ASEAN Ministers Say Economic Recovery across Region Remains Fragile

Jakarta: The Fifty-Third ASEAN Economic Ministers (AEM) Meeting was held on September 8-9 via video conference. 
 
The Meeting, which was chaired by Brunei Darussalam under the theme "We Care, We Prepare, We Prosper" was preceded by a preparatory meeting of the ASEAN Senior Economic Officials (SEOM) and joint meetings with the 35th ASEAN Free Trade Area (AFTA) Council and the 23rd ASEAN Investment Area (AIA) Council.
 
The Meeting noted that economic recovery across the ASEAN region remains fragile, as gradual reopening in ASEAN Member States (AMS) are disrupted by surges in covid-19 cases with the rise of new variants. 

"Nonetheless, the Meeting welcomed that the economy is picking up, and gross domestic product (GDP) in Southeast Asia is expected to reach 4.0% this year and 5.2% in 2022," the ministers said in a joint media statement on Thursday. 
 
The Meeting also noted that while merchandise trade dropped by 5.5% in 2020, from USD 2.8 trillion to USD 2.7 trillion, some sectors, such as products which were vital to the pandemic response including rubber and bedding materials, as well as electrical machinery and equipment, performed well for most AMS. 
 
Moreover, the Meeting welcomed that e-commerce and digital services provided alternative channels for people to continue their activities such as working and learning, despite the covid-19 pandemic.
 
As the region moves to sustain the momentum of recovery, the Meeting recognised that vaccination remains the top priority, and continued fiscal and monetary stimulus are necessary to reinforce the economy. 
 
The Meeting also emphasised vigilance in monitoring the risks to the financial system, to ensure stability and safeguard the recovery process. 
 
The Meeting reaffirmed that support for the vulnerable groups, including informal workers, women, and youth, is important to minimise the development gap that has been amplified by the pandemic, and that the recovery period is a time to build back better, to develop and put into practice policies for inclusive and sustainable development, while taking advantage of the opportunities presented by the digital revolution.

 
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