Our flexible exchange rate is helping to bring about movements in the real exchange rate, which is what matters in terms of the adjustment process. But this is not the case in all countries. Where the nominal exchange rate is fixed, the only way to bring about adjustments in the real exchange rate is through large movements in relative wages and prices.
I believe that member states have positively leveraged on regional integration to retain their collective growth momentum. Integration has also provided the additional impetus for individual country growth. ASEAN+3 has become a major global economic player. In 2016, the region accounted for more than a quarter of the world’s gross domestic product (GDP).