The heads of financial departments and governors of the central banks of the Association of Southeast Asian Nations (ASEAN), Japan, China and South Korea, who are participating in the next meeting in the ASEAN + 3 format, in a joint final statement expressed their concern about economic risks for the Asia-Pacific region arising from the situation in Ukraine.
Noting the trend towards a successful post-COVID economic recovery in the region in 2022 due to the high level of vaccination of the population of the countries of the region against coronavirus, the meeting participants also took into account new risks for the region’s economy.
It is emphasized that these risks are the result of a faster than expected normalization of the monetary policy of a number of developed countries and the situation in Ukraine, RIA Novosti reports.
The statement also notes that continued disruptions in supply chains, as well as rising food and energy prices, exacerbated by the current Russian-Ukrainian conflict, could pose negative risks to the region’s trade and investment prospects, economic growth and inflation.
The meeting of ASEAN+3 finance ministers and governing regulators took place on May 12 via videoconference.