ASEAN+3. Joint webinar of Asian Development Bank (ADB) and Association of Southeast Asian Nations (ASEAN)+3 Macroeconomic Research (AMRO) on Friday (May 13, 2022). The ADB identifies tourism, agro-processing, garments, electronics, and digital trade as new growth drivers for the 10 ASEAN members and China, Japan, and South Korea. (Screenshot from ZOOM meeting) MANILA - The Asian Development Bank (ADB) has identified five key sectors that will propel post-coronavirus disease 2019 (Covid-19) economic growth for Association of Southeast Asian Nations (ASEAN)+3 countries, including the Philippines. In a joint webinar of the ADB and ASEAN+3 Macroeconomic Research (AMRO) on Friday, ADB Southeast Asia Department senior economist James Villafuerte said the sectors of tourism, agro-processing, garments, electronics, and digital trade will be the new drivers for growth for the 10 ASEAN member states, China, Japan, and South Korea. Villafuerte said ASEAN+3 countries have to address challenges in
After tens of thousands of hotels and restaurants were suffering from shutting down due to the pandemic, the hospitality industry is finally beginning to rebound. However, the rebound is not proceeding smoothly as the revenue lost during the pandemic can never be recovered and the hospitality industry cannot find enough workers post-COVID.