Eap Update April 2023 - Charts

Figure O1.
Most major EAP eco

A. GDP growth
2019 2020 2021 2022

INDEX: 100
China 100 102.24047 110.87601 114.19218
Indonesia
Malaysia
Philippines
100
100
100
97.934488
94.465544
90.481702
101.56106
97.386569
95.642017
106.95252
105.85371
102.91008
Chin
Thailand
Vietnam
100
100
93.933074
102.86541
95.334645
105.50036
97.808325
113.96128 115 EAP
EAP exclud 100 96.3 98.841668 104.57448
Advanced E
EMDE exclu
100
100
95.569269
95.632571
100.60437
102.1022
103.32069
106.46658 Adva
110 EMD
105
100
95
201
Figure O1. Most major EAP economies have recovered and are growing, but output in most Pacific Island Countries is still not bac
A. GDP growth
NDEX: 100 = 2019

China
115 EAP excluding China
Advanced Economies
110 EMDE excluding EAP
105
100
95
2019 2020 2021 20
d Countries is still not back to pre-pandemic levels
2022
Figure O1. Most major EAP economies have recovered and are grow
B. GDP relative to pre-pandemic
Percent
Index
Vietnam 15.5006
China 14.01693
20
Kiribati 7.666073
Indonesia7.389083
Malaysia 6.062632
Lao PDR 5.793837
10
Philippin 5.387371
5.276815
0
Nauru
Cambodi 4.996964
Mongolia 1.694691
PNG 1.257156
Marshall I 0.358937
Thailand -1.514026 -10
Timor-Les-2.338125
Vanuatu -2.61417
Tuvalu -4.042388
Tonga -4.16923
-20
Micronesi-5.512746
Solomon -7.916436
I
Fiji -8.551513 -30
Myanmar-12.83728
ti ia
am a s
Samoa -15.38111
n rib ay in
Palau -23.31639
e t i l p
Vi K
M
a li ip
Ph
have recovered and are growing, but output in most Pacific Island Countries is still not back to pre-pandemic levels
ia e s ia G n d tu g a
s d a
lay p in
bo PN a ila n u
To
n
M
a li ip am Th Va o m
Ph C o l
S
ndemic levels
l. ar
a tu
n ga Is la u
o on nm Pa
T
o m ya
o l M
S
China Indonesia Malaysia PhilippinesVietnam Thailand
Aug-21 3.127828 -1.748252 -7.653061 -10.27461 -32.3826 -6.308261
Sep-21 4.147171 -1.833499 -3.545586 -12.94809 -31.22603 4.824832
Oct-21 5.029663 6.246719 1.921656 -9.074733 -17.7816 15.97419
Nov-21 4.443964 10.55734 3.028065 14.65844 -5.379441 12.69575
Dec-21 1.645691 14.09764 0.731529 0.59675 -4.75543 12.34265
Jan-22 5.832577 14.84502 4.996326 -11.51788 -2.765648 14.19774
Feb-22 6.281996 12.77628 7.264957 -7.614287 2.547821 9.560341
Percen
Mar-22 -4.03658 9.426014 8.256228 42.24812 9.962888 5.887199
Apr-22 -10.78837 4.25636 20.0409 39.05927 12.41732 11.10937
May-22 -6.385683 6.839277 19.68011 19.42022 19.36745 13.78671
Jun-22 2.790659 4.047976 31.84039 26.74322 27.69885 12.57287
Jul-22 2.965605 6.504904 43.61269 29.119 55.45131 18.53772 120
Aug-22 5.911445 5.083884 32.99132 90.99037 65.39507 22.92649
Sep-22 2.20679 4.694599 31.5829 64.40052 62.58595 12.46515
Oct-22 -0.274047 3.606719 21.39231 45.11229 33.97689 -0.30872
100
80
Nov-22 -5.179494 1.066408 20.57348 32.49735 17.10511 4.69487
Dec-22 -1.71671 0.528846 20.40668 33.40815 17.00151 -0.494022
60
Jan-23 2.023616 -0.568182 13.78586 42.06707 19.326 #N/A
Feb-23 4.08124 2.294455 #N/A 26.93303 14.19185 #N/A
40
20
0
-20
-40
Oct-21
Figure O2. Domestic demand is moderating and goods exports are declining
A. Retail sales (year-on-year growth)
Percent
China Indonesia Ma
120 Philippines Vietnam Th
100
80
60
40
20
0
-20
-40
Oct-21
Oct-22
Feb-22
Jun-22
esia Malaysia
am Thailand
Oct-22
Feb-23
China Indonesia Malaysia Myanmar Phillipines
Jan-20 101 99 100 105 100
Feb-20 85 104 102 97 102
Mar-20 84 102 98 95 96
Apr-20 83 98 89 99 81
May-20 100 89 79 93 74
Jun-20 100 86 81 90 77
Jul-20 103 88 93 88 88
Aug-20 105 91 101 91 92
Sep-20 108 95 104 94 95
Oct-20 110 96 103 88 97
Nov-20 113 101 104 86 100
Dec-20 117 107 107 93 100
Jan-21 121 112 109 103 100
Feb-21 124 116 116 98 100
Mar-21 128 119 119 87 103
Apr-21 132 126 124 76 105
May-21 131 130 122 79 107
Jun-21 131 133 122 82 106
Jul-21 129 133 119 78 107
Aug-21 131 139 119 79 108
Sep-21 134 143 121 76 107
Oct-21 139 149 126 81 105
Nov-21 142 153 133 84 104
Dec-21 145 156 136 88 105
Jan-22 144 153 137 90 108
Feb-22 148 154 138 92 111
Mar-22 148 162 141 94 113
Apr-22 147 179 145 93 114
May-22 144 181 147 95 113
Jun-22 147 184 150 95 111
Jul-22 151 178 153 99 108
Aug-22 149 186 158 #N/A 107
Sep-22 147 181 156 #N/A 108
Oct-22 144 179 151 #N/A 114
Nov-22 140 172 144 #N/A 118
Dec-22 136 169 139 #N/A 114
Jan-23 136 168 139 #N/A 105
Feb-23 137 168 #N/A #N/A #N/A
Thailand Vietnam World excluding EAP
99 95 100 97.95178
101 105 100 97.91111 Figure O2. Domestic demand is moderating and
101 104 100 95.15335 B. Goods exports (index)
100 105 100 86.49383
92 91 100 78.26026
85
82
92
102
100 76.42183
100 82.85077
Index Ch
88
94
109
115
100 89.25887
100 93.8054
Ma
95 118 100 95.93183
Th
95 118 100 98.2277
200
97
99
119
122
100 100.065
100 102.0288 Wo
101 125 100 104.2755
103
106
126
125
100 106.9596
100 110.2919 175
109 124 100 112.7433
111 123 100 114.8399
111
109
123
120
100 115.5936
100 116.7252
150
109 119 100 116.3285
109 120 100 116.8544
114
120
131
143
100 118.5947
100 120.6502
125
119 148 100 122.2304
118 147 100 124.0095
117
121
144
147
100 126.2284
100 128.6327
100
123 148 100 130.4116
122 148 100 131.4979
120
117
143
143
100 130.9662
100 130.8718
75
116 139 100 129.3805
50
113 138 100 127.2927
113 134 100 124.6741
Feb-20
Jun-20
110 132 100 123.1426
109 123 100
#N/A 131 100
c demand is moderating and goods exports are declining
China Indonesia
Malaysia Phillipines
Thailand Vietnam
World excluding EAP
Oct-21
Oct-22
Feb-20
Jun-20
Oct-20
Feb-21
Jun-21
Feb-22
Jun-22
donesia
illipines
etnam
Oct-22
Feb-23
2020 2021 2022
China -2 3 -2
other EMDE -2 2 -1
Philippines -2 -2 0 Figure O3. Most governments have had less expansion
Indonesia -3 1 0 A. Change in structural balance
Malaysia -2 -1 0
other EAP
Thailand
-3
-4
0
-3
1
2
Percent of GDP
AE -4 1 2
-1
-2
-3
-4
-5
China Philip
rnments have had less expansionary fiscal policy, and began to tighten monetary policy, in 2022
t of GDP
2020 2021 2022
hina Philippines Indonesia Malaysia Thailand

2022
sia Thailand
region2 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20
Advanced E 1 1 1 1 0 0 0 0
EAP 5 5 5 4 4 4 4 4
Other EMD 7 7 7 6 6 6 5 5
Figure O3. Most governments have had less expansionary fiscal policy, and began to tighten monetary policy
B. Policy rates
Percent
12 Advanced Economies E
10 Other EMDE
8
6
4
2
0
Jan-20
Jul-20
Jan-21
Jul-21
Jan-
Jul-
Jan-
Jul-
Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
0 0 0 0 0 0 0 0 0
4 3 3 3 3 3 3 3 3
5 5 5 5 5 5 5 5 6
began to tighten monetary policy, in 2022
nomies EAP
Jul-21
Jan-22
Jul-22
Jan-23
Jul-
Jan-
Jul-
Jan-
May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22
0 0 0 0 0 0 0 0 1
3 3 3 3 3 3 3 3 3
6 6 6 6 6 6 6 6 7
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22
1 1 1 1 1 2 2 2 3
3 3 3 3 4 4 4 4 5
7 8 8 8 9 10 10 10 11
Nov-22 Dec-22 Jan-23
3 3 4
5 5 5
11 11 11
2022 2023
World 3.4 2.9
US 2 1.4 Figure O4. Global growth in 2023 is projected
EU 3.5 0.7 A. 2023 GDP growth forecast
China 3.0 5.1

Percent
EAP
excluding
China
PICs
5.8
6.6
4.9
4.3
7
0
World US
rowth in 2023 is projected to be slower than in 2022 which, along with monetary tightening, will affect growth in the region
2022 2023
ld US EU China EAP PICs

excluding
China
excluding
China
owth in the region
P PICs
ding
na
ding
na
Figure O4. Global growth in 2023 is p
B. Impact of external shocks on GDP gr
Percentage
0.8
US
monetary
US GDP China GDP policy Commodity price
0.232998 0.108195 -0.990117 -0.065438
0.587224 0.345226 -0.516124 0.055826
0.939466 0.669407 -0.099797 0.188145
#DIV/0! #DIV/0! #DIV/0! 0.4
0.354226 0.237031 0.473994 0.121264
0.352242 0.32418 0.416327 0.132319
0.0
-0.4
-0.8
US G
4. Global growth in 2023 is projected to be slower than in 2022 which, along with monetary tightening, will affect growth in the regi
of external shocks on GDP growth
ercentage point
0.8
0.4
0.0
0.4
0.8
US GDP China GDP US monetary Commo
policy price
will affect growth in the region
ary Commodity
price
Figure O5. EAP countrie
A. GDP growth and growt
Percent
8
6
Figure
GDP Growth EAP

1976-1996 1987-1996 1999-2019
5 5.5 5.6 4
Other EMD 3 2.8 4.0
Advanced 4 3.5 2.6
Growth Volatility EAP

Other EMD
5
7
3.1
6.2
2.4
4.0
2
AE 4 3.4 2.9
-2
-4
Weighted average Labor productivity growth Labor productivity level
1987-1996 1999-2008 2010-2019 1990 2000 2010 2019
China 3.9 7.8 4.2 4792 8104 17857 25754

EAP excl China 3.5 2.5 2.8 14061 17306 21300 27331
Rest of EMDEs 0.5 1.6 0.6 35994 37622 40111 42287
AE 1.8 1.3 0.9 73887 89627 99996 108262
Simple average Labor productivity growth Labor productivity level
1987-1996 1999-2008 2010-2019 1990 2000 2010 2019
EAP 2.9 4.2 3.8 25527 26242 29445 33588

