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ADB identifies five key drivers for ASEAN+3 growth

The Asian Development Bank (ADB) has identified the sectors of tourism, agro-processing, garments, electronics, and digital trade as the new drivers for growth for the members of the Association of Southeast Asian Nations, with China, Japan, and South Korea, dubbed as ASEAN+3 countries. In a joint webinar of the ADB and ASEAN+3 Macroeconomic Research (AMRO), ADB Southeast Asia Department senior economist James Villafuerte said ASEAN+3 countries have to address challenges in these sectors that were already present before the Covid-19 pandemic, while also introducing policies to adapt to the challenges brought by the global health and economic crisis. AMRO director Toshinori Doi said Covid-19 is both a major disrupter and a catalyst for change. Toshinori added that continuing to provide supportive policies to alleviate the impact of the pandemic and sustaining recovery remains crucial.

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