AEIR 2019/2020

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 12.6 (Aug20)12.6 12.5
Headline Inflation Rate 2 2.4 (Aug20)3.1 2.1
Merchandise Export Growth 2 -23.2 (Jul20)-23.2 -30.0
Exchange Rate Index 3 99.8 (Oct20)100.0 99.3
1 %.
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

Initiatives / FTAs