The economy returned to modest growth in 2021 as the government invested about 32% of GDP on social protection to mitigate the effects of the COVID-19 pandemic. The public expenditures helped lift household income and fuel domestic consumption. Economic activity was also bolstered by the resumption of some infrastructure projects. Further growth is expected, with GDP forecast to grow by 1.8% in 2022 and 2.3% in 2023, although the downside risk of potential COVID-19 outbreaks remains.
|Headline Inflation Rate 1||1.8 (Mar20)||-0.4||-2.7|
|Merchandise Export Growth 1||-76.8 (May23)||-76.8||-74.9|
|Exchange Rate Index 2||86.4 (Aug23)||89.7||92.7|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
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