AEIR 2021

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.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
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.
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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