Asia Regional Integration Center
Tracking Asian Integration
GDP growth slowed slightly to an estimated 7.1% in 2019 (from 7.5% in 2018). Garment manufacturing, construction, and tourism continued to expand. The current account deficit widened significantly from 12.2% of GDP in 2018 to an estimated 17.6% in 2019 as import growth outpaced exports. Growth is expected to slow dramatically to 2.3% in 2020 as a direct result of the COVID-19 outbreak—low growth in the People’s Republic of China, a contraction in major advanced economies, and reduced access to export markets. Growth is expected to rebound to 5.7% in 2021. The pandemic hit services hard by reducing tourist arrivals and is expected to hurt construction and manufacturing through supply chain disruptions and reduced demand.
Source: Asian Development Outlook 2020, ADB
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Broad Money Growth 1 | 13.6 (Sep20) | 13.6 | 12.6 |
Headline Inflation Rate 2 | 2.9 (Sep20) | 2.4 | 1.7 |
Merchandise Export Growth 2 | 3.2 (Sep20) | 3.2 | -2.1 |
Exchange Rate Index 3 | 98.6 (Dec20) | 99.0 | 99.2 |
1 %. 2 y-o-y, %. 3 Monthly average, January 2006 = 100, $/local currency. | |||
Source: CEIC database. |
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