Growth accelerated to 1.5% in 2021 as the country remained free from COVID-19. Capital expenditures almost doubled, offsetting low consumption—that led tax revenues to decline by a fifth. In 2022 and 2023, business travel and remittances are projected to return to pre-pandemic levels as international borders gradually open. GDP is forecast to grow by 3.0% in both years. The fiscal surplus narrowed from the equivalent of 8.7% of GDP in 2020 to 5.4% in 2021. As expenditures dropped by 13.0% and revenues fell similarly, the government expects a fiscal deficit equal to 9.7% of GDP in 2022, as the 27.6% growth in expenditures will outweigh the projected 10.6% rise in revenues.

Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Merchandise Export Growth 1 -97.4 (May23)-97.4 132.7
Exchange Rate Index 2 86.4 (Aug23)89.7 92.7
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: .

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