Rest of EMDEs 0.3 2.5 1.1 23891 26957 30064 31658
AE 2.3 2.1 1.0 63237 77032 88666 97161
Figure O5. EAP countries have seen two decades of higher and less volatile growth than other economies, and all have transitioned
A. GDP growth and growth volatility
Percent
8 1976-1996 1999-2019
Volatility
6
-2
-4
EAP Other EMDEs Adva
Econo
omies, and all have transitioned either to lower or upper middle-income status
1999-2019
Advanced
Economies
Income levels of EAP countries, 2012 and 2019
countrycodcountrynamlnpcgni200 others EAP Horizontal lines

BDI Burundi 5 5 x-axis y-axis
CAF Central Afri 6 6 2019 LMIC t 5 6.932
MOZ Mozambiqu 6 6 9 6.932
MDG Madagascar 6 6 2019 UMIC 5 8.292
COD Congo, Dem 5 6 9 8.292
SLE Sierra Leon 5 6
MWI Malawi 5 6 Add these horizontal and vertical lines as series in "selec
NER Niger 5 6
LBR Liberia 6 6
TCD Chad 5 7
GMB Gambia, Th 6 7
BFA Burkina Fas 6 7 Figure O5. EAP countries have
UGA Uganda 6 7 B. Income group mobility
GNB Guinea-Biss 6 7
RWA
MLI
Rwanda
Mali
6
6
7
7
10
ETH Ethiopia 5 7
2019 log GNI per capita ($, Atlas method)

TGO Togo 6 7
SDN Sudan 6 7
GIN Guinea 6 7
TZA Tanzania 6 7 9
BEN Benin 6 7
LSO Lesotho 6 7
ZMB Zambia 6 7
ZWE Zimbabwe 6 7
SEN Senegal 6 7 8
COM Comoros 7 7
CMR Cameroon 7 7
MRT Mauritania 6 7
KEN Kenya 6 8
COG Congo, Rep 7 8
AGO Angola 6 8 7
NGA Nigeria 6 8
GHA Ghana 6 8
CIV Cote d'Ivoir 6 8
CPV Cabo Verde 7 8
SWZ Eswatini 7 8 6
NAM Namibia 8 9
GNQ Equatorial 7 9
BWA Botswana 8 9
ZAF South Afric 8 9
5
5
201
GAB Gabon 8 9
5
MUS
NPL
Mauritius
Nepal
8
5
9
7
5
PAK Pakistan 6 7
IND India 6 8
BGD Bangladesh 6 8
BTN Bhutan 7 8
LKA Sri Lanka 7 8
MDV Maldives 8 9
SYR Syrian Arab 8 7
EGY Egypt, Arab 7 8
MAR Morocco 7 8
TUN Tunisia 8 8
IRN Iran, Islami 8 8
DZA Algeria 7 8
JOR Jordan 7 8
PSE West Bank 7 8
IRQ Iraq 7 9
LBN Lebanon 8 9
LBY Libya 9 9
TJK Tajikistan 5 7
KGZ Kyrgyz Repu 6 7
UZB Uzbekistan 6 8
UKR Ukraine 7 8
AZE Azerbaijan 7 8
MDA Moldova 6 8
GEO Georgia 7 8
ARM Armenia 7 8
ALB Albania 7 9
MKD North Mace 8 9
BIH Bosnia and 7 9
BLR Belarus 7 9
TKM Turkmenist 7 9
SRB Serbia 7 9
KAZ Kazakhstan 7 9
MNE Montenegr 8 9
BGR Bulgaria 8 9
TUR Turkey 8 9
RUS Russian Fed 8 9
ROU Romania 8 9
HTI Haiti 7 7
NIC Nicaragua 7 8
HND Honduras 7 8
BOL Bolivia 7 8
SLV El Salvador 8 8
GTM Guatemala 7 8
JAM Jamaica 8 9
BLZ Belize 8 9
PRY Paraguay 7 9
SUR Suriname 8 9
ECU Ecuador 7 9
GUY Guyana 7 9
COL Colombia 8 9
PER Peru 8 9
DOM Dominican R 8 9
DMA Dominica 8 9
VCT St Vincent 8 9
CUB Cuba 8 9
GRD Grenada 8 9
BRA Brazil 8 9
MEX Mexico 9 9
LCA St Lucia 9 9
ARG Argentina 8 9
CRI Costa Rica 8 9
PAN Panama 8 10
MMR Myanmar 5 7
KHM Cambodia 6 7
TLS Timor-Leste 7 8
SLB Solomon Isl 7 8
PNG Papua New 6 8
LAO Lao PDR 6 8
KIR Kiribati 7 8
VNM Vietnam 6 8
VUT Vanuatu 7 8
PHL Philippines 7 8
MNG Mongolia 6 8
FSM Micronesia, 8 8
IDN Indonesia 7 8
WSM Samoa 7 8
TON Tonga 8 9
FJI Fiji 8 9
TUV Tuvalu 8 9
MHL Marshall Is 8 9
THA Thailand 8 9
CHN China 7 9
MYS Malaysia 8 9
Vertical lines
x-axis y-axis
2002 LMIC t 6.613 5
6.613 10
2002 UMIC 7.997 5
7.997 10
nd vertical lines as series in "select data" after doing the scatterplot for lnpcgni2002 and lnpcgni2019
Figure O5. EAP countries have seen two decades of higher and less volatile growth than other economies, and all have transitioned
B. Income group mobility
10
6
2002 LMIC 2002 UMIC
threshold threshold
5
5 6 7 8
201
2002 LMIC 2002 UMIC
threshold threshold
5
5 6 7 8

