East Asia Economic Outlook
The East Asian economy is expected to lose steam next year from 2023, as the post-pandemic boost that aided activity in China and Hong Kong in the early part of this year falls out of the base of comparison. However, Korea and Taiwan should accelerate thanks to recoveries in their export-oriented industrial sectors, and Mongolia will remain the region’s top performer.
East Asia Inflation
Regional inflation was 0.5% in September, unchanged from August. Price pressures were inexistent in China. In October, inflation ticked up in Korea and Taiwan—other economies are yet to report data. In 2024, China should experience faster—yet still mild—inflation compared to the 2023 average, while other regional economies should see price pressures fade or remain stable.
This chart displays Economic Growth (GDP, ann. var. %) for East Asia from 2010 to 2022.
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Public Debt (% of GDP) | 54.0 | 57.6 | 66.6 | 68.4 | 73.3 |
| Inflation (CPI, ann. var. %, aop) | 2.0 | 2.6 | 2.2 | 1.1 | 2.3 |
| Policy Rate (%, eop) | 3.91 | 3.74 | 3.36 | 3.40 | 3.58 |
| Exchange Rate (LCU per USD, eop) | 125 | 122 | 112 | 113 | 112 |
| Current Account Balance (% of GDP) | 1.1 | 1.5 | 2.6 | 2.9 | 2.7 |
| Merchandise Exports (USD bn) | 3,963 | 3,888 | 3,962 | 5,095 | 5,308 |
| Merchandise Imports (USD bn) | 3,565 | 3,437 | 3,376 | 4,374 | 4,505 |
| International Reserves (USD bn) | 4,462 | 4,556 | 4,826 | 4,940 | 4,712 |
| External Debt (% of GDP) | 15.2 | 15.3 | 17.1 | 16.1 | - |
| GDP per Capita (USD) | 11,135 | 11,306 | 11,592 | 13,877 | 13,881 |
| Economic Growth (GDP, ann. var. %) | 6.1 | 5.3 | 1.8 | 7.9 | 2.8 |
| Private Consumption (ann. var. %) | 7.5 | 5.7 | -2.9 | 11.6 | - |
| Fixed Investment (ann. var. %) | 4.9 | 4.4 | 2.8 | 5.2 | 4.5 |
| Industrial Production (ann. var. %) | 5.6 | 4.9 | 2.8 | 9.7 | 3.2 |
| Unemployment (% of active population, aop) | 4.7 | 5.0 | 5.0 | 4.9 | 5.2 |
| Fiscal Balance (% of GDP) | -3.2 | -4.2 | -5.8 | -3.3 | -4.4 |