Asia Regional Integration Center
Tracking Asian Integration
The economy reported its highest growth in a decade in 2021. After a 0.9% contraction in 2020, the economy grew by 4.0% in 2021 due to strong recovery in consumption from both private and public sectors. Success in COVID-19 containment, mass vaccinations, eased mobility restrictions, and labor market recovery bolstered private consumption. On the supply side, both services and manufacturing boosted the expansion. With the economy recovering in 2021 from a low base in 2020, growth is expected to ease to a more sustainable 3.0% in 2022 and 2.6% in 2023. It will likely be supported by higher domestic consumption, easing unemployment, and high vaccinations.
Source: Asian Development Outlook 2022.
|Composite Stock Price Index 1||2.0 (Feb23)||2.0||2.0|
|Broad Money Growth 2||3.5 (Dec22)||3.5||5.1|
|Headline Inflation Rate 3||4.8 (Feb23)||5.2||3.7|
|Industrial/ Manufacturing Production Growth Rate 3||-0.8 (Dec22)||1.2||6.7|
|Merchandise Export Growth 3||-7.5 (Feb23)||-7.5||-16.6|
|Exchange Rate Index 4||130.1 (Feb23)||126.8||122.1|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database; National Statistical Office; Korea Customs Service.|
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