omies, and all have transitioned either to lower or upper middle-income status
2019 UMIC
threshold
2019 LMIC
threshold
002 UMIC
hreshold
8 9
002 UMIC
hreshold
8 9
as method)
measure startyear gamma positive_g negative_ total positive_totnegative_tobeta
mad 1960 -1 0 0 0 1 1 0
mad 1961 -1 0 0 0 1 1 0
mad 1962 -1 0 0 -1 1 1 0
mad 1963 -1 0 0 -1 1 1 0
mad 1964 -1 0 0 -1 1 1 0
mad 1965 -1 0 0 -1 1 1 0
mad 1966 -1 0 0 -1 1 1 0
mad 1967 -1 0 0 -1 1 1 0
mad 1968 -1 0 0 -1 1 1 0
mad 1969 -1 0 0 -1 1 1 0
mad 1970 -1 0 0 -1 1 1 0
mad 1971 -1 0 0 -1 1 1 0
mad 1972 -1 0 0 -1 1 1 0
mad 1973 -1 0 0 -1 1 1 0
mad 1974 -1 0 0 -1 1 1 0
mad 1975 -1 0 0 -1 1 1 0
mad 1976 -1 0 0 -1 1 1 0
mad 1977 -1 0 0 -1 1 1 0
mad 1978 -1 0 0 -1 1 1 0
mad 1979 -1 0 0 -1 1 1 0
mad 1980 -1 0 0 -1 1 1 0
mad 1981 -1 0 0 -1 1 1 0
mad 1982 -1 0 0 -1 1 1 0
mad 1983 -1 0 0 -1 1 1 0
mad 1984 -1 0 0 -1 1 1 0
mad 1985 -1 1 1 -1 1 1 0
mad 1986 -1 1 1 -1 1 1 0
mad 1987 -1 1 1 -1 1 1 0
mad 1988 -1 0 0 -1 1 1 0
mad 1989 -1 0 0 -1 1 1 0
mad 1990 -1 1 1 -1 1 1 0
mad 1991 -1 1 1 -1 1 1 0
mad 1992 -1 1 1 -1 1 1 0
mad 1993 -1 1 1 -1 1 1 0
mad 1994 -1 1 1 -1 1 1 0
mad 1995 -1 1 1 -1 1 1 0
mad 1996 -1 1 1 -1 1 1 0
mad 1997 -1 1 1 -1 1 1 0
mad 1998 -1 1 1 -1 1 1 0
mad 1999 -1 1 1 -1 1 1 0
mad 2000 -1 1 1 -1 1 1 0
mad 2001 -1 1 1 -1 1 1 0
mad 2002 -1 1 1 -1 1 1 0
mad 2003 -1 1 1 -1 1 1 0
mad 2004 -1 1 1 -1 1 1 0
mad 2005 -1 1 1 -1 1 1 0
mad 2006 -1 1 1 -1 1 1 0
mad 2007 -1 1 1 -1 1 1 0
mad 2008 -1 1 1 -1 1 1 0
mad 2009 -1 1 1 -1 1 1 0
mad 2010 -1 0 0 -1 1 1 0
mad 2011 -1 0 0 -2 1 1 0
mad 2012 -2 0 0 -2 1 1 0
mad 2013 -2 0 0 -2 1 1 0
pwt 1960 -1 0 0 -1 1 1 0
pwt 1961 -1 0 0 -1 1 1 0
pwt 1962 -1 0 0 -1 1 1 0
pwt 1963 -1 0 0 -1 1 1 0
pwt 1964 -1 0 0 -1 1 1 0
pwt 1965 -1 1 1 -1 1 1 0
pwt 1966 -1 0 0 -1 1 1 0
pwt 1967 -1 0 0 -1 1 1 0
pwt 1968 -1 0 0 -1 1 1 0
pwt 1969 -1 0 0 -1 1 1 0
pwt 1970 -1 0 0 -1 1 1 0
pwt 1971 -1 0 0 -1 1 1 0
pwt 1972 -1 0 0 -1 1 1 0
pwt 1973 -1 0 0 -1 1 1 0
pwt 1974 -1 0 0 -1 1 1 0
pwt 1975 -1 0 0 -1 1 1 0
pwt 1976 -1 0 0 -1 1 1 0
pwt 1977 -1 0 0 -1 1 1 0
pwt 1978 -1 0 0 -1 1 1 0
pwt 1979 -1 0 0 -1 1 1 0
pwt 1980 -1 0 0 -1 1 1 0
pwt 1981 -1 0 0 -1 1 1 0
pwt 1982 -1 0 0 -1 1 1 0
pwt 1983 -1 0 0 -1 1 1 0
pwt 1984 -1 0 0 -1 1 1 0
pwt 1985 -1 0 0 -1 1 1 0
pwt 1986 -1 0 0 -1 1 1 0
pwt 1987 -1 0 0 -1 1 1 0
pwt 1988 -1 0 0 -1 1 1 0
pwt 1989 -1 0 0 -1 1 1 0
pwt 1990 -1 0 0 -1 1 1 0
pwt 1991 -1 0 0 -1 1 1 0
pwt 1992 -1 0 0 -1 1 1 0
pwt 1993 -1 0 0 -1 1 1 0
pwt 1994 -1 1 1 -1 1 1 0
pwt 1995 -1 1 1 -1 1 1 0
pwt 1996 -1 1 1 -1 1 1 0
pwt 1997 -1 1 1 -1 1 1 0
pwt 1998 -1 1 1 -1 1 1 0
pwt 1999 -1 1 1 -1 1 1 0
pwt 2000 -1 1 1 -2 1 1 0
pwt 2001 -1 1 1 -2 1 1 0
pwt 2002 -1 1 1 -2 1 1 0
pwt 2003 -1 1 1 -2 1 1 0
pwt 2004 -1 1 1 -2 1 1 0
pwt 2005 -1 1 1 -2 1 1 0
pwt 2006 -1 0 0 -2 1 1 0
pwt 2007 -1 0 0 -2 1 1 0
pwt 2008 -1 1 1 -2 1 1 -1
pwt 2009 -1 1 1 -1 1 1 0
pwt 2010 -1 1 1 -2 1 1 0
pwt 2011 -1 1 1 -1 1 1 0
pwt 2012 -1 1 1 -2 1 1 0
pwt 2013 -1 1 1 -1 1 1 0
pwt 2014 -1 1 1 -1 1 1 0
wdi 1960 -1 0 0 -1 1 1 0
wdi 1961 -1 0 0 -1 1 1 0
wdi 1962 -1 0 0 -1 1 1 0
wdi 1963 -1 0 0 -1 1 1 0
wdi 1964 -1 0 0 -1 1 1 0
wdi 1965 -1 0 0 -1 1 1 0
wdi 1966 -1 0 0 -1 1 1 0
wdi 1967 -1 0 0 -1 1 1 0
wdi 1968 -1 0 0 -1 1 1 0
wdi 1969 -1 0 0 -1 1 1 0
wdi 1970 -1 0 0 -1 1 1 0
wdi 1971 -1 0 0 -1 1 1 0
wdi 1972 -1 0 0 -1 1 1 0
wdi 1973 -1 0 0 -1 1 1 0
wdi 1974 -1 0 0 -1 1 1 0
wdi 1975 -1 0 0 -1 1 1 0
wdi 1976 -1 1 1 -1 1 1 0
wdi 1977 -1 1 1 -1 1 1 0
wdi 1978 -1 1 1 -1 1 1 0
wdi 1979 -1 1 1 -1 1 1 0
wdi 1980 -1 1 1 -1 1 1 0
wdi 1981 -1 1 1 -1 1 1 0
wdi 1982 -1 1 1 -1 1 1 0
wdi 1983 -1 1 1 -1 1 1 0
wdi 1984 -1 0 0 -1 1 1 0
wdi 1985 -1 0 0 -1 1 1 0
wdi 1986 -1 0 0 -1 1 1 0
wdi 1987 -1 0 0 -1 1 1 0
wdi 1988 -1 0 0 -1 0 0 0
wdi 1989 -1 0 0 -1 1 1 0
wdi 1990 -1 0 0 -1 1 1 0
wdi 1991 -1 0 0 -1 1 1 0
wdi 1992 -1 0 0 -1 1 1 0
wdi 1993 -1 0 0 -1 1 1 0
wdi 1994 -1 0 0 -1 0 0 0
wdi 1995 -1 0 0 -1 0 0 0
wdi 1996 -1 0 0 -1 0 0 0
wdi 1997 -1 0 0 -1 0 0 0
wdi 1998 -1 0 0 -1 0 0 0
wdi 1999 -1 0 0 -1 0 0 0
wdi 2000 -1 0 0 -1 0 0 0
wdi 2001 -1 0 0 -1 0 0 0
wdi 2002 -1 0 0 -1 0 0 0
wdi 2003 -1 0 0 -1 0 0 0
wdi 2004 -1 0 0 -1 0 0 0
wdi 2005 -1 0 0 -1 0 0 0
wdi 2006 -1 0 0 -1 0 0 0
wdi 2007 -1 0 0 -1 0 0 0
wdi 2008 -1 0 0 -1 0 0 0
wdi 2009 -1 0 0 -1 1 1 0
wdi 2010 -1 0 0 -1 1 1 0
wdi 2011 -1 0 0 -1 1 1 0
wdi 2012 -1 0 0 -1 1 1 0
wdi 2013 -1 0 0 0 1 1 0
wdi 2014 -1 0 0 0 1 1 0
wdi 2015 0 0 0 0 1 1 0
wdi 2016 0 1 1 0 1 1 0
positive_benegative_bedelta positive_denegative_delta
0 0 8 4 4
0 0 8 4 4 Figure O6. EAP convergence wi
0 0 9 4 4 A. Convergence coefficient for rest o
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 10 3 3
0
0
0
0
10
9
3
3
3
3
1.0
0 0 10 3 3
0 0 10 4 4
0 0 10 4 4
0 0 9 4 4
0 0 9 4 4
0
0
0
0
10
10
4
4
4
4 0.0
β - coefficient
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0
0
0
0
9
9
4
4
4
4
-1.0
0 0 10 5 5
0 0 10 5 5
0 0 10 4 4
0 0 11 4 4
0 0 11 4 4
0
0
0
0
12
12
5
5
5
5
-2.0
0 0 13 5 5
0 0 12 5 5
0 0 12 5 5
0 0 12 5 5
0 0 12 5 5
0
0
0
0
13
13
5
5
5
5 -3.0
1961
0 0 13 5 5
0 0 13 6 6
0 0 13 6 6
0 0 13 6 6
0 0 13 6 6
0 0 13 6 6
0 0 12 6 6
0 0 12 6 6
0 0 11 6 6
0 0 11 6 6
0 0 13 5 5
0 0 14 4 4
0 0 15 4 4
0 0 16 4 4
0 0 16 4 4
0 0 11 4 4
0 0 11 4 4
0 0 10 4 4
0 0 9 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 10 3 3
0 0 10 4 4
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 11 3 3
0 0 11 4 4
0 0 11 4 4
0 0 11 4 4
0 0 11 4 4
0 0 11 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 5 5
0 0 10 5 5
0 0 11 5 5
0 0 12 4 4
0 0 12 5 5
0 0 12 5 5
0 0 13 4 4
0 0 13 5 5
0 0 13 5 5
0 0 14 5 5
0 0 14 5 5
0 0 15 5 5
0 0 14 5 5
0 0 13 4 4
0 0 11 5 5
0 0 12 5 5
0 0 13 6 6
0 0 12 7 7
0 0 13 7 7
0 0 8 9 9
0 0 10 10 10
0 0 7 4 4
0 0 6 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 6 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 5 5
0 0 8 5 5
0 0 8 5 5
0 0 8 5 5
0 0 8 5 5
0 0 7 5 5
0 0 7 5 5
0 0 7 5 5
0 0 7 4 4
0 0 7 4 4
0 0 7 3 3
0 0 7 3 3
0 0 8 3 3
0 0 8 3 3
0 0 8 3 3
0 0 8 3 3
0 0 8 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 8 3 3
0 0 7 3 3
0 0 8 3 3
0 0 8 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 6 3 3
0 0 7 3 3
0 0 7 3 3
0 0 6 3 3
0 0 6 3 3
0 0 6 4 4
0 0 6 4 4
0 0 5 4 4
0 0 3 5 5
Figure O6. EAP convergence with high income countries, which was faster than in other countries, has recently stalled
A. Convergence coefficient for rest of the World
1.0
0.0
β - coefficient
-1.0
-2.0
-3.0
1961
1965
1969
1973
1977
1981
1985
1989
1993
1997
2001
has recently stalled
B. Convergence coefficient for EAP economies
1.0
β + γ - convergence
0.0
-1.0
-2.0
1961
1965
1969
1993
1997
2001
2005
2009
2013
0
0
0
0
1961
1965
1969
1973
1977
1981
1985
1989
1993
1997
2001
2005
2009
2013
2001
2005
2009
2013
APO+PWT(HC) mix Figure O7. And productivity growth has be
1989-96 2000-07 2012-19
Percent
China Labor produ7.2383175 9.23493 6.3640389
Capital dee 3.9239922 6.4510064 5.7847056
Human capi0.8139003 0.2649342 0.4749642
TFP 2.4641299 2.5302088 0.1259374 10

EAP excludiLabor produ5.1943111 3.4354787 2.9750755
Capital dee 4.3651099 1.2566488 2.5392034
Human capi0.4589243 0.3443051 0.0294889 8
TFP 0.369014 1.8361632 0.3925033
6
Capital deepening
Labor productivity
rcent
Labor productivity
Capital deepening
And productivity growth has been declining
Human capital
China
1989-96
TFP
2000-07
Labor productivity
Capital deepening
Human capital
2012-19
EAP excluding C
Capital deepening
Human capital
2012-19
EAP excluding China

TFP
1952 1953 1954 1955 1956 1957 1958
ManufacturCHN 2 2 2 3 3 6
ManufacturIDN
ManufacturKHM
ManufacturLAO
ManufacturMMR
ManufacturMYS
ManufacturPHL
ManufacturTHA 12 12 13 12 12 12 12
ManufacturVNM
Manufactur25shareVA
shadow shadow
ManufacturOther EMDE
shadow
Agriculture CHN 82 82 82 79 79 72
Agriculture IDN
Agriculture KHM
Agriculture LAO
Agriculture MMR
Agriculture MYS
Agriculture PHL
Agriculture THA 38 38 35 36 36 35 36
Agriculture VNM
Agriculture 25shareVA
Agriculture Other EMDE
Service CHN 16 16 16 17 17 19
Service IDN
Service MYS
Service THA 49 47 51 51 53 53 52
Service VNM
Service KHM
Service PHL
Service 25shareVA
Service 50shareVA
Service Other EMDE
1959 1960 1961 1962 1963 1964 1965 1966 1967
9 10 8 7 7 8 10 12 10
8 8 8 7 7 7 7
12 12 12 13 13 13 14 14 14
8 8 8 9 9 9 9 8
17 17 17 16 17 16 17 16
65 60 67 69 70 68 66 66 67
42 42 42 42 42 43 41
34 34 33 33 33 31 30 31 28
8 8 8 8 8 8 8 8
14 21 20 20 27 24 26 25
35 32 34 34 42 37 37 37
23 26 23 21 19 19 20 18 18
35 35 36 36 36 36 37
51 52 52 51 51 52 51 49 52
37 37 37 38 34 36 36 36
47 47 47 46 43 42 43 43
53 53 53 54 54 54 53 54
1968 1969 1970 1971 1972 1973 1974 1975 1976
10 13 17 18 19 19 19 21 21
7 7 7 8 8 8 9 9 10
8 9 10 10 10 11
26 27 27 25 25
14 15 15 16 17 18 19 19 20
9 9 9 9 9 10 10 10 11
16 16 18 18 19 19 19 19 19
68 62 58 56 54 55 55 53 52
40 37 35 34 31 30 29 28 27
28 28 29 29 28 28
22 20 21 20 20
28 28 27 27 25 25 25 24 24
9 9 9 8 8 8 7 7 7
24 21 24 21 20 19 18 17 15
38 32 31 30 32 29 30 27 27
19 20 18 19 19 19 18 18 18
35 34 34 34 34 32 32 33 33
28 29 29 31 32 31
52 52 54 53 53 53 53 54 53
43 43 42 42 40
38 33 30 32 32 31 32 34 33
43 42 45 45 45 46 46 47 46
54 54 54 55 54 55 55 56 56
1977 1978 1979 1980 1981 1982 1983 1984 1985
23 25 25 27 26 25 25 24 26
10 11 12 13 13 13 13 15 16
11 12 12 12 12 12 12 12 12
25 25 25 25 24 24 23 23 23
21 20 21 20 20 20 21 21 19
11 10 11 10 10 10 10 11 11
19 19 20 20 19 19 18 19 19
49 47 46 43 44 44 43 42 39
25 24 24 23 23 23 23 22 23
27 26 24 23 23 23 21 20 21
20 19 19 19 19 18 17 19 20
22 22 21 20 20 19 19 19 19
7 7 6 6 7 7 7 7 7
15 15 14 14 13 13 11 12 13
28 27 27 25 24 25 24 25 24
19 20 21 21 22 22 24 25 27
33 34 34 35 36 37 38 38 38
32 33 33 34 37 37 37 36 37
53 52 54 55 55 55 55 54 55
40 40 40 40 40 41 42 42 45
35 36 36 36 38 40 41 42 42
46 48 48 51 52 51 53 53 52
57 57 57 57 57 58 59 58 59
1986 1987 1988 1989 1990 1991 1992 1993 1994
26 27 28 27 27 27 28 30 31
17 17 18 19 19 20 20 21 22
5 5 5 5
10 10 10 11
7 7 8 8
12 13 14 16 17 18 18 19 20
23 23 24 23 23 23 22 22 22
20 21 22 23 24 24 24 24 24
8 8 9 9
11 11 11 12 12 12 11 12 12
20 20 20 19 20 19 20 19 19
37 35 32 33 34 32 29 27 26
22 21 21 20 19 18 18 17 16
51 50 50 52
37 38 38 38
56 56 55 55
21 22 20 20 18 17 17 15 14
20 20 19 18 18 18 18 18 18
18 16 16 15 13 13 12 12 11
34 33 31 30
7 6 7 6 7 7 6 6 4
14 13 14 13 13 12 12 14 14
24 24 23 23 22 23 20 27 22
28 29 29 30 29 31 33 32 33
39 39 40 40 40 40 40 40 39
36 36 36 38 40 41 42 44 45
55 55 55 53 53 52 53 54 53
43 43 43 44
40 41 40 37
45 46 46 47 48 49 49 49 49
43 43 43 43 43 44 44 43 43
51 52 52 52 53 53 54 54 54
59 59 59 59 59 59 59 60 60
1995 1996 1997 1998 1999 2000 2001 2002 2003
31 32 32 31 30 29 29 28 30
23 23 22 22 22 23 23 23 23
5 6 7 8 9 11 11 12 13
10 10 14 14 11 10 8 8 8
8 8 8 8 8 8 9 10 11
20 21 22 20 21 24 22 22 23
22 22 22 22 22 22 22 22 21
25 25 26 26 27 27 27 28 28
9 9 10 10 10 11 11 12 12
12 12 12 12 11 11 11 11 11
50 50 50
19 19 18 18 19 19 18 18 18
50 50 50
25 24 22 21 20 19 18 17 16
16 15 15 17 17 17 17 17 17
51 50 50 50 47 43 41 38 39
37 37 35 34 35 34 34 33 33
54 54 53 52 52 50 49 46 45
12 11 11 11 11 11 10 10 10
17 16 16 15 16 16 16 16 16
11 11 11 12 12 13 13 12 12
28 27 26 26 26 25 24 24 23
4 4 4 4 4 4 4 5 5
13 16 15 15 15 14 14 14 14
26 28 27 27 27 26 26 26 26
100 100 100

