AEIR 2021

Micronesia, Federated States of

The economy contracted by an estimated 5.4% in fiscal year 2020 (FY2020, ending 30 September) as mobility restrictions were enforced to combat the COVID-19 pandemic. The government earmarked $58.7 million as fiscal stimulus. However, the pandemic also eroded tax revenues as fishing license revenues declined. Inflation increased to 1.6% in FY2020 from pandemic-related supply-side disruptions. GDP is forecast to contract by 1.8% in FY2021 before rebounding to 2.0% growth in FY2022. Inflation is expected to rise to 1.9% in FY2021 and 2.0% in FY2022.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 2.4 (Dec18)1.2
Merchandise Export Growth 1 67.4 (Feb21)67.4 60.3
Exchange Rate Index 2 100.0 (May21)100.0 100.0
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: .

Initiatives / FTAs