AEIR 2021

With global tourism put on hold by the COVID-19 pandemic, and with tourism accounting for 75% of the economy, GDP contracted by an estimated 32.0% in 2020. Construction plummeted by 28.4%, as imports of building materials, machinery, and electrical equipment dropped 31.3%. Average prices fell by 1.4% in 2020 after rising by 0.2% in 2019, as COVID-19 restrictions hit consumer demand, price controls were imposed on basic food items, global oil prices fell, and households received 30% electricity subsidies for 3 months and 40% water subsidies for 2 months. Government expenditures jumped from 33.4% of GDP in 2019 to 52.9% in 2020. Revenues plunged by 43.1% to 21.7% of GDP. Growth is forecast to rebound to 13.1% in 2021 as travel restrictions ease, and to 14.0% in 2022.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 0.9 (Jun21)2.7 -4.5
Merchandise Export Growth 1 142.2 (May21)142.2 -36.0
Exchange Rate Index 2 119.9 (Aug21)119.7 120.0
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

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