ASEAN finance leaders end meetings in Laos, pointing to challenges from geopolitics, volatile prices
Southest Asian finance ministers and central bank governors have ended meetings in the Laotian city of Luang Prabang citing progress in building stronger regional institutions, but also noting serious challenges due to geopolitical tensions and volatile commodity prices
LUANG PRABANG, Laos (AP) — Southeast Asian economies are gaining ground as tourism and exports recover from the shocks of the pandemic, but geopolitical tensions and volatile commodity prices still pose serious risks, regional financial leaders said Friday.
Laos’ Finance Minister Santiphab Phomvihane read out a joint statement following meetings among finance ministers at a hotel in the Laotian city of Luang Prabang, a UNESCO heritage site, but he made no other remarks and took no questions.
Estimates for economic growth in members of the 10-nation Association of Southeast Asian Nations vary but are generally near a robust 5% for 2024.
“Nevertheless, there are still challenges due to adverse financial spillovers from geopolitical tensions, volatility in global commodity prices,” Phomvihane said, also pointing to climate change, aging populations and rapid development of digitalization as key factors for the region.
