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 28.0 (Oct21)29.0 23.0
Broad Money Growth 2 4.0 (Aug21)4.0 4.6
Headline Inflation Rate 3 0.8 (Sep21)0.4 0.1
Industrial/ Manufacturing Production Growth Rate 3 -2.3 (Sep21)8.8 -9.1
Merchandise Export Growth 3 8.3 (Sep21)8.3 21.8
Exchange Rate Index 4 98.0 (Oct21)95.4 91.1
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.

Initiatives / FTAs

News