33 33 35 36 38 39 40 41 41
39 38 39 38 38 38 38 38 38
44 44 44 45 45 43 45 45 44
53 53 53 53 52 52 52 52 51
44 44 43 43 42 41 41 41 41
36 37 36 37 38 39 41 41 40
49 49 49 51 52 51 52 53 53
42 43 44 45 46 44 45 46 45
53 54 54 54 54 55 54 55 53
61 60 60 60 59 59 59 59 59
100 100 100
2004 2005 2006 2007 2008 2009 2010 2011 2012
30 30 31 31 32 32 32 32 32
24 24 23 23 23 22 22 22 22
14 14 15 15 15 12 15 16 16
9 9 9 9 9 9 9 9 10
12 13 14 15 16 17 19 20 20
24 25 25 25 25 22 23 24 23
21 21 20 20 20 18 19 19 19
29 29 29 30 30 29 30 28 28
13 13 14 15 16 15 13 14 14
9 9 9 8 8 10 10 10 10
50 50 50
17 18 17 17 17 17 17 17 16
50 50 50
16 15 14 13 12 12 11 10 10
16 16 16 15 15 15 15 14 14
36 36 35 35 35 37 36 35 34
32 30 30 29 27 26 24 23 22
44 43 41 40 38 37 34 32 31
10 10 10 10 10 10 10 10 9
15 15 15 14 14 14 13 13 12
12 11 11 11 11 11 10 11 10
23 22 21 21 21 20 22 21 21
5 5 5 5 5 4 4 5 4
13 12 11 10 10 10 10 10 10
26 25 24 24 23 23 22 21 20
100 100 100

41 41 41 42 43 44 44 44 45
39 40 40 41 42 42 42 43 43
43 44 45 46 47 50 49 50 51
51 51 51 51 51 51 51 52 53
41 41 42 43 43 44 43 43 44
41 41 40 40 40 40 41 40 40
54 55 55 56 56 57 57 58 58
46 47 47 47 49 50 50 49 50
53 55 54 54 54 56 56 56 57
59 60 60 60 60 60 61 61 61
100 100 100
2013 2014 2015 2016 2017 2018
31 31 30 29 29 29 Figure O8. In recent years, the share of ma
22 22 22 22 21 21
17 17 17 17 17 17 Agriculture
9 9 9 9 9 9
20
23
20
23
21
23
21
23
22
23
23
23 Percent
20 20 20 20 20 20 Other
28 28 27 27 27 27
100
14
10
15
10
15
10
16
10
17
9
18
9
PHL
16 16 17 17 16 16
90
80
10
14
9
14
9
14
8
14
8
14
8
14
70
32
21
30
20
28
20
27
19
25
18
24
17 60
29 27 27 25 24 23
9
11
9
11
9
10
8
9
8
9
8
9 50
10 10 9 8 9 9
20
5
20
5
19
5
18
5
18
5
17
5
40
10 9 9 9 9 10
21 20 20 21 21 21
30
46 48 50 51 51 52
20
10
44 44 45 45 46 46
51 52 52 53 53 54
53 54 55 56 56 57
44
41
44
42
44
42
44
42
45
42
45
42 0
1956
1960
1964
1952
58 59 59 60 60 60
51 52 52 53 53 54
57 58 58 58 58 58
62 61 63 64 64 65
Services
Percent Ot
80 KH
70
60
50
40
30
20
10
0
1955
1958
1952
1961
Services
In recent years, the share of manufacturing in GDP declined in major EAP economies (other than Cambodia and Vietnam), and of
culture
cent
Other EMDE CHN IDN MYS THA VNM
PHL AFC GFC
1956
1960
1964
1980
1992
1996
2000
2004
2008
1952
1968
1972
1976
1984
1988
0
0
0
0
0
0
0
0
0
1952
cent
1955
1958
1961
1964
1967 KHM
1970
1973
Other EMDE
1976
1979
1982
PHL
CHN
1985
1988
IDN
1991
1994
1997
AFC
MYS
2000
2003
2006
THA
GFC
Cambodia and Vietnam), and of services in GDP increased
Manufacturing
Percent Other EMDE C
THA VNM KHM
40 PHL
AFC GFC
35
30
25
20
15
10
5
0
1952
1955
1964
1967
1970
1958
1961
1973
1996
2000
2004
2008
2012
2016
1997
AFC
MYS
2000
2003
2006 THA
GFC
2009
2012
2015
VNM
2018
1961
HL
1964
1967
1970
her EMDE
1973
1976
CHN
1979
1982
1985
IDN
1988
1991
MYS
1994
1997
AFC
2000
THA
2003
2006
GFC
2009
VNM
2012
2015
KHM
2018
2006
GFC
2009
VNM
2012
2015
KHM
2018
China + ASEAN4 Agriculture -14 -1 49 -11 -1
Business 1 1 2 2 1
Constructio 2 0 4 2 0
Finance 0 2 1 0 1
Manufactur 1 0 15 0 0
Mining 0 3 1 0 2
Realestate 0 3 0 0 2
Trade 5 0 14 4 0
Transport 1 0 3 0 0
Utilities 0 1 1 0 1
Cambodia, Vietnam, MAgriculture -14 -1 77 -18 -1

Business 1 1 1 1 1
Finance 0 1 0 1 1
Mining 0 2 0 0 3
Trade 4 1 7 6 0
Transport 1 1 2 1 1
Utilities 0 2 0 0 2
36 25 Agriculture -13 -1 63
3 4 Business 1 1 1
6 8 Constructio 2 1 3
1 2
Manufactur 4 1 10
16 17 Mining 0 2 1
1 1
Trade 4 0 10
0 1 Transport 1 0 2
19 24 Utilities 0 1 0
4 4
1 1
63 45
2 2
3 7
0 1
9 13
0 0
0 0
11 17
3 4
0 0
Figure O9. In major countries, workers moved mostly from least productive agriculture to below-average productivity s
A. Group A: China, Thailand, Malaysia, Indonesia
1976-1990
3
Log of sectoral productivity / total productivity
-1
-2
-15 -10 -5 0
Change in employment share
B. Group B: Vietnam, Cambodia, Myanmar
1990-2004
4
-1
-25 -20 -15 -10 -5 0

e to below-average productivity services sectors, and not much to the most productive manufacturing and services sectors
a, Indonesia
990 3

2
-1
-2
-15 -10
0 5 10
ployment share
004
-5
anmar
ployment share
0
5
10
-1
0
1
2
3
4
-20
-15
ng and services sectors
1990-2004
15 -10 -5 0 5

