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ASEAN economic ministers expect stronger growth in 2015

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Staff writer ▼ | March 2, 2015
Economic ministers from the Association of Southeast Asian Nations (ASEAN) expect the region's economy to perform better this year despite the uncertain global outlook.
Asia   Association of Southeast Asian Nations
They said this on Sunday at the end of the 21st ASEAN Economic Ministers’ Retreat that began on Saturday in Kota Bharu, Malaysia.

“We expect ASEAN’s economic performance to improve in 2015 to 5.1 percent, above the 3.5 percent global growth projection. We based this on the stronger demand in advanced economies, energised by the robust US recovery and several policy stimulus measures in the Eurozone and Japan," the ministers said in a statement.

Despite the global economic and geopolitical challenges faced by ASEAN members, deepening economic integration in the region would serve as a buffer in helping ASEAN progress and prosper, they added.

ASEAN groups Indonesia, the Philippines, Thailand, Malaysia, Singapore and Brunei together with Vietnam, Myanmar, Cambodia and Laos. The regional grouping is working towards building an ASEAN economic community (AEC) by the end of this year.

According to the ministers, steady progress has been made in implementing the AEC Blueprint.