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 | 31.0 (Oct23) | 32.0 | 26.0 |
Broad Money Growth 2 | 2.0 (Sep23) | 2.0 | 1.9 |
Headline Inflation Rate 3 | 3.0 (Sep23) | 3.1 | 3.0 |
Industrial/ Manufacturing Production Growth Rate 3 | -4.7 (Sep23) | -4.4 | 8.8 |
Merchandise Export Growth 3 | 1.1 (Sep23) | 1.1 | -7.3 |
Exchange Rate Index 4 | 129.6 (Oct23) | 128.1 | 127.5 |
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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