East Asia Economic Outlook
East Asia’s GDP growth will slow this year on weaker expansions in China and Hong Kong amid tougher bases of comparison. In contrast, recoveries in exports and industry as global demand for electronics and IT rises will spur faster GDP growth in Korea and Taiwan. Mongolia will be the region’s top performer on strong mining investment, and higher wages and social spending.
East Asia Inflation
In March, price pressures eased in China and Taiwan following the end of February’s Lunar New Year festivities. Inflation was stable in Korea and Mongolia, while Hong Kong had yet to report March data at the time of writing. In 2024 as a whole, inflation should be muted in East Asia—except in Mongolia, which will see elevated inflation due to expansionary fiscal policy.
This chart displays Economic Growth (GDP, ann. var. %) for East Asia from 2010 to 2022.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 11,306 | 11,592 | 13,875 | 13,825 | 13,807 |
| Economic Growth (GDP, ann. var. %) | 5.3 | 1.8 | 8.0 | 2.8 | 4.7 |
| Private Consumption (ann. var. %) | 5.7 | -2.9 | 10.9 | 0.7 | - |
| Fixed Investment (ann. var. %) | 4.4 | 2.8 | 5.2 | 4.5 | 2.6 |
| Industrial Production (ann. var. %) | 4.9 | 2.8 | 9.7 | 3.2 | - |
| Unemployment (% of active population, aop) | 5.0 | 5.0 | 4.9 | 5.2 | 4.8 |
| Fiscal Balance (% of GDP) | -4.2 | -5.8 | -3.3 | -4.4 | - |
| Public Debt (% of GDP) | 57.6 | 66.6 | 68.4 | 73.3 | - |
| Inflation (CPI, ann. var. %, aop) | 2.6 | 2.2 | 1.1 | 2.3 | 0.6 |
| CBI Policy Rate (%, eop) | 3.74 | 3.36 | 3.40 | 3.57 | 3.45 |
| Exchange Rate (LBP per USD, eop) | 122 | 112 | 113 | 112 | 117 |
| Current Account Balance (% of GDP) | 1.5 | 2.6 | 2.9 | 2.9 | 2.1 |
| Merchandise Exports (USD bn) | 3,888 | 3,962 | 5,095 | 5,297 | 4,992 |
| Merchandise Imports (USD bn) | 3,437 | 3,376 | 4,374 | 4,504 | 4,154 |
| International Reserves (USD bn) | 4,556 | 4,826 | 4,940 | 4,712 | 4,871 |
| External Debt (% of GDP) | 16.7 | 18.6 | 17.7 | 16.5 | - |