ASEAN Economic Community News
The ASEAN+3 Macroeconomic Research Office (AMRO), a Southeast Asian version of the International Monetary Fund, is expected to be upgraded to an official international organization in mid-2016. AMRO was formed by the 10 ASEAN member states together with Japan, China, and South Korea in 2011 as an independent regional surveillance unit to monitor and analyze regional economies and support Chiang Mai Initiative (CMI) decision-making. One of its main tasks will be to issue recommendations to invoke the CMI for members to jointly supply hard currency in the event of a currency crisis.
External Risks Slow Growth
A major global bank believes that external risks will continue to slow economic growth in ASEAN. The bank says that negative growth factors for the region include the commodity price plunge, global demand slowdown, currency fluctuations, poor implementation of investment plans, and restructuring and macro-prudential measures. However, the bank says that GDP growth in the Philippines and Vietnam should remain high in 2016.