The ASEAN+3 Macroeconomic Research Office (Amro) has lowered its ASEAN+3 region growth forecast to 4.3% in July from 4.7% in April. The downward revisions were underpinned by the sharp step down in growth during the first half of the year, notably in China and Hong Kong. Amro chief economist, Khor Hoe Ee, said that much of the stimulus for growth this year will come from domestic demand. In 2023, growth is expected to strengthen to 4.9%. On the inflation front, Amro has raised its 2022 inflation forecast for the region to 5.2%, up 1.7 percentage points from April. Overall, inflation for ASEAN+3 is projected to moderate to 2.8% in 2023. Looking ahead, Amro said risks to the growth outlook for the region have increased since the last assessment in April.
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