The IMF projects APAC GDP growth of around 3.9% in 2025, down from 4.6% last year due to softer external demand and uneven domestic recoveries. Within this, ASEAN's outlook has been trimmed to around 4.1% owing to trade headwinds and After a blistering H1, APAC's M&A market lost a step in Q3. Deal value dropped to Us$215bn, a sharp 27.7% decline from Q2 and 9.2% lower year-on-year, while volume slipped 12.2% to 2,462 transactions and reassess valuations. Nevertheless, 2025 remains on a firmer footing than recent years—through three quarters, aggregate deal value is up 45.5% on Q1-Q3 2024.