2004-2018
4
-1
-20 -15 -10 -5 0 5

5
10
-2
-1
0
1
2
3
-20
-15
-10
200
Change in
0 5 10
re
2004-2018
-10 -5 0 5 10

10
ecommerce_sh
lo_0 hi_0 x E-commerce
ci A. Ecommerce
-0.592013 -0.225565 -8 -0.408789 0.183224
-0.56077 -0.19458 -7 -0.377675 0.183095
-0.528492 -0.164155 -6 -0.346324 0.182169
-0.463748 -0.111491 -5 -0.28762 0.176128
-0.369742 -0.044255 -4 -0.206998 0.162744
-0.114098 -0.028877 -3 -0.071488 0.042611
-0.058998 -0.014807 -2 -0.036903 0.022095
-1
-0.000458
0.020408
0.018146
0.055951
0 0.008844 0.009302
1 0.038179 0.017772
Percen
0.037699 0.100817 2 0.069258 0.031559
0.053919
0.075865
0.117061
0.162471
3 0.08549 0.031571
4 0.119168 0.043303
3
0.097187 0.218839 5 0.158013 0.060826
0.105983 0.318438 6 0.212211 0.106228
0.14539 0.468928 7 0.307159 0.161769
0.190088 0.726223 8 0.458156 0.268067
0.32852
0.404873
0.875653
0.977413
9 0.602087 0.273567
10 0.691143 0.28627
2
0.481557 1.118361 11 0.799959 0.318402
0.563297 1.196664 12 0.879981 0.316683
0.587122 1.251662 13 0.919392 0.33227
0.608281 1.291687 14 0.949984 0.341703
0.634205
0.671499
1.35282
1.41405
15 0.993512 0.359307
16 1.042775 0.371276 1
0.697354 1.444893 17 1.071124 0.37377
0.714471 1.481378 18 1.097925 0.383454
0.73586 1.528143 19 1.132001 0.396141
0.788456 1.598436 20 1.193446 0.40499
0.845509
0.885457
1.69208
1.760898
21 1.268795 0.423287
22 1.323177 0.43772 0
0.939779 1.812691 23 1.376235 0.436456
0.97963 1.893579 24 1.436604 0.456974
-1
-8
Figure O10. The adoption of digital technologies is likely to increase productivity in services
A. Adoption of E-commerce technologies after COVID-19
Percent of firms
3
-1
-8 -5 -2 1 4 7 1 0 13 16 1
Event Weeks
13 16 19 22
Economy Avg. VA Avg. Website Web (%) Column1 Figure 3.15
Turkey 23493.17 63.6907 0.636907 63.6907
Thailand 8684.045 7.41 0.0741 7.41
Sweden 80934.52 94.2538 0.942538 94.2538
Spain 45542.05 77.226 0.77226 77.226
Slovenia 34392.57 93.702 0.93702 93.702
Romania 14083.18 43.6652 0.436652 43.6652
Portugal 36165.13 67.4316 0.674316 67.4316
Poland 28537.93 61.1811 0.611811 61.1811
Philippines 6131.014 18.96 0.1896 18.96
Paraguay 6329.305 7.49 0.0749 7.49
Norway 74534.15 68.0574 0.680574 68.0574
Netherlands 62423.96 89.4422 0.894422 89.4422
Mauritius 14963.75 63.45 0.6345 63.45
Malta 34676.84 83.3762 0.833762 83.3762
Malaysia 16073.15 23.7 0.237 23.7
Malawi 599.2904 43.6 0.436 43.6
Madagascar 1652.766 56.1 0.561 56.1
Lithuania 27936.51 78.7603 0.787603 78.7603
Lebanon 19798.5 59.2 0.592 59.2
Latvia 25648.78 65.3381 0.653381 65.3381
Kenya 1539.858 47.3 0.473 47.3
Kazakhstan 22921.71 36.9 0.369 36.9
Jordan 10989.94 76 0.76 76
Japan 54398.95 91.97 0.9197 91.97
Jamaica 8200.184 56.9 0.569 56.9
Italy 55568.25 70.1699 0.701699 70.1699
Israel 54505.97 56.3 0.563 56.3
Iraq 9900.825 14.2 0.142 14.2
Indonesia 5084.628 18.6 0.186 18.6 Value Added per Worker
India 4383.147 40 0.4 40 Proportion of Businesses with a Website
Iceland 52720.46 84.8022 0.848022 84.8022 Source: ILO, UNCTAD, WB Enterprise Surve
Hungary 16954.81 68.6621 0.686621 68.6621
Honduras 3793.497 34.6 0.346 34.6
Guinea-Bissau 2125.379 3.7 0.037 3.7
Guinea 2381.565 8.5 0.085 8.5
Guatemala 10438.63 64 0.64 64
Greece 28566.81 67.3311 0.673311 67.3311
Ghana 2615.438 25.1 0.251 25.1
Germany 47163.16 90.2802 0.902802 90.2802
Georgia 10217.59 61.9 0.619 61.9
France 63713.1 69.0718 0.690718 69.0718
Finland 59035.52 98.259 0.98259 98.259
Ethiopia 3520.25 21.8 0.218 21.8
Estonia 26370.91 84.6267 0.846267 84.6267
El Salvador 4445.024 41 0.41 41
Egypt 13004.99 41.44 0.4144 41.44
Ecuador 6235.646 80.6 0.806 80.6
Dominican Re 9773.519 38.3 0.383 38.3
Djibouti 8600.934 36.6 0.366 36.6
Denmark 72583.63 93.7128 0.937128 93.7128
Czechia 27452.71 74.73645 0.7473645 74.73645
Cyprus 22723.01 69.8671 0.698671 69.8671
Croatia 23602.59 73.6756 0.736756 73.6756
Costa Rica 11850.98 51.3 0.513 51.3
Colombia 5592.118 61.32 0.6132 61.32
Chile 13769.12 73.9 0.739 73.9
Cameroon 3200.709 20.7 0.207 20.7
Cambodia 1730.245 40.6 0.406 40.6
Burundi 1936.999 16.6 0.166 16.6
Burkina Faso 880.9379 7.3 0.073 7.3
Bulgaria 10692.81 42.8377 0.428377 42.8377
Brazil 10302.55 41.13 0.4113 41.13
Botswana 27068.42 32.2 0.322 32.2
Bosnia and He 14960.59 50.3 0.503 50.3
Bhutan 6322.895 53.7 0.537 53.7
Belgium 75849.83 85.8036 0.858036 85.8036
Belarus 8929.857 65.1 0.651 65.1
Bangladesh 3095.11 29.6 0.296 29.6
Azerbaijan 8746.591 11.44 0.1144 11.44
Austria 67992.54 85.3214 0.853214 85.3214
Armenia 8987.479 70.1 0.701 70.1
Argentina 24997.39 56.8 0.568 56.8
Angola 11294.25 22.5 0.225 22.5
Albania 8190.6 62.3 0.623 62.3
Afghanistan 1744.71 25.5 0.255 25.5
Figure O10. The adoption of digital technologies is likely to increase product
B. Correlation between website use and labor productivity of retail firms
90,000
80,000
Value Added per Worker (US$)

70,000
60,000
50,000
40,000
30,000
20,000
10,000
usinesses with a Website
CTAD, WB Enterprise Surveys, website data from most recent available year (2014 onward) 0
0 10 20 30 40
Share of business
gies is likely to increase productivity in services
roductivity of retail firms
0 20 30 40 50 60 70 80 90 100
are of businesses with a website (%)
Variable coef ci_lower
Trade
Reforms 4.48539 0.60505
External Finance
Reforms 3.54327 1.34955
Domestic Finance
Reforms 4.33438 -0.06036
Product Market
Reforms 2.12129 -0.31485
Labor Market
Reforms 3.61878 -0.83452
ci_upper
Figure O11. Reforms contributed positively to GDP-per-capita growth in EAP

8.36573
5.73698
8.72913
Marginal effect of reforms (pcp)
4.55742 10
8.07208
-2
Trade External Finance Do
Reforms Reforms
P-per-capita growth in EAP
orms (pcp)
xternal Finance Domestic Finance Product Market

Reforms Reforms Reforms
trade_tariffs_L
trade_ca_L
extfin_in_L
extfin_out_L
domfin_credit_L
domfin_entry_L
domfin_sec_L
prdm_tel_comp_L
prdm_elec_unb_L
trade_ca_L prdm_elec_own_L -0.0293083 -0.0411014
extfin_in_fdi_L prdm_elec_own_L -0.0209656 -0.0329931
domfin_credit_L prdm_elec_reg_L -0.0202173 -0.0317593
prdm_elec_unb_L prdm_elec_reg_L -0.0112204 -0.0219898
labor_fc_L prdm_elec_unb_L 0.0131386 0.0077732
prdm_elec_unb_L 0.0129168 0.0075459
prdm_elec_ws_L 0.0243222 0.006546
prdm_elec_ws_L 0.0232612 0.0093504
prdm_elec_L 0.0140835 -0.0107433

prdm_elec_L 0.0212129 -0.0031485
prdm_tel_own_L -0.0099397 -0.016352
prdm_tel_own_L -0.0058122 -0.0116885
prdm_tel_reg_L -0.024409 -0.0353811
prdm_tel_reg_L -0.019202 -0.0293563
prdm_tel_comp_L -0.0039902 -0.0107272
prdm_tel_comp_L -0.0032849 -0.0101239
prdm_tel_acc_L -0.0150139 -0.0219604
prdm_tel_acc_L -0.0141086 -0.0212356
prdm_tel_L -0.0609526 -0.0856299
prdm_tel_L -0.0415989 -0.0641411
domfin_sec_L 0.0176807 0.01002
domfin_sec_L 0.0162548 0.0088066
domfin_priv_L -0.002665 -0.0105586
domfin_priv_L 0.0006085 -0.0068892
domfin_sup_L 0.0053692 -0.002279
domfin_sup_L 0.0051086 -0.0028245
domfin_entry_L 0.0024188 -0.0054157
domfin_entry_L 0.0036139 -0.003979
domfin_int_L -0.0045344 -0.0091836
domfin_int_L -0.0060386 -0.0108931
domfin_credit_L 0.002348 -0.0014385
domfin_credit_L 0.0033988 -0.0004901
extfin_in_L 0.0211601 0.0093422
extfin_in_L 0.0214839 0.0107043
extfin_out_L 0.0081726 0.0009189
extfin_out_L 0.0081764 0.000916
trade_ca_L 0.0386178 0.0126163
trade_ca_L 0.0410818 0.014723
trade_tariffs_L 0.0225465 -0.0074626
trade_tariffs_L 0.0274854 -0.0007134
Trade
Reforms Tariffs 2.25465 -0.74626
Current Accounts 3.86178 1.26163
External Finance Capital Inflows 2.11601 0.93422

Reforms Capital Outflows 0.81726 0.09189
Credit controls 0.33988 -0.04901

Domestic Finance Entry Barriers 0.36139 -0.3979
Reforms Security Markets 1.62548 0.88066
Product Market
Reforms Telecom Competition -0.32849 -1.01239
Electricity Unbundling 1.31386 0.77732
ci_upper Using representative components
-0.0175153
-0.008938
-0.0086753
-0.0004509
0.018504
0.0182877
0.0420985
0.037172
0.0389103
0.0455742
-0.0035274
0.0000641
-0.0134369
-0.0090477
0.0027467
0.0035541
-0.0080674
-0.0069815
-0.0362752
-0.0190566
0.0253413
0.023703
0.0052286
0.0081061
0.0130174
0.0130417
0.0102533
Product Market
0.0112067
0.0001149
Reforms
-0.0011842
Elec
Tele
Product Market
Reforms
Elec
0.0061346
0.0072876 Tele
0.0329779
0.0322635
0.0154264
0.0154369
0.0646192
External Finance Reforms

0.0674406
0.0525555
0.0556842
ci_upper
5.25555 3.0009
6.46192 2.60014
3.29779 1.18178
1.54264 0.72538
0.72876 0.38888
1.12067 0.75928
2.3703 0.74482
0.35541 0.6839
1.8504 0.53654
ve components
Marginal effect of reforms (pcp)

Product Market
Reforms
Electricity Unbundling
Telecom Competition
Security Markets
Product Market
Reforms
Electricity Unbundling
Telecom Competition
Security Markets
Entry Barriers
External Finance Reforms
Credit controls
Capital Outflows
Capital Inflows
Current Accounts
Tariffs
-2 0 2
reforms (pcp)
2 4 6
Capital Domestic
Account deveap Trade deveap Finances
Cambodia 1 1 Mongolia 0.8939167 1 Malaysia 0.8888889
Micronesia 1 1 Malaysia 0.82725 1 Philippines 0.8333333
Mongolia 0.8364982 1 Philippines
0.8239167 1 Thailand 0.7777778
Philippines 0.4469713 1 Indonesia 0.8078333 1 Cambodia 0.7222222
Indonesia 0.4170004 1 Thailand 0.7900833 1 Indonesia 0.7222222
Malaysia 0.4170004 1 Cambodia 0.78875 1 China 0.6666667
Thailand 0.4170004 1 Lao PDR 0.7723333 1 Lao PDR 0.6666667
Vietnam 0.4170004 1 Vietnam 0.7331667 1 Vietnam 0.5
China 0.1635018 1 Fiji 0.7319167 1 Fiji
Fiji 0.1635018 1 Myanmar 0.6956667 1 Micronesia
Lao PDR 0.1635018 1 China 0.6559167 1 Mongolia
Myanmar 0.1635018 1 1 Myanmar
Tonga 0.1635018 1 Singapore 0.9373333 1 Tonga
1 United Stat 0.9091667 1
Japan 1 0 Japan 0.8385833 0 United Stat 1
Singapore 1 0 0 Japan 0.8888889
United Stat 1 0 0 Singapore 0.8888889
Overall Indedeveap
Philippines 0.8103532 1
Cambodia 0.809213 1
Malaysia 0.7942685 1
Thailand 0.6972236 1
Indonesia 0.6806534 1
Lao PDR 0.6503016 1
Mongolia 0.6314821 1
Myanmar 0.6037857 1
Fiji 0.5921488 1
China 0.5678452 1
Vietnam 0.5380397 1
1
United States 0.9141667 0
Singapore 0.862709 0
Japan 0.8297923 0
Product External
deveap Market deveap Finances deveap
1 Cambodia 0.9166667 1 Cambodia 1 1 1
1 Philippines
0.7738095 1 Micronesia 1 1 1
1 Malaysia 0.6666667 1 Mongolia 0.8364982 1 1
1 Thailand 0.5238095 1 Philippines 0.75 1 1
1 Indonesia 0.5119048 1 Thailand 0.75 1 1
1 Lao PDR 0.5119048 1 Vietnam 0.75 1 1
1 Myanmar 0.5119048 1 Indonesia 0.625 1 1
1 Fiji 0.452381 1 Malaysia 0.625 1 1
1 China 0.3809524 1 China 0.5 1 1
1 Vietnam 0.3809524 1 Fiji 0.1635018 1 1
1 Mongolia 0.3690476 1 Lao PDR 0.1635018 1 1
1 Micronesia 1 Myanmar 0.1635018 1 1
1 Tonga 1 Tonga 0.1635018 1 1
1 1 1 1
0 United Stat 0.8333333 0 Japan 0 1
0 Japan 0.7619048 0 Singapore 0 1
0 Singapore 0.7619048 0 United States 0 1
Figure O12. Countries need to address the significant “reform gap” between EAP and advanced economies
A. Overall reform index
Reform Index
1
0.8
0.6
0.4
0.2
0
Cambodia
Malaysia
Mongolia
Indonesia
China
Fiji
Myanmar
Lao PDR
Philippines
Thailand
0
1
0.2
0.4
0.6
0.8
Malaysia Phil
C. Domestic Finances
Ca
Reform Index
Philippines
M
Thailand T
Cambodia In
Indonesia L
M
China
M
Lao PDR
Vietnam
Mongolia
Myanmar
Fiji
China EAP and advanced economies
Vietnam
United States
Singapore
Japan
M
China
M
Lao PDR
Vietnam
United States
United
Japan Sin
Singapore
0
0.2
0.4
0.6
0.8
1
B. Trade
Mongolia
Malaysia Reform Index
Philippines
Indonesia
Thailand
Cambodia
Lao PDR
Vietnam
Fiji
0
0.2
0.4
0.6
0.8
1
Cambodia
Philippines Reform Index
D. Product Market
Malaysia
Ph
Thailand
I
Indonesia
Lao PDR
C
Myanmar
Fiji
China
Vietnam
Lao PDR
Vietnam
Fiji
Myanmar
China
Singapore
United States
Japan
Myanmar
Fiji
China
Vietnam
Mongolia
United States
Si
Japan
Unite
Singapore
Change in country share of US imports
AgricultureElectronicsMetals Minerals Others Textiles
VNM 0.012506 0.976174 0.060485 0.005856 0.947296 0.107223

