Region poised for stronger growth in 2024: Asean finance chiefs

Rebound in exports, tourism seen as factors, but spillovers from global volatility pose risks

- Ovais Subhani

A rebound in exports and tourism is likely to aid most South-east Asian economies in performing better in 2024 than the year before, said top finance officials of the region at a meeting in Laos.

However, the outlook is clouded by "adverse financial spillovers from geopolitical tensions, volatility in global commodity prices, and weaker economic growth in China", noted the joint statement issued at the conclusion of the 11th Asean Finance Ministers' and Central Bank Governors' Meeting on April 5.

Deputy Prime Minister and Minister for Finance Lawrence Wong attended the two-day gathering aimed at enhancing the bloc's monetary and financial cooperation, forging an inclusive and sustainable future, and embracing the digital economy.

DPM Wong concluded a series of meetings with ministers and officials from around the region, in which they discussed how Asean countries can work together to enable sustainable and inclusive growth from enhancing connectivity and payment linkages to accelerating financing for green transitions.

"One thing is clear - no Asean country can go it alone to achieve our common goals. It is only by working together that we can realise Asean's full potential," he said in a social media post from the city of Luang Prabang - once the royal and religious hub of Laos - where the meeting was held.