Asean remains ‘bright spot’ amid global economic uncertainty, says region’s finance ministers

SINGAPORE – Amid inflation and global economic uncertainty, Asean remains a bright spot with its robust economic growth, the region’s finance ministers said in a joint statement on Friday.

The statement said: “Inflation is expected to remain high in several Asean member states due to elevated input prices, increased demand for services and continued currency pressures. The meeting also touched on global challenges, such as rising geopolitical tensions and slower-than-expected responses to climate change, that could affect Asean states.

The ministers said they were pleased with the expansion of cross-border digital financial services, such as the Singapore-Malaysia QR payment linkage that was launched in March. This initiative lets customers of participating financial institutions make retail payments in both nations by scanning Nets and DuitNow QR codes.

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