The ASEAN+3 Macroeconomic Research Office (AMRO) last week revised downwards Brunei Darussalam’s economic growth from 3.0 per cent forecast in July to 0.7 per cent in its October Economic Outlook.
As for next year’s gross domestic product (GDP) growth, it also revised the Sultanate’s growth from 3.9 per cent projected in July to 3.0 per cent in its October update.
AMRO also revised its short-term growth forecast for the ASEAN+3 region.
The continuing strict dynamic zero-COVID policy and real estate sector weakness in China and potential recessions in the United States (US) and the euro area are weighing on the region’s outlook.
In its October Update, AMRO staff forecasted the ASEAN+3 region to grow by 3.7 per cent this year – down from the 4.3 per cent growth projected in July reflecting mainly weaker growth in Plus-3 economies.
The ASEAN region is expected to grow strongly by 5.3 per cent. The region’s inflation rate for 2022 is now projected to be 6.2 per cent – a full percentage point higher than previously forecast. Growth is expected to increase to 4.6 per cent in 2023 as China’s economy picks up, with inflation moderating to about 3.4 per cent.
Source: Borneo Bulletin
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October 18, 2022
