Asia Regional Integration Center
Tracking Asian Integration
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 | -29.0 (Jan22) | -29.0 | 24.4 |
Exchange Rate Index 2 | 100.0 (Apr22) | 100.0 | 100.0 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
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