Asia Regional Integration Center
Tracking Asian Integration
The economy reversed its 1.0% contraction in fiscal year 2020 (FY2020, ended 30 June), growing by 5.6% in FY2021. Industrial output grew by 7.8%, buoyed by fiscal incentives. Manufacturing was up by 10.5%, construction by 5.3%, and services rebounded by 5.7%, after pandemic-related restrictions were lifted. On the demand side, private consumption led the recovery, supported by government cash transfers and a record increase in remittances, along with an expansionary monetary policy. GDP growth, however, is projected to moderate to 4.0% in FY2022 due to slower domestic demand from monetary tightening, restrictions on automobile financing, and additional fiscal consolidation measures enacted in January 2022. Growth is expected to accelerate to 4.5% in FY2023 due to increased private consumption and investment. Greater macroeconomic stability is also expected to boost household and business confidence.
|Composite Stock Price Index 1||41.0 (Feb23)||40.0||45.0|
|Broad Money Growth 2||13.1 (Jan23)||13.1||10.2|
|Headline Inflation Rate 3||31.6 (Feb23)||27.6||12.2|
|Industrial/ Manufacturing Production Growth Rate 3||-1.2 (Oct21)||1.6||21.9|
|Merchandise Export Growth 3||-18.5 (Feb23)||-18.5||-14.1|
|Exchange Rate Index 4||446.5 (Feb23)||391.5||293.5|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database; Federal Bureau of Statistics.|
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