Singapore, Jan. 25 (Xinhua/Li Xiaoyu) -- The ASEAN+3 Macroeconomic Research Office (AMRO) published its Quarterly Update of the ASEAN+3 Regional Economic Outlook on Jan. 25. The report shows that the regional gross domestic product (GDP) growth of 10 ASEAN member states plus China, Japan and South Korea will be 4.9 percent for 2022, while the region's inflation will remain relatively low at 2.9 percent.

According to the quarterly update, in 2021, economic growth in the ASEAN+3 region is estimated to come in at 5.9 percent, while the region's consumer price inflation is projected at 2.2 percent. AMRO expects the ASEAN+3 region to remain resilient in 2022 despite new challenges from the COVID-19 pandemic and the global economy.

The report said that the emergence of the Omicron variant towards the end of 2021 brought new uncertainties and set back the progress of economic re-opening. Nevertheless, high vaccination coverage has mitigated the risk of nationwide lockdowns, as experienced during the early days of the pandemic.

"The ASEAN+3 region has sufficient policy space to navigate through these new challenges, and stay on its recovery path," said AMRO's Chief Economist Hoe Ee Khor. "A resurgence of infections continues to be the key downside risk, amplified by lingering global supply chain disruptions and rising global price pressures," said Khor, adding that while the rise in global inflation is likely to prompt major advanced economies to roll back extraordinary monetary support earlier or more sharply than anticipated, the spillover effects for the region is likely to be limited because of greater resilience in the ASEAN+3 region.

According to the quarterly update, the GDP growth of 10 ASEAN member states in 2021 is expected to be 2.8%, while the GDP growth of Chinese mainland, Japan, ROK and China’s Hong Kong is estimated to be 6.7%. In 2022, the GDP growth of 10 ASEAN member states is estimated to be 5.2%, and the GDP growth of Chinese mainland, Japan, ROK and China’s Hong Kong is projected at 4.9%.