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Boosting ASEAN+3's economic resilience and recovery during COVID-19

Uncertainty and challenges ahead require vision, commitment and coordinated action

ASEAN+3 ministers and central bank governors attend a virtual meeting on Sept. 18. (Handout screengrab from the ASEAN+3 Macroeconomic Research Office)

Kenji Okamura is vice minister of finance for international affairs at Japan's Ministry of Finance. Nguyen Thi Hong is deputy governor of the State Bank of Vietnam. Toshinori Doi is the director of the ASEAN+3 Macroeconomic Research Office.

The COVID-19 pandemic continues to cast a long, dark, and uncertain shadow over the outlook for global growth. Deeply plugged into the global value chain, the ASEAN+3 region, comprising the 10 members of the Association of Southeast Asian Nations plus China, Japan, and Korea, has been severely affected. Currently, the region is projected to record negative growth in 2020, a large fall compared to the average growth of around 5% over the past few years.

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