MANILA -- The ASEAN+3 region composed of Southeast Asian countries, China, Japan and Korea is seen to grow by 4.2 percent in 2025, an economic think-tank said on Tuesday.

The ASEAN+3 Macro-Economic Research Office (AMRO) also said the region is expected to have grown 4.2 percent in 2024 because growth in several ASEAN economies offset weaker-than-expected performance in China, Japan, and Korea.

AMRO said it revised its growth forecast from 4.4 percent in October to 4.2 percent because it expects the United States to impose higher tariffs on China in the latter half of 2025. The tariffs are expected to weigh heavier on the Plus-3 economies, but ASEAN economies are seen to grow by 4.8 percent because they are less affected.

“The global tech upcycle bolstered ASEAN+3’s export performance in 2024, helping to offset weaknesses in domestic consumption in some parts of the region,” said AMRO Chief Economist Hoe Ee Khor. 

For the Philippines, AMRO said its economy could grow by 5.8 percent in 2024 slower than its earlier forecast of 6.1 percent. The think-tank, however, expects the country's growth to pick up to 6.3 percent in 2025.

The Philippines is also among fastest growing economies in ASEAN+3, next to Vietnam.

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More details to follow.