and tighter global liquidity. The IMF projects ASEAN GDP growth at around 4.1% in 2025, a modest downgrade from earlier expectations but still among the strongest regional outlooks worldwide. Structural progress was also evident. ASEAN ministers approved a regional plan to lift renewable electricity capacity to 45% by 2030, signaling long-term investment in green infrastructure. Meanwhile, Asia logged 186 transactions worth Us$12.9bn in Q3, down 16.6% in volume and 60% in value year-on-year.