AMRO (ASEAN+3 Macroeconomic Research Office)
@amro_asia
AMRO is an international organization that aims to contribute to the #macroeconomic# and #financial# stability in #ASEAN#+3 (ASEAN + China, Japan & Korea).
98 Following 18.8K Followers
O&G revenues account for nearly three-quarters of Brunei’s public revenue, leaving its fiscal balance highly sensitive to energy prices. Our latest blog highlights the importance of sequencing reforms carefully—strengthening existing instruments, building administrative capacity, and laying the groundwork for broader taxation over the medium term.
Show more
How can ASEAN+3 sustain growth and strengthen resilience in a more shock-prone world?
On November 24, the AMRO Forum 2026 will bring together policymakers, economists, academics, and market participants to explore this question under the theme "Resilient Interdependence: Sustaining ASEAN+3's Growth in a More Shock-Prone World."
Across two sessions, speakers will discuss how the region can remain open, deepen economic ties, and adapt to new risks. See the full speaker lineup and register to watch the livestream.
Register now:
Show more
Legal and healthcare services are promising sectors that can build on Hong Kong's existing strengths and benefit the wider economy. Legal services could expand service exports, while healthcare could boost tourism and consumption, creating opportunities for related industries.
Show more
AMRO Director/CEO Yasuto Watanabe, Chief Economist Dong He, and Deputy Directors Joong Beom Shin and Abdurohman welcomed Atsushi Mimura, Japan’s Vice Minister of Finance for International Affairs, and his delegation to AMRO in Singapore.
They exchanged views on the ASEAN+3 Finance Process, regional financial cooperation, and closer collaboration with international financial institutions.
AMRO appreciates Japan’s leadership as ASEAN+3 Co-chair and its continued support for our work to strengthen regional economic and financial resilience.
Show more
Writing for Central Banking, Yasuto Watanabe and Takuya Yoshioka emphasize that capital-flow volatility does not tell the whole story. Volatility and vulnerability need to be assessed separately: large market movements may be manageable, while calm markets can mask leverage, concentrated exposures, or liquidity mismatches that could amplify the next shock.
Show more
In September 2026, the China–Lao PDR Cross-Border Digital Payment Connect was launched. This blog takes a closer look at how the payment works in practice and which indicators authorities should track.
Show more
Catch up on the latest economic developments, policy insights, and AMRO updates from across the #ASEANplus3# region in this month's newsletter.
Publications: ASEAN+3 Regional Financial Stability Report 2026, Quarterly Update of the ASEAN+3 Regional Economic Outlook, AMRO's Annual Consultation Report on Brunei Darussalam, Managing Digital Scams in ASEAN+3, and more!
News: AMRO renews partnership agreements with the IMF and FLAR, 11th High-Level RFA Dialogue
Blogs: Commentaries on ASEAN-China economic integration, how ASEAN+3 builds resilience to energy shocks, how El Niño could affect the region, how AI is supporting the region's growth, and more!
Coming up: AMRO Forum 2026
Show more
Supply-side shocks are becoming more frequent, more intense, and more difficult to manage. Our latest policy brief highlights the need for a more differentiated response—combining monetary and fiscal coordination, stronger financial supervision, and targeted interventions that protect vulnerable groups and critical sectors.
Show more
Brunei continues to rely heavily on imported food while its agri-food sector accounted for only 1.3% of GDP in 2025. Improving technology, skills, linkages between agricultural producers and supporting industries, and developing higher-value niche products can help unlock the sector’s potential.
Show more
The region's economies are cushioning the impact of the Middle East conflict, but blanket subsidies can weaken price signals and strain public finances. Well-targeted, temporary support can protect vulnerable households while preserving fiscal space.
Show more
As Cambodia prepares to graduate from least developed country status by 2029, moving up the value chain is becoming increasingly important. However, high electricity costs and supply reliability continue to constrain manufacturers. Easing these constraints will be critical to Cambodia’s industrial upgrading.
Show more
Expanding Brunei's domestic agri-food production could boost output and employment, enhance food security and diversify its economy. However, the sector continues to face structural constraints that limit its productivity, competitiveness, and long-term development.
Show more
AMRO Chief Economist: Stronger Integration and Improved Policies Lift ASEAN+3 Resilience @amro_asia
Reflecting on his discussions at the IMF–World Bank Annual Meetings in Bangkok, AMRO Director/CEO Yasuto Watanabe highlights how different risks operate on different clocks. He proposes a simple framework for policy action: ACT—Agile policymaking, Credible communication, and Targeted measures.
Show more
At the roundtable “Tokenized Money, Borderless Growth: How Tokyo and Thailand Can Build ASEAN’s Next Financial Corridor,” organized by @FinCityTokyo_EN, AMRO Director/CEO Yasuto Watanabe highlighted that economies have different needs and that there is no single model for cross-border payments. Regional integration will depend on whether different models can work together, moving from bilateral links to multilateral networks.
Show more
At the IMF–AMRO–ADB high-level panel, “ASEAN in a Changing Global Landscape,” AMRO Director/CEO Yasuto Watanabe emphasized that resilience cannot be taken for granted—it must be actively maintained.
Policymakers need to ACT: be Agile, Credible, and Targeted. Watch the replay:
#IMFMeetings#
Photo credit: IMF Photo
Show more
AMRO’s working paper finds that ASEAN+3 financial synchronization with major advanced economies rises sharply during crises but remains lower outside such episodes and has generally moderated over time. Outside major stress episodes, regional and economy-specific factors have become increasingly important.
Show more
AMRO has renewed two separate Memoranda of Understanding with the @IMFNews and @_FLAR on the sidelines of the IMF-World Bank Annual Meetings in Bangkok.
AMRO Director/CEO Yasuto Watanabe signed the renewals with IMF Managing Director Kristalina Georgieva, and FLAR Executive President José Darío Uribe, extending the respective partnerships through 2029 and 2030.
The partnerships strengthen surveillance, capacity building, and cooperation across institutions and regions—helping member economies better prepare for and respond to shocks while reinforcing the Global Financial Safety Net.
Press release on the AMRO–IMF MoU:
Press release on the AMRO–FLAR MoU:
📷 Credit: IMF Photo/Lewis Joly
Show more
Regional Financing Arrangements (RFAs) and the @IMFNews gathered in Bangkok for the 11th RFA Annual High-Level Dialogue, held on the sidelines of the IMF–World Bank Annual Meetings.
The IMF and RFAs discussed the implications of AI for the financial stability and the resilience of the Global Financial Safety Net. They emphasized the importance of closely monitoring these developments and ensuring strong international cooperation to safeguard stability.
#IMFMeetings#
📷Credit: IMF Photo/Lewis Joly
Show more
The 10th Joint RFA Research Seminar is coming to Singapore!
🌏 Theme: A New Era of Financial Digitalization in a Geo-Fragmented World.
📅 September 14–15, 2026
For this year's seminar, we're exploring the digital transformation of money and payments: stablecoins, tokenized deposits, CBDCs, and cross-border payment systems—and their implications for financial stability, together with global experts.
Held annually since 2017, the seminar is co-organized by AMRO together with the Arab Monetary Fund (AMF), the European Stability Mechanism (ESM), and the Latin American Reserve Fund (FLAR).
➡️ Learn more about the seminar:
➡️ If you are interested in participating, email us at 10thJointRFASeminar@amro-asia.org.
Show more
