East Asia Economic Outlook
In 2024, East Asia’s GDP growth will be somewhat below the average for Asia. While surging global AI demand will boost the region’s huge electronics sector, slowing tourist arrivals growth and multiple economic headwinds in China will weigh on momentum. Mongolia’s growth will continue to lead the region, while Korea will be East Asia’s growth laggard.
East Asia Inflation
In July vs June, inflation rose in China, Korea and Taiwan. China’s inflation was only slightly above 0%, where it has been for most of this year, dampened by large domestic manufacturing capacity, a weak property market and muted demand. As a result of depressed Chinese price pressures, East Asia’s 2024 inflation rate will be the lowest among all world regions.
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. %) | 4.8 | 2.6 | 9.6 | 3.1 | 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 | - |