East & South Asia Economic Forecast

Economic Snapshot for East & South Asia

August 25, 2021

Economic outlook for 2021 brightens

Regional GDP growth should accelerate robustly this year as external demand rebounds. Fiscal and monetary stimulus should further support the bounce-back, while less volatile U.S. foreign policy under President Biden bodes well for trade. Covid-19-related uncertainty clouds the outlook, however, amid the increase in new variants of the virus.

Inflation to fall markedly compared to 2020

Regional inflation was stable at June’s 1.2% in July. Price pressures eased slightly in China, while inflation accelerated robustly in Hong Kong and Korea. Over 2021 as a whole, inflation should fall markedly compared to 2020 as the impact of pandemic-related supply chain disruptions fades.

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