AEIR 2021

The pandemic response saw GDP growth surge by 70.8% at a seasonally adjusted annualized rate (saar) in the third quarter of 2020, but contract by 5.9% in the fourth quarter. Private consumption grew by 4.2% in the fourth quarter, while fixed capital formation contracted by 5.4%. Net exports cut GDP growth by 10.2 percentage points. Border restrictions halted tourism during peak season, with visitor arrivals decreasing by 99%. The seasonally adjusted unemployment rate rose during the pandemic, although it fell slightly from 5.3% in the third quarter to 4.9% in the fourth quarter. Fourth quarter inflation, at 1.4%, was below the central bank’s 2.0% target. Fiscal and monetary stimulus, and effective containment measures, buoyed the economy. A wage subsidy scheme reduced job losses and supported households.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 2.0 (May21)2.0 1.0
Broad Money Growth 2 6.4 (Jan17)6.4 6.4
Headline Inflation Rate 3 1.5 (Mar21)2.5
Industrial/ Manufacturing Production Growth Rate 3 1.8 (Dec17)0.8
Merchandise Export Growth 3 19.9 (Apr21)19.9 15.4
Exchange Rate Index 4 105.0 (May21)103.6 88.5
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database.

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