AEIR 2021

Infrastructure spending and continued export gains boosted growth in 2019. Growth is estimated to have accelerated to 5.1% in 2019 from 4.8% in 2018. Inflation nearly doubled, to 4.9% from 2.6% in 2018 with currency depreciation. Prices rose sharply toward yearend. The current account deficit narrowed from the equivalent of 6.8% of GDP in 2018 to an historic low of 4.5% in 2019. It should fall further by 2021 with the continued decline in merchandise imports. Zero growth is projected for 2020 as monetary tightening and the impact of COVID-19 constrain consumption and limit expansion in tourism and trade. Growth should recover to 4.5% in 2021 as increased bank credit to households, higher foreign direct investment, and a rebound in worker remittances fuel domestic demand.

Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 7.2 (Mar21)3.6 6.1
Industrial/ Manufacturing Production Growth Rate 1 -5.3 (Dec20)8.9
Merchandise Export Growth 1 2.9 (Feb21)2.9 -16.2
Exchange Rate Index 2 185.6 (Mar21)183.9 171.7
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

Initiatives / FTAs