East Asia Economic Outlook
East Asia’s 2024 GDP growth is now seen similar to last year’s rate; projections for all countries in the region have been upgraded in recent months, likely in part as surging global AI demand has boosted electronics manufacturing. Mongolia’s growth will continue to lead the region thanks to increased wages and social spending, while Korea will be East Asia’s laggard.
East Asia Inflation
In June, inflation eased in China, Korea and Mongolia, and rose in Taiwan. Hong Kong has yet to report data. China’s inflation was just above 0%, weighed on by large domestic manufacturing capacity, a weak property market and muted demand. In 2024 as a whole, East Asia’s inflation rate will be the lowest of all world region’s due to depressed price pressures in China.
This chart displays Economic Growth (Real GDP, ann. var. %) for East Asia from 2010 to 2022.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| GDP per Capita (USD) | 11,373 | 11,659 | 13,958 | 13,908 | 13,891 |
| Economic Growth (Real GDP, ann. var. %) | 5.3 | 1.8 | 8.0 | 2.8 | 4.7 |
| 5.7 | -2.9 | 11.6 | 2.9 | - | |
| 4.4 | 2.7 | 5.3 | 4.5 | 2.6 | |
| Industrial Production (ann. var. %) | 4.9 | 2.7 | 9.7 | 3.2 | 3.3 |
| 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) | 57.5 | 66.4 | 68.3 | 73.2 | - |
| Inflation (CPI, ann. var. %, aop) | 2.6 | 2.2 | 1.1 | 2.3 | 0.7 |
| Policy Interest Rate (%, eop) | 3.72 | 3.34 | 3.38 | 3.56 | 3.44 |
| 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) | 16.6 | 18.5 | 17.6 | 16.4 | - |