Asia continues to drive global economic growth, contributing 68% of world GDP expansion, IMF’s Managing Director Kristalina Georgieva said during a panel at the IMF-World Bank meetings in Bangkok, highlighting ASEAN’s key role in boosting regional dynamism.
Georgieva stated today, during the 'ASEAN in a Changing Global Landscape' panel, that Asia remains the engine of global economic growth, adding that “The ASEAN region is increasingly becoming a force that drives dynamism.”
According to the IMF, the ASEAN bloc has grown by up to 4.5 trillion dollars, enough to become the 4th largest economy. Yet, the region is also facing challenging times from volatile commodities prices and trade reconfiguration.
Therefore, Georgieva believes that stronger bridges and partnerships within ASEAN and beyond are becoming much more important.
She outlined priorities for ASEAN member countries, namely to protect their buffers and fiscal space, step-up reforms, trade more with each other and deepen cooperation beyond trade, such as digital cooperation and infrastructure.
"In a more shock-prone, fragmented world, regions are more important than ever,” she said. "There is so much that you are doing already in digital cooperation, infrastructure and energy connectivity. Keep doing it, it will make ASEAN stronger," she opined.
"ASEAN is a great example that growing together is a possibility," she concluded.
