Turning headwinds into opportunities in economic regionalism for Asean

The International Monetary Fund (IMF) noted in its October 2022 report that

global economic activity is experiencing a broad-based and sharper-than-expected slowdown,

with inflation higher than seen in several decades. The IMF forecasts global growth to slow from 6 per cent in 2021 to 3.2 per cent in 2022 and 2.7 per cent in 2023. This is the weakest growth profile since 2001, except for the 2008 global financial crisis and the acute phase of the Covid-19 pandemic.

The economic headwinds confronting the regional bloc could provide the impetus for significant decisions to sharpen Asean’s capacity to compete globally and improve the living standards of its peoples.