ASEAN raises 2026 growth forecast to 4.7%

The Association of Southeast Asian Nations (ASEAN) has increased its economic growth forecast for 2026 to 4.7% from the previously estimated 4.5%, according to Trade Secretary Ma. Cristina Roque. This optimistic outlook comes as the region faces challenges from rising food and energy prices, tensions in the Middle East, and potential El Niño weather patterns.

Roque highlighted the resilience of the ASEAN economy during a livestreamed announcement at the 39th ASEAN Coordinating Council meeting, ahead of the 49th ASEAN Summit. Despite these global uncertainties, the region's economy is expected to grow by 4.7% in 2027. Roque emphasized that ASEAN is on track to complete all 19 priority economic deliverables under her chairmanship, with 14 expected to be finalized by the upcoming summit, and five more by December.

The signing of the ASEAN Digital Economy Framework Agreement (DEFA) is among the key achievements during her term. Roque stressed the importance of turning these commitments into practical support for businesses, particularly small and medium-sized enterprises, and the broader population. The ASEAN Economic Community Pillar has also made significant progress, completing 87% of the activities under the AEC Blueprint 2025.

Foreign Affairs Secretary Ma. Theresa Lazaro praised ASEAN's unity, unity in the face of geopolitical tensions, economic uncertainty, and other challenges. She noted that ASEAN's security, economic growth, and social resilience must be pursued together. The Philippines, currently chairing ASEAN, has focused on initiatives benefiting families, youth, digital innovation, environmental sustainability, and food security.

Social Welfare Secretary Rex Gatchalian underscored the importance of translating ASEAN's commitments into policies and services that address the needs of communities, especially those vulnerable to economic uncertainties and environmental risks.