ASEAN finance leaders end meetings in Laos, pointing to challenges from geopolitics, volatile prices

Southest Asian finance ministers and central bank governors have ended meetings in the Laotian city of Luang Prabang citing progress in building stronger regional institutions, but also noting serious challenges due to geopolitical tensions and volatile commodity prices. Laos’ Finance Minister Santiphab Phomvihane read out a joint statement after the meetings at a hotel outside the city, a UNESCO heritage site, but made no other remarks and took no questions. Estimates for economic growth in members of the 10-nation Association of Southeast Asian Nations vary but are generally near a robust 5% for 2024. A recovery from the lean years of the COVID-19 pandemic has gained momentum with a rebound in exports and tourism.