2024 growth forecasts for Vietnam and other regional countries.

AMRO announced on Tuesday a slight decline in the economic growth forecast for the ASEAN region, China, Japan, and South Korea (ASEAN+3), compared to its April report. However, Vietnam and Brunei are the two ASEAN countries with upwardly revised growth forecasts.

During a press conference, AMRO's chief economist, Hoe Ee Khor, estimated the region's economic growth for this year at 4.4%, slightly lower than the previous forecast of 4.5%.

Inflation in the ASEAN+3 region, excluding Laos and Myanmar, is expected to moderate to 2.1% this year, down from the April forecast of 2.5%. However, inflation risks persist, particularly if geopolitical tensions escalate, leading to increased global shipping and commodity prices.