Asia Regional Integration Center
Tracking Asian Integration
Economic growth dropped to 5.3% in FY2019 from 8.9% in FY2018, largely from a 20% fall in public spending on infrastructure. However, services, mainly tourism and retail services, continued to grow, contributing 4.1 percentage points to GDP growth. Inflation rose to 0.8% due to high import demand in support of tourism. The fiscal surplus expanded as revenue rose while government infrastructure spending declined. Net debt at end-June 2019 was below target at 17.3% of GDP. The current account remained in surplus as tourism receipts outpaced the rise in imports. With the collapse in tourism as the COVID-19 outbreak intensified, economic activity will contract by 2.2% in 2020. Growth in FY2021 is projected at 1.0% as the government continues to implement its economic recovery plan.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Headline Inflation Rate 1 | 0.2 (Sep15) | 2.7 | |
Exchange Rate Index 2 | 103.1 (Dec20) | 99.9 | 96.0 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
Initiatives / FTAs
News
-
Macro News
5 items
-
RCI News
28 items
-
Opinions & Editorials
1 items
Publications
-
Economic Reports
3 items
-
Papers
0 items
-
ADB Books
0 items
-
ADB Working Paper Series0 items
on Regional Economic
Integration -
Studies and Research
4 items