East Asia Economic Outlook
The East Asian economy will pick up in 2023, and regional growth projections have been upgraded by 0.6 percentage points since January. China and Hong Kong will benefit from the lifting of Covid-19 restrictions, and Mongolia from surging mining exports to China. However, Korea and Taiwan will lose steam on tighter monetary policy and feebler developed-market goods demand.
East Asia Inflation
East Asian inflation fell to 0.5% in April from 1.1% in March on lower price pressures in China, Mongolia and Taiwan. Regional forecasts have been downgraded over the last month: East Asian inflation is now seen averaging lower in 2023 than in 2022 on softer external price pressures, improved global supply chains and muted demand pressures in China.
This chart displays Economic Growth (GDP, ann. var. %) for East Asia from 2010 to 2022.
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| GDP per Capita (USD) | 10,018 | 11,134 | 11,306 | 11,593 | 13,873 |
| Economic Growth (GDP, ann. var. %) | 6.3 | 6.1 | 5.3 | 1.8 | 7.9 |
| Private Consumption (ann. var. %) | 8.4 | 7.5 | 5.7 | -2.9 | 11.8 |
| Fixed Investment (ann. var. %) | 7.1 | 4.9 | 4.4 | 2.8 | 5.1 |
| Industrial Production (ann. var. %) | 6.1 | 5.6 | 4.9 | 2.7 | 9.6 |
| Unemployment (% of active population, aop) | 4.8 | 4.7 | 5.0 | 5.0 | 4.9 |
| Fiscal Balance (% of GDP) | -2.8 | -3.2 | -4.2 | -5.8 | -3.3 |
| Public Debt (% of GDP) | 51.2 | 52.9 | 56.3 | 65.2 | 67.2 |
| Inflation (CPI, ann. var. %, aop) | 1.6 | 2.0 | 2.6 | 2.2 | 1.1 |
| Policy Rate (%, eop) | 3.82 | 3.91 | 3.74 | 3.36 | 3.40 |
| Current Account Balance (% of GDP) | 2.4 | 1.1 | 1.5 | 2.6 | 2.9 |