. Digital technology and sustainable development are emerging as new driving forces for the future growth of ASEAN. Meanwhile, current geopolitical tensions, disruptions on global economic and trade activities, and climate change, highlight the imperative for the region to strengthen community-building efforts. Therefore, it is crucial for ASEAN to reaffirm its commitment and determination to work together to ensure that the ASEAN Economic Community remains relevant, competitive, inclusive, sustainable, cohesive, and resilient in the post-COVID-19 world," they said.

The Meeting also expressed optimism that the region would return to pre-pandemic
levels, with economic growth in the region expected to reach 4.9 percent in 2022 and 5.2 percent in 2023. 

"ASEAN is however cognisant that the region’s recovery momentum and growth prospect are vulnerable to current geopolitical situations, supply chain disruptions, shortages in key commodities, and inflationary pressures," they stated. 

"Thus, the Meeting emphasised the need for ASEAN to remain vigilant and accelerate the implementation of the ASEAN Comprehensive Recovery Framework (ACRF) to navigate these global challenges and to ensure that the ASEAN economy is able to bounce back better and stronger," they said.


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