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Asean finance chiefs end Laos meeting amid hopes of improving economy despite challenges

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Singapore’s Deputy Prime Minister and Minister for Finance Lawrence Wong attended the two-day gathering.

SINGAPORE – A rebound in exports and tourism is likely to aid most South-east Asian economies in performing better in 2024 than in 2023, said top finance officials of the region at a meeting in Laos.

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. The Asean joint statement noted that the region’s economic performance is underpinned by strong domestic demand and increased investment activity amid moderating inflation.

The Asean ministers and central bankers also exchanged views with officials of the Asean+3 Macroeconomic Research Office , the Asian Development Bank, World Bank and the International Monetary Fund on global and regional economic outlook, risks, and challenges to the region. The statement noted that the recent launching of Cambodia-Laos, Cambodia-Vietnam, Singapore-Indonesia, Singapore-Malaysia and Laos-Thailand linkages have placed Asean at the forefront of QR payment services integration globally.

 

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