After contracting by 4.8% in 2020, the economy grew by 1.7% in 2021. Growth momentum stalled in the first quarter of 2021 as mobility restrictions were imposed due to a resurgence of COVID-19 cases from the omicron variant. Nonetheless, immediately after the restrictions were lifted in September 2021, contact-intensive services recovered and private consumption returned to pre-pandemic levels. Given the recovery in domestic and foreign demand, as well as an expected uptick in private investment, the economy is projected to grow by 2.7% in 2022. Growth is expected to moderate to 1.8% in 2023 on a reduction in net exports. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 32.0 (Aug23)32.0 28.0
Broad Money Growth 2 2.0 (Jun23)2.0 2.1
Headline Inflation Rate 3 3.3 (Jul23)3.3 2.6
Industrial/ Manufacturing Production Growth Rate 3 -2.4 (Jul23)0.1 -1.8
Merchandise Export Growth 3 -3.3 (Jul23)-3.3 -3.8
Exchange Rate Index 4 125.5 (Aug23)122.3 117.3
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Ministry of Economy, Trade and Industry; Ministry of Finance.

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