Asian economies have recovered on the whole, as domestic demand has continued to improve with progress in the resumption of economic activity. However, growth in exports has decelerated, particularly in ITrelated goods. As for the outlook, although the impact of COVID-19 and supply-side constraints is likely to wane, the global economy is expected to slow toward 2023, albeit with variation across countries and regions.
This will likely occur due to the impact of global inflationary pressure, policy interest rate hikes by central banks, and the situation surrounding Ukraine. Apart from China, economies in the ASEAN+3 region are likely to decelerate gradually, with external demand slowing and prices rising, although the resumption of economic activity is expected to underpin domestic demand.