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.
|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.|
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.|
Initiatives / FTAs
ADB Working Paper Series4 items
on Regional Economic
Studies and Research