AEIR 2021

Real GDP contracted by 6.2% in 2020, reversing the 5.0% growth in 2019, as measures to contain COVID-19 cut domestic demand, and steep declines in tourism and export receipts pummeled the external sector. Growth is forecast to return to 3.5% in 2021 with a gradual revival in domestic demand and private consumption. Economic growth should accelerate to 6.0% in 2022 with an expected recovery in tourism and the full reopening of the economy. Industry is forecast to expand by 7.6% in 2021 as continued fiscal stimulus supports construction and other sectors and as external demand rebounds. GDP is forecast to grow by 6.0% in 2022.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 12.3 (Sep21)12.8 3.8
Industrial/ Manufacturing Production Growth Rate 1 35.9 (Jun21)-6.8
Merchandise Export Growth 1 12.8 (Sep21)12.8 14.6
Exchange Rate Index 2 174.5 (Oct21)173.1 179.1
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

Initiatives / FTAs