The ASEAN+3 Macroeconomic Research Office (AMRO) has lifted the growth forecast of ASEAN, China, Japan and South Korea (ASEAN+3) region in 2023 from 4.3 percent to 4.4 percent, as China recorded higher annual growth of 5.2 percent, up from a previous forecast of 5.0 percent.

The AMRO on Thursday updated its quarterly ASEAN+3 Regional Economic Outlook and forecast that ASEAN+3 region will grow 4.5 percent in 2024.

Stabilizing industrial and service activities in the Chinese economy are helping to provide additional momentum to the region in 2024, alongside gradual improvement in exports to other key markets, according to the outlook report.

"Spiking global commodity prices remain the key risk to growth, but there are several other wildcards. We still can not rule out a U.S. recession. The lead-up to the U.S. election in late 2024 could also exacerbate policy uncertainty and volatility in financial markets," AMRO Chief Economist Hoe Ee Khor said.

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