Economic growth slowed to 0.6% in 2020 from 2.4% in 2019, largely due to pandemic-related restrictions. Border closures disrupted the flow of goods and people into the country, interrupting infrastructure projects as well as services, as international consultants and contractors could not enter. This adversely affected hotels, restaurants, and retail activity. Restrictions continued into 2021, with GDP forecast to contract by 0.2%. However, prospects for 2022 remain upbeat, with GDP expected to grow by 2.3% as major infrastructure and locally financed construction resume.
|Headline Inflation Rate 1||-1.2 (Dec19)||-1.6||-1.1|
|Merchandise Export Growth 1||-28.4 (Jun21)||-28.4||29.1|
|Exchange Rate Index 2||97.4 (Sep21)||97.3||96.3|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
Initiatives / FTAs
ADB Working Paper Series0 items
on Regional Economic
Studies and Research