The economy contracted 4.8% in 2020, after growing by 0.3% in 2019, due to the COVID-19 pandemic. However, growth returned in Q3 2020, as GDP expanded by 22.8% (seasonally adjusted annualized rate [saar]), driven by a 22%-growth in private consumption due to easing pandemic restrictions and substantial fiscal support. Export growth rose by 33.2% during the quarter due to robust demand for semiconductors and related machinery from the People’s Republic of China. However, with infections rising in November, growth moderated to 11.7% saar in the fourth quarter. Nonetheless, with positive leading indicators and continued policy support, GDP is expected to grow by 2.9% in 2021 and 2.4% in 2022.
|Composite Stock Price Index 1||29.0 (Nov21)||28.0||25.0|
|Broad Money Growth 2||3.6 (Oct21)||3.6||3.8|
|Headline Inflation Rate 3||1.5 (Nov21)||0.9||-1.0|
|Industrial/ Manufacturing Production Growth Rate 3||5.4 (Nov21)||-4.1||-4.1|
|Merchandise Export Growth 3||10.4 (Nov21)||10.4||1.8|
|Exchange Rate Index 4||97.7 (Dec21)||98.8||89.9|
|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