AEIR 2023

The economy rebounded modestly in 2021, with GDP growing by 1.4% after declining by 4.6% in 2020. Growth in both services and mining helped cushion the decline in agriculture and other non-mining industries. Trade disruptions also weighed down economic growth, with the closure of the main trade portal with the People’s Republic of China in October 2021 and continued COVID-19 restrictions. Government consumption continued to grow, but private consumption slid by 6.6% due to low labor force participation and high inflation. Despite this, the economic outlook remains generally positive for the next 2 years, supported by continued growth in services, a possible recovery in agriculture, and continued influx of investment. GDP is forecast to grow by 2.3% in 2022 and by 5.6% in 2023.

Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 36.0 (Apr23)38.0 37.0
Broad Money Growth 2 0.8 (Sep22)0.8 -1.7
Headline Inflation Rate 3 15.7 (Jul22)16.1 7.4
Industrial/ Manufacturing Production Growth Rate 3 -5.2 (Jun20)-25.3 -7.8
Merchandise Export Growth 3 105.3 (Mar23)105.3 82.0
Exchange Rate Index 4 285.6 (Apr23)287.4 247.9
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database.

Initiatives / FTAs