Group 1 - The ASEAN+3 region's economic growth is projected to be 3.8% in 2023 and 3.6% in 2026, reflecting a downward adjustment due to challenges posed by US tariff policies [1][2] - The region is characterized by high trade dependency, with ASEAN countries' total trade amounting to approximately 94% of their nominal GDP, and nearly 50% for the ASEAN+3 region [2] - Central banks in the ASEAN+3 region have shown flexibility in monetary policy, with over half having implemented easing measures in response to tariff risks, indicating potential for further support [4][6] Group 2 - Key risks for the ASEAN+3 region include rising US tariffs, changes in global financial conditions, and volatility in commodity prices, particularly oil [3] - The region's central banks are expected to maintain cautious approaches due to inflation targeting and the need to manage capital flows, which could limit their ability to ease policies further [6][7] - Malaysia's recent interest rate cuts are seen as preemptive measures to address external uncertainties, while Vietnam is focusing on attracting foreign direct investment and upgrading its industrial structure for long-term resilience [7]

Core Viewpoint - The ASEAN+3 region's economic growth forecast for 2023 has been revised down to 3.8% due to increased global uncertainties, particularly related to U.S. tariff policies [1][2] Economic Growth Forecast - The ASEAN+3 region's economic growth rate is projected to be 3.8% for 2023 and 3.6% for 2026, a decrease from earlier predictions of 4.2% for 2025 and 4.1% for 2026 [1] - The previous forecasts did not account for the impacts of newly announced U.S. tariffs [1] Economic Resilience - Despite global trade disruptions, the ASEAN+3 region has shown resilience, with policymakers taking early actions to mitigate trade shocks [1] - Inflation in the region is easing, and most regional currencies are appreciating against the U.S. dollar [1] Risks and Uncertainties - The economic outlook for the ASEAN+3 region remains uncertain, with U.S. tariff policy being a significant risk factor [1] - Ongoing negotiations regarding tariffs could further disrupt trade activities and hinder economic growth [1] Regional Cooperation and Integration - The diversity of the ASEAN+3 region is seen as a key advantage, with countries at different stages of economic development and varying resource endowments [2] - Strengthening regional cooperation and maintaining an open attitude towards the world can enhance the region's resilience to external shocks and create new growth opportunities [2] Internal Demand and Trade Diversification - The focus on domestic demand growth within the region provides a buffer against external shocks [2] - The ASEAN+3 region has diversified its export markets, with the share of exports to the U.S. decreasing; intra-regional trade now accounts for 45% of total trade [2]