Resilience Amid Global Turmoil: Key Findings from the 2026 ASEAN+3 Financial Stability Report

Chapter 1: Managing Spillovers from Global Shocks: The Critical Importance of Fundamentals

Against a demanding global macro-financial backdrop, financial markets and systems across ASEAN+3 have demonstrated broad resilience. Market responses have grown increasingly divergent, mirroring disparities in domestic economic fundamentals, external buffers, and the credibility of policy frameworks. Yet, pervasive vulnerabilities and nation-specific risks demand constant watchfulness.

Forward-looking risks include AI-driven market corrections, fluctuations in the US dollar, leverage within the non-banking sector, the expansion of digital finance, and cyber threats, all of which may introduce new sources of financial stress. Priority measures involve safeguarding macro-financial buffers and policy credibility, deepening domestic financial markets, reinforcing system-wide surveillance, and boosting regional cooperation alongside crisis preparedness.

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