TWN 0.012408 0.321632 0.078839 0.010242 0.616174 -0.000528
KOR 0.011627 0.149174 0.075761 0.043876 0.352268 -8.58E-06
THA 0.029625 0.198096 0.052152 -5.31E-05 0.335728 0.000109
IND 0.013194 0.10302 0.092645 -0.006513 0.306769 0.050118
IDN 0.070562 0.080767 -0.008458 -0.03909 0.172499 0.002729
MEX 0.211168 -0.065985 0.15118 0.192694 -0.178637 -0.033246
KHM 0.059235 0.034331 0.000918 -1.99E-07 0.098595 0.047493
MYS -0.003065 -0.054808 0.014792 0.021785 0.181428 -0.00514
PHL 0.0021 0.03704 -0.002967 -0.000493 -0.023303 -0.007553

EUR 0.066698 0.035414 -0.016342 0.05704 -0.207163 -0.01048
HKG -0.001955 -0.021365 -0.003772 0.000151 -0.065293 -0.004549
JPN 0.013206 -0.085966 -0.037431 0.004556 -0.970641 -0.00204
CHN -0.258923 -1.67482 -0.103338 -0.028572 -1.789334 -0.474689
Figure O13. Exports of some EAP economies to the US and China increased after they imposition o
A. Changes in share of US imports, 2018-2022
Percentage point
3 Agriculture Electron
2 Minerals Textiles
1
0
-1
-2
-5
-4
-3
-2
-1
VNM
TWN
KOR
THA
IND
IDN
MEX
KHM
MYS
orts
Total AgricultureElectronicsMetals Minerals Others
0.35159 IDN 0.119992 -0.011143 0.802821 0.277582 0.03111

0.173128 MYS 0.025741 -0.121377 0.155653 0.774964 0.135297
0.10545 TWN -0.034334 1.510261 -0.069733 -0.013943 -0.827318
0.10261 VNM 0.059626 0.340885 0.016979 -0.027262 -0.234595
0.093205 KHM 0.009352 0.000645 -0.00366 0.000857 -0.001081
0.046502 MEX -0.015486 0.002276 -0.02096 0.00436 0.009966
0.046196 THA 0.209937 0.040657 0.068142 -0.045071 -0.284991
0.040095 PHL -0.005894 -0.06036 0.007345 0.037949 -0.108692
0.025832 HKG 0.008988 -0.013364 -0.081183 -0.003376 -0.038817
IND 0.085904 0.006788 -0.040151 -0.061255 -0.163336
0.000804
-0.012472 USA 0.611318 -0.282197 -0.040125 0.226534 -1.628154
-0.016131 EUR 0.006569 -0.063507 -0.242262 -0.048318 -1.160875
-0.179719 JPN 0.009181 -0.286031 -0.100714 -0.037224 -1.393526
-0.721613 KOR -0.001966 -0.647538 -0.053115 -0.362373 -1.292282
eased after they imposition of trade restrictions on each other

B. Changes in share of China imports, 2018-2022
Percentage point
Electronics Metals 3 Agric
Textiles Others Mine
2
1
0
-1
-2
MEX
KHM
MYS
PHL
EUR
HKG
JPN
CHN
-5
-4
-3
-2
-1
0
IDN
MYS
TWN
VNM
Textiles Total
-0.022835 0.199588
-0.00221 0.161345
-0.06146 0.083912
-0.037932 0.019617
-0.005311 0.000134
-0.00167 -0.003586
-0.012521 -0.003974
-0.001587 -0.021873
-0.005245 -0.022166
-0.075001 -0.041175
0.052874 -0.176625
0.003992 -0.250734
-0.049963 -0.309713
-0.040841 -0.399686
mports, 2018-2022
ge point
Agriculture Electronics Metals
Minerals Textiles Others
MYS
TWN
VNM
KHM
MEX
THA
PHL
HKG
IND
USA
EUR
JPN
KOR
etals
hers
JPN
KOR
CN firms
coefficient standard deviation*1.65
2012 0.215776 0.105565 Figure O14. Measures taken after 2018 adversely affected
2013 0.177864 0.065454 A. Chinese firms
2014 0.194333 0.052907
2015 0.180254 0.086211
2016 0.113518 0.052568
0.5
2017 0 0
Relative predicted high-tech patent application

2018 0.017116 0.084011
2019 -0.196598 0.122489
0.4
vertical line 0.3
2017.5 0.5
0.2
0.1
0
-0.1
-0.2
-0.3
-0.4
-0.5
2012 2013 2014
after 2018 adversely affected innovation of Chinese firms which had prior collaborations with the US, and of US firms which had pr
2013 2014 2015 2016 2017 2018 2019

nd of US firms which had prior collaborations with China
US firms
coefficient standard deviation*1.65 Figure O14. Measures taken after 2018 adversely affected innovation
2012 -0.074998 0.072173 B. US firms
2013 0.072303 0.083129
2014 0.041238 0.07769
2015 0.103127 0.044915 0.5
2016 0.094012 0.053647
2017 0 0
0.4

2018 -0.139823 0.089415
2019 -0.320962 0.139012
vertical line
0.3
2017.5 0.5
0.2
0.1
0
-0.1
-0.2
-0.3
-0.4
-0.5
2012 2013 2014
adversely affected innovation of Chinese firms which had prior collaborations with the US, and of US firms which had prior collabo
2013 2014 2015 2016 2017 2018 2019

irms which had prior collaborations with China
Figure O15. The US and, increasingly, China are important sources of knowledge for other East Asia and Pac
Panel A: 1996-2001
e for other East Asia and Pacific countries
Panel B: 2014-2019
Trade war 0 0 Figure O16. The adverse effects of a trade and technologi
CPTPP 147 +147
RCEP15 186 +186
India 53 +53 A. Business as before
This chart isn't available in your version of Excel.
Editing this shape or saving this workbook into a differ

Trade war -301
CPTPP 121
RCEP15 209
India 53
cts of a trade and technological rift between large countries can be reduced by third countries forming (separate) trade agreements
in your version of Excel.
ing this workbook into a different file format will permanently break the chart.
(separate) trade agreements that ideally include each large country
B. Under sustained trade war
Editing this shape or saving this workbook into a different file format will permanently break the
0
0
mat will permanently break the chart.
France 111
United States 69
United Kingdom 45 Figure O17. EAP countries are aging fa
A.Transition from aging to aged societies (i.e., from p
PNG 40
Indonesia 26
Japan 25
Years
Myanmar 25
China 24
Vietnam 23
Malaysia 22
Thailand
Korea, Rep.
20
19
120
Iran 20
100
India 27
Brazil
S. Africa
24
29 80
Russia 50
Poland 47
60
40
20
0
United States
France
United Kingdom
AP countries are aging faster than rich countries did, and the working age population will peak at lower
ing to aged societies (i.e., from population 65+ reaching 7% to 14% of total)
United States
Korea, Rep.
France
Indonesia
China
Thailand
Vietnam
Malaysia
United Kingdom
Myanmar
Japan
tion will peak at lower levels of income per capita
Korea, Rep.
Thailand
Country Ratio Peak year
United States 100 2008
Italy 84.4152617622616 1993
Germany 83.3801060648559 1987
Canada 82.3481930762383 2009
France 79.6296879601339 1987
United Kingdom 62.830784020571 1950
Japan 87.5141624066226 1992

Australia 86.6502853462125 2009
New Zealand 65.4226756453966 2009
Korea, Rep. 64.1289925061057 2014
Malaysia 44.0097548339394 2020
Philippines 30.0016960305514 2056
Thailand 28.9370260634134 2013
China 20.358517848405 2011
India 20.2292124988919 2040
Indonesia 18.0173598104149 2031
Vietnam 13.2184205400128 2014
Source: IMF WEO, PWT 10,0

PPP PC GDP at peak working age population year/US PPP GDP PC in same year
Figure O17. EAP countries are aging faster than rich countries did, and the working age popu
B. GDP per capita at peak working age population relative to US
Ratio
100
80
60
40
20
0
United States
Italy
Germany
Philippines
New Zealand
Korea, Rep.
United Ki...
Japan
Malaysia
Canada
France
Australia
d the working age population will peak at lower levels of income per capita
Philippines
New Zealand
Korea, Rep.
India
Malaysia
Thailand
China
Indonesia
Vietnam
pp change 2020-2050
Timor-Lest 8.062102
Nepal 5.753995
Lao PDR 4.825506
PNG 4.215252 Figure O18. Aging could reduce the s

Philippines 2.336196 A.Change in population share of people aged 15-64
Cambodia 2.002565
India 0.525405
Bhutan 0.419925
Mongolia -0.129683
Myanmar -0.619204
Banglades -0.644202
Malaysia -3.045407
Indonesia -3.088974
10
Australia -4.027838
New Zeala -4.108263 Percentage
5 points
Sri Lanka -5.683336
Vietnam -6.571381
DPRK
Japan
-6.843475
-8.438964 0
Brunei -8.964349
China -10.5384
Thailand -12.45895
Singapore -17.79096
-5
Korea, Rep-19.62293
-10
-15
-20
-25
Lao PDR
Cambodia
PNG
Timor-Leste
Nepal
India
Bhutan
Mongolia
Philippines
Timor
La
Phili
Ca
Mo
Philippines
Cambodia
oints
India
Bhutan
Mongolia
Myanmar
Bangladesh
Malaysia
Indonesia
Australia
New Zealand
Sri Lanka
Vietnam
Japan
China
Thailand
Singapore
Korea, Rep
uld reduce the share of the conventional “working age” population, unl
Phili
Ca
Mo
My
Bangl
Ma
Ind
Au
New Z
Sri
Vi
Th
Sin
Kore
population, unless older people (especially women) continue to work
Korea, Rep
Kore
ntinue to work
Women Men
China 15.4 27.6
Cambodia 35.5 55.1 Figure O18. Aging could reduce the s

