Asia Regional Integration Center
Tracking Asian Integration
Economic growth slowed to 6.1% in 2019 from 6.7% in 2018. Increased special bond issuance by local governments led to moderating infrastructure investment growth in the first 3 quarters of 2019. However, consumption, the main driver of growth, decelerated due to the softening of both disposable income and consumption expenditure. Despite the reduction in value-added tax, both corporate profits and domestic demand softened, which led to a sharp decline in manufacturing investment. Net exports increased slightly, contributing 0.7% to GDP growth, as a phase-one agreement reached with the United States in mid-December 2019 brought a stop to new tariffs and reduced rates on some bilateral tariffs imposed earlier. The wide impact of COVID-19 on the economy will drive growth down to 2.3% in 2020, bouncing back to 7.3% in 2021.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 3.0 (Jan21) | 3.0 | 3.0 |
Broad Money Growth 2 | 10.1 (Dec20) | 10.1 | 10.7 |
Headline Inflation Rate 3 | 0.2 (Dec20) | -0.5 | 4.5 |
Industrial/ Manufacturing Production Growth Rate 3 | 7.3 (Dec20) | 7.0 | 6.9 |
Merchandise Export Growth 3 | 18.3 (Dec20) | 18.3 | 21.1 |
Exchange Rate Index 4 | 80.3 (Jan21) | 81.1 | 85.9 |
1 Monthly average, local index. 2 %. 3 y-o-y, %. 4 Monthly average, January 2006 = 100, $/local currency. | |||
Source: Bloomberg LP; CEIC database; CEIC Database. |
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