ASEAN’s Economic Growth Tops Global Average, Proves Resilience: Indonesia’s Deputy Minister
In a significant revelation, Deputy Minister of Finance II, Thomas Djiwandono, announced that ASEAN has demonstrated remarkable economic resilience. The region’s economic growth has reportedly outpaced the global average, contributing an impressive 3.6 percent to the world’s GDP.
During the inauguration of the ASEAN Treasury Forum on October 3, 2024, in Bali, Thomas elaborated on ASEAN’s projected economic performance. “ASEAN’s economic growth in 2024 is expected to be the highest globally, reaching 4.5 percent, whereas the global economic growth projection is at 3.2 percent,” he noted.
Thomas emphasized that the ASEAN economy has withstood numerous crises over the years, underscoring its resilient nature and adaptability. The region has successfully navigated challenges ranging from the Asian financial crisis in 1997, the global economic crisis in 2008, and most recently, the tumultuous period during the COVID-19 pandemic.
“Over the past two decades, ASEAN has earned a global reputation for its economic resilience,” Thomas stated, pointing out the region’s ability to bounce back stronger, regardless of global economic challenges.
Further highlighting ASEAN’s appeal, Thomas noted the significant interest it has garnered from global investors. Citing data, he mentioned that ASEAN attracted 17 percent of the foreign direct investment (FDI) in 2022, positioning it as one of the top recipients among developing regions.
Looking towards the future, Thomas stressed the strategic importance of bolstering regional resilience and enhancing connectivity within ASEAN to secure long-term economic development. He believes there is an urgent necessity for the harmonization of regional financial policies among ASEAN member countries to sustain its economic trajectory.