Fiji 13.6 41.1 B. Significant proportions of older people in EAP are still working
Indonesia 31.7 57.7
Percent
Korea, Rep 27.8 45
Malaysia 12 39.9
Mongolia 7.7 14.7
Myanmar
PNG
7.4
21.6
23.6
23.6 70
Philippines 25.6 42.5
60
Thailand 17.3 33.4
Vietnam 20.8 31.4
50
40
30
20
10
0
Fiji
China
Cambodia
Indonesia
Korea, Rep
uld reduce the share of the conventional “working age” population, unl
in EAP are still working
Women Men
Fiji
Philippines
Indonesia
Malaysia
PNG
Thailand
Vietnam
Korea, Rep
Mongolia
Myanmar
population, unless older people (especially women) continue to work
Vietnam
ntinue to work
deveap
Vietnam 5.3 1
Malaysia 3.7 1
Philippines 3.75 1 Figure O19. Aging will increase spending on pensions,
China 3.4 1 A. Incremental annual pension spending, 2014 vs 2050
Indonesia 2 1
Cambodia
Myanmar
1.5
1
1
1
Percent of GDP
Thailand 0.8 1 6
Lao PDR 0.6 1
PNG 0.5 1
Korea, Rep. 1.6

1
0
5
Hong Kong
SAR,
China 1.4 0 4
Japan 0.1 0
0
Malaysia
China
Philippines
Vietnam
Indonesia
se spending on pensions, and requires bridging the gap between actual and actuarially fair contribution rates
spending, 2014 vs 2050
Lao PDR
Thailand
China
Japan
PNG
Myanmar
Indonesia
Cambodia
Hong Kong SAR,

Korea, Rep.
China
Required Actual
Indonesia 7.4 3
Cambodia 14.8 4 Figure O19. Aging will increase spending on pens
Thailand 15.5 6.35 B. Actual vs. actuarially fair contribution rates in
India 15.6 8.33
Vietnam
(Men) 19.1 22
Vietnam
(Women) 21.8 22
Pakistan 21.9 6
Lao PDR
(Men) 30.9 2.5 40
Lao PDR
(Women) 36.1 2.5
Percent
30
20
10
0
Indonesia
Cambodia
will increase spending on pensions, and requires bridging the gap between actual and actuarially fair contribution rates
uarially fair contribution rates in contributory DB schemes
Required Actual
ent
Lao PDR
(Women)
(Women)
India
Pakistan
Indonesia
Cambodia
Thailand
Lao PDR
Vietnam
Vietnam
(Men)
(Men)
Lao PDR
(Men)
ontribution rates
Lao PDR
(Women)
Figure O20. EAP countries are highly exposed to climate change impacts
Figure O21. Investing in adaptation will deliver a triple dividend
Investing in Adaptation Yields:  Early warni

at least 10
 Climate-res
Avoided Losses upfront cos
 Reduced flo
and help in
 The Thame
Induced Economic Benefits and East Lo
 Drip irrigati
risk.
 Nature-bas
Social and Environmental makes air a
Benefits health.
 Mangrove p
= Triple Dividend support loc
Combined
 Early warning systems save lives and assets and are worth
at least 10 times their cost.
 Climate-resilient new infrastructure typically adds 3% to
upfront costs but has benefit-cost ratios of 4:1.
 Reduced flood risks lower financial costs, increase security,

and help induce high-value investment in cities.
 The Thames barrier induced development of Canary Wharf
and East London
 Drip irrigation increases yields as well as reduces drought
risk.
 Nature-based flood protection also increases biodiversity,

makes air and water cleaner, offers recreation, and improves
health.
 Mangrove protection and restoration abate coastal surges,
support local fisheries and forestry, and store carbon.
Combined benefits are up to 10 times greater than the costs.
worth
urity,
Wharf
ght
ity,
proves
ges,
costs.
Table O1. Valuing the triple dividend reveals the high returns to investment in different adaptation projects
Forests and wildUrban flooding Stormwater ma
Tahoe National FKunshan Forest Princes Park (Au
Project cost (US$ million) 4 1.2 6.7
Project benefits 22.9 59.7 12.7
Benefit-cost ratio 5.7 49.6 1.9
Source: WRI, 2022

tation projects
Coastal floodingUrban heat islanColumn1 Drought
Felixstowe (Uni Washington, DCPhiladelphia Ningxia (China)
20.3 838 2,380 1,970
644.9 5,750 10,780 11,050
31.8 6.9 4.5 5.6
2030 2040
Low typhoon seHigh typhoon sensitivity Low typhoon seHigh typhoon sensitivity
Agriculture -1.7 -2.2 -3.5 -5.4
Energy and ext -3.2 -4.0 -6.0 -8.8
Basic manufac -4.6 -5.2 -8.7 -11.2
Advanced manu -2.8 -3.8 -5.0 -8.3
Construction -2.5 -2.8 -4.0 -5.2
Private service -2.6 -3.2 -4.5 -6.3
Government -2.4 -2.8 -4.3 -5.7
2030 2040
Agriculture 0.8 1.2 2.9 6.2
Energy and ext 2.1 2.7 5.3 9.7
Basic manufac 3.8 4.3 9.4 14.4
Advanced manu 1.4 2.2 3.4 8.2
Construction 1.5 1.7 2.9 4.8
Private service 1.6 2.0 3.6 6.2
Government 1.6 1.9 3.7 5.8
Figure O22. For example, all sectors will benefit from adaptation investmen
A. 2030
Agriculture
Energy and extraction
Basic manufacturing
Advanced manufacturing
Construction
Private services
Government
0 3
% chang
t from adaptation investments in the Philippines
B. 2040
High typhoon sensitivity

Low typhoon sensitivity
ture
tion Energy a
ring Basic m
ring Advanced m
tion
ices Pr
ment
0 3 6 9 12
% change in output from baseline
High typhoon sensitiv
Low typhoon sensitiv
High typhoon sensitiv
Low typhoon sensitiv
Agriculture
Basic manufacturing
Construction
Private services
Government
0 3 6 9 12
% change in output from baselin
phoon sensitivity
hoon sensitivity
phoon sensitivity
hoon sensitivity
9 12
from baseline
TO CHART
Potential Output Capital Labor
Estimated potential No aging 6.58 3.03 0.24
Aging 4.69 3.03 0.01
Deglobalization 4.45 2.92 0.01
Climate change 4.35 2.92 0.01
Policy reforms 6.09 2.92 0.01
Aging 0.12
Structural change 0.16
Adaptation 0.03
Potential Output Capital Labor

Estimated potential No aging 4.54 2.63 0.68
Aging 4.35 2.63 0.49
Aging 0.10
Structural change 0.09
adaptation 0.03
Figure O23. Aging, deglobalization and climate change can re

A. EAP
Percent Capital
Labor
TFP
5
2
3
0
No aging Aging Deglobalizatio
Estimated potential GDP g

Human capital TFP TFP Boost from increased
Boost from structura
0.41 1.25 1.65
0.41 1.25 1.65
0.41 1.11 1.52
0.41 1.01 1.42
0.41 1.01 1.42 0.12 0.16
Human capital TFP TFP Boost from increased

Boost from structura
0.42 0.81 1.23
0.42 0.81 1.23
0.42 0.68 1.10
0.42 0.58 1.00
0.42 0.58 1.00 0.10 0.09
climate change can reduce potential growth, but reforms can offset the impact
pital
bor
P
Human capi
Total factor
ductivity
Employmen
Capital deep
Total factor
ductivity
Employmen
Capital deep
ing
Deglobalization Climate Policy reforms

change
ed potential GDP growth, 2022-30
Boost from adaptation to climate change
0.03
Boost from adaptation to climate change
0.03
can offset the impact

B. EAP excluding China
Percent
4
Human capital
Total factor pro-
ductivity 3
Employment
2
Capital deepen-
Total factor pro-
ductivity 3
Employment
2
Capital deepen-
ing
1
0
orms No aging Aging
Estimat
uding China
t Capital
Labor
TFP
ging Aging Deglobalization Climate Policy refo
change
Estimated potential GDP growth, 2022-30
Human capital
Total factor pro-
ductivity
Employment
Capital deepen-
Total factor pro-
ductivity
Employment
Capital deepen-
ing
ate Policy reforms

nge
2-30
2019 2020 2021 2022
China 100 102.24047 110.87601 114.19218
EAP excl. C 100 96.3 98.841668 104.57448

Advanced E 100 95.569269 100.60437 103.32069
EMDE excl. 100 95.632571 102.1022 106.46658
Figure 1. Most major EAP economies have rec

A. GDP growth in EAP and rest of the World
INDEX: 100 = 2019

115 China
EAP excl. China
110 Advanced Econ
EMDE excl. EAP
105
100
95
100
95
2019 202
2019 2020 2021
Q4 Q1 Q2 Q3 Q4 Q1 Q2
China China 100 89.570314 99.958444 103.70356 106.32442 106.4399 108.08167

Indonesia Indonesia 100 99.93698 93.135464 96.361911 97.615682 99.246198 99.748899
Malaysia Malaysia 100 99.061625 84.114467 99.330699 96.284576 98.586655 97.764766
Philippines Philippines 100 96.464946 82.305581 88.769952 91.31566 92.619147 92.517092
Thailand Thailand 100 98.508632 89.471866 95.705047 95.635815 95.989007 96.474851
Vietnam Vietnam 100 102.39457 100.19947 104.26261 104.21739 107.52156 107.07453
EAP media 100 98.785128 91.303665 97.846305 96.950129 98.916426 98.756832
100 100 100 100 100 100 100
Thailand
economies have recovered and are growing

d rest of the World
2019
excl. China
nced Economies
E excl. EAP
9 2020 2021 2022
2022
Q3 Q4 Q1 Q2 Q3 Q4
109.24107 110.83005 111.61762 108.45013 113.6476 114.01693

99.936421 102.37031 104.18872 105.21205 105.80818 107.38908
95.109562 99.474826 103.29912 106.90003 108.90737 106.06263
95.272657 98.357785 99.942867 99.601193 102.89368 105.38737
95.561104 97.255798 98.058182 98.928835 99.993447 98.485974
98.112888 109.23708 112.96773 115.62508 111.7059 115.5006
96.836996 100.92257 103.74392 106.05604 107.35778 106.72586
100 100 100 100 100 100
B. Quarterly GDP growth in EAP
INDEX: 100 = 2019Q4

EAP median China
Philippines Thailand
115
105
95
85
Q4 Q4 Q4 Q1
85
Q4 Q4 Q4 Q1
022 7/11/1905
4
China Indonesia Malaysia
Thailand Vietnam
Q4 Q1 Q2 Q3 Q4
Q4 Q1 Q2 Q3 Q4
7/14/1905
Index
Vietnam 15.5006
China 14.01693
Kiribati 7.666073
Indonesia7.389083 Figure 2. But output remains below pre-pandemic levels in most of the Pacific Island Cou
Malaysia 6.062632
Lao PDR 5.793837
Philippin 5.387371
Nauru 5.276815
Percent
Cambodi 4.996964
Mongolia 1.694691
PNG 1.257156
20
Marshall I 0.358937
10
Thailand -1.514026
Timor-Les-2.338125
Vanuatu -2.61417
Tuvalu -4.042388
Tonga -4.16923
Micronesi-5.512746 0
Solomon -7.916436
I
Fiji -8.551513
Myanmar -12.83728
Samoa -15.38111
-10
Palau -23.31639
-20
-30
ti ia s
am a s e
tn ri ib a y p in
bo
ie K al lip
V M i am
Ph C
most of the Pacific Island Countries
es ia G nd tu ga s l.
d a I
p in
bo PN a ila nu T o n
on
ilip am Th Va om
h C o l M
S
ga s l. ar a u
n I al
on nm P
om ya
o l M
S
CHN IDN MLS PHL THA VNM
2 3 4 5 6 1
ICT & finan 127.73741 117 115 120 111 125.8994

12 10 14 13 15 11
Constructio 101.35625 101 85 92 104 113.99296
14 12 5 12 7 10
Wholesale &113.22626 108 108 106 102 115.29732
13 13 16 19 16 9
Manufactur 115 107 116 105 98 120
28 20 24 19 27 24
Agriculture 116 109 103 99 105 112
8 12 7 9 6 11
Transportat107.44455 108 95 94 84 106.57206

6 7 7 6 11 8
dummy 75 75 75 75 75 75
1 1 1 1 1 1
INDEX: 100 =
2019Q4
Series1 Series2 Series3 Series4
Series11 Series12
120
110
100
90
80
70
60
50
40
30
40
30
Figure 3. Manufacturing and digital services led recovery
135
125
115
105
95
85
75
85
75
s3 Series4 Series5 Series6 Series7 Series8
1
1
Manufacturin
ICT & finance
Wholesale &
Agriculture
Construction
Transportatio
tion & caterin
Series8 Series9 Series10
Manufacturing
CT & finance
Wholesale & Retail trade
Agriculture
Construction & real estate
Transportation, accommoda-
ion & catering
CPI China Indonesia Malaysia Phillipines Thailand Vietnam
Feb-21 -0.421817 1.3764099 0.0816993 4.2267051 -1.169415 0.7011814
Mar-21 0.2779984 1.3655462 1.6542597 4.1385948 -0.080653 1.1609907
Apr-21 0.8916942 1.4217557 4.6768707 4.1425819 3.4064012 2.7021716
May-21 1.4946475 1.6782683 4.4105174 4.1425819 2.4387734 2.8897189
Jun-21 1.182774 1.3325719 3.4424853 3.7356322 1.2462006 2.4118738
Jul-21 0.8843332 1.5150071 2.1684737 3.7178265 0.4528986 2.635674
Aug-21 0.5905315 1.5919924 1.9983347 4.389313 -0.02007 2.8185441
Sep-21 0.3895715 1.602289 2.2481266 4.1944709 1.6777175 2.0578528
Oct-21 1.392646 1.6584064 2.9118136 3.988604 2.379757 1.7651052
Nov-21 2.4090313 1.7488832 3.3333333 3.6688617 2.7122049 2.1047527
Dec-21 1.4014014 1.8735806 3.2338308 3.0783582 2.1664995 1.8118399
Jan-22 0.7928642 2.1802737 2.2932023 3.0442804 3.2267762 1.9463542
Feb-22 0.7880997 2.0554403 2.2040816 3.0414747 5.2791262 1.4212133
Mar-22 1.2970297 2.6377767 2.1969081 3.974122 5.731006 2.4100995
Apr-22 2.0059583 3.4716342 2.2745735 4.9028677 4.6476911 2.6406429
May-22 2.0099502 3.5543468 2.8432169 5.3654024 7.1019588 2.865877
Jun-22 2.427815 4.3490513 3.4090909 6.0941828 7.6553588 3.375286
Jul-22 2.629744 4.9371128 4.4081633 6.4338235 7.6144675 3.1460248
Aug-22 2.4179104 4.6917519 4.6530612 6.3071298 7.8590786 2.8925229
Sep-22 2.7263682 5.9513752 4.4788274 6.8618481 6.4124098 3.9471181
Oct-22 2.1146245 5.7097319 3.9611964 7.6712329 5.9827383 4.2981035
Nov-22 1.5059055 5.418029 4.0322581 7.9854809 5.5452323 4.369716
Dec-22 1.8065153 5.508081 3.7751004 8.0542986 5.8904379 4.5393986
Jan-23 2.2222222 5.2835766 3.6829464 8.6839749 5.0189302 4.8822188
Feb-23 1.1044864 5.4693274 3.6741214 8.5867621 3.7944284 4.3167497
Figure 4. Inflation remains high and higher than target ranges in s

A. CPI (year on year percentage change)
Percent
China Indonesia
10 Phillipines Thailand
8
6
4
2
-2
0
2
4
6
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
an target ranges in several countries
ndonesia Malaysia
Thailand Vietnam
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Moderate Substantial High
China Fiji Cambodia Malaysia Thailand Vietnam Indonesia PhilippinesMongolia
CPI 1.1 1.5 3.0 3.7 3.8 4.3 5.5 8.6 12.2
Core CPI 0.4 2.5 1.9 5.0 3.1 6.3
Target 3 3.05 2 4 3 3 6
2.8 1 2 2 4
3.3 3 4 4 8
0.25 1 1 1 2
0.25 1 1 1 2
data Feb Feb Jan Jan Feb Feb Feb Feb Jan
Malaysia’s inflation target is the latest government forecast of headline inflation in 2022
Figure 4. Inflation remains high and higher than target ranges in several count
B. Inflation
Percent
CPI Core
Myanmar Lao PDR
19.5 41.3
27.6
30
25
Jul Feb 20
15
10
5
0
Fiji
China
Cambodia
Malaysia
Thailand
Moderate S
arget ranges in several countries
PI Core CPI Target

41.3
Myanmar
Vietnam
Lao PDR
Malaysia
Indonesia
Philippines
Thailand
Mongolia
e Substantial High
$3.65PPP
2019 2020 2021 2022
Pre-Covid projections, EAP exc. China 107 101 96
Pre-Covid projections, China 42 33 25
Covid estimates, EAP exc. China 110 108 110 101
Covid estimates, China 42 38 26 22
Developing EAP 152 146 135 123
$6.85PPP
2019 2020 2021 2022
Pre-Covid projections, EAP exc. China 308 302 297
Covid estimates, EAP exc. China 308 314 320 315
Developing EAP 656 647 606 582
AM 22
$3.65PPP
2019 2020 2021 2022
Pre-Covid projections, EAP excluding China 107 101 95
Covid estimates, EAP excluding China 106 110 110 101
148 148 136 124
Covid estimates, EAP excluding China
Covid estimates, China
Developing EAP
Covid estimates, EAP excluding China 103.7% 100.1% 92.2%
Covid estimates, China 90.5% 68.4% 87.2%
Developing EAP 99.9% 91.9% 91.2%
(0.08)
0.19
(0.01)
$6.85PPP
2019 2020 2021 2022
Pre-Covid projections, EAP excluding China 307 300 296
Covid estimates, EAP excluding China 306 312 317 308
654 645 606 581
Developing EAP
Covid estimates, EAP excluding China 101.9% 101.7% 97.2%
Covid estimates, China 95.8% 86.7% 94.4%
Developing EAP 98.7% 94.0% 95.8%
(0.05)
0.08
0.02
-9 -39 -25
0 -12 -12
Poverty figures
$3.65 per day (2017PPP) 2019 2020 2021 2022
Number of poor 152 146 135 123
Poverty rate 7.3 7.0 6.4 5.8
Number of poor: EAP 152 146 135 123
Number of poor: EAP excluding China 110 108 110 101
$6.85 per day (2017PPP) 2019 2020 2021 2022

Number of poor 656 647 606 583
Poverty rate 31.5 30.9 28.8 27.6
Number of poor: EAP 656 647 606 583
Number of poor: EAP excluding China 308 314 320 315
2011 vs 2017PPP
2019
Lower middle income line 2011PPP 2017PPP Diff
China 24 42 19 56%
Indonesia 54 67 13 38%
Others 37 39 2 6%
EAP Total 115 148 34
Upper middle income line 2011PPP 2017PPP Diff

China 223 348 125 72%
Indonesia 141 168 26 15%
Others 116 139 23 13%
EAP Total 480 654 174
Poverty rate Number of poor

Poverty rate 2002 2019 2002 2019
International PL
($2.15 2017PPP) 33 1 598 21
Lower middle income PL
($3.65 2017PPP) 61 7 1106 148
Upper middle income PL
($6.85 2017PPP) 85 31 1551 654
Figure 5. The number of poor in developing EAP countries is expected
A. Lower middle-income poverty line ($3.65 per day in 2017PPP)
2023 2024 2025
94
17
88
13
82
10
Number of people, Pre
111 101 92 millions Pre
Cov
Cov
120 110 110
108
100
2023 2024 2025
308 300 293

80
238 212 189
546 512 482
60
42 38
40
26
20
0
2019 2020 2021
120 110 110
106 348
101
333
2023 2024 100
94
88
340
312
320 306
80
illions of people
300
ions of people
60 280
42
38 260
40
120 110 110
106 348
101
94 340 333
100 88
312
320 306
80
Millions of people
300
Millions of people
94 88
60 280
18 14 42
38 260
113 102 40
26
79.7% 23
18 240
20 14
37.4% 220
35.8%
0 200
92.8% 93.0% 2019 2020 2021 2022 2023 2024 2019 2020
80.2% 78.2%
90.5% 90.6% Pre-Covid projections, EAP excluding China Pre-Covid
0.01 0.00 Pre-Covid projections, China Pre-Covid

Covid estimates, EAP excluding China Covid estim
(0.07) (0.02)
Covid estimates, China Covid estim
(0.01) 0.00
2023 2024
300 292
248 224
549 516
93.7%
67.1%
41.2%
97.4% 97.4%
91.1% 90.0%
94.4% 94.0%
0.00 (0.00)
(0.03) (0.01)
(0.01) (0.00)
-32 -65
-12 -22
2023 2024
160 152
112 102 146
140 135
5.3 4.8 123
of poor (million)
120 110 108 110 112

101 102
100 95
89
80
60
160 152 146
140 135
123
Number of poor (million)

112 102 13 120 110 108 110 112
101 102
95 89 9 100 95
89
21 80
2023 2024 60
549 514 40
26.0 24.3
20
549 514 24
0
309 302 4 2019 2020 2021 2022 2023 2024
28
Number of poor: EAP
Number of poor: EAP excluding China
160 148 700
number of poor (millions)

140 600
120 115
500
100
400 348
80 67
54 300 223
60 42
40
37 39 200 141 168
24
20 100
0 0
China Indonesia Others EAP Total China Indonesia
2011PPP 2017PPP 2011PPP 201
Poverty rates (%)

90 85
80
70
61
60
50
40 33 31
30
20
10 7
1
0
International PL Lower middle income PL Upper middle income PL
($2.15 2017PPP) ($3.65 2017PPP) ($6.85 2017PPP)
2002 2019
ping EAP countries is expected to decline in 2023
per day in 2017PPP)
ple, Pre-Covid projections, EAP exc. China

Pre-Covid projections, China
Covid estimates, EAP exc. China
108 110
101
94
88
82
38
26 22
17 13 10
020 2021 2022 2023 2024 2025

348
340 333
317
312 308
320 306
300
292
300 289
ions of people
280 273
260 248
348
340 333
317
312 308
320 306
300
292
300 289
Millions of people
280 273
260 248
240
224
220
200
2019 2020 2021 2022 2023 2024
Pre-Covid projections, EAP excluding China

Pre-Covid projections, China
700 656 647

135 606
123 600 583
549
110 112 514
f poor (million)
101 102 500

95
89
400
308 314 320 315 309 302
300
700 656 647
135 606
123 600 583
549
110 112 514
Number of poor (million)

101 102 500
95
89
400
308 314 320 315 309 302
300
200
100
2021 2022 2023 2024 0

2019 2020 2021 2022 2023 2024
EAP
Number of poor: EAP
EAP excluding China
Number of poor: EAP excluding China
700 654
600
480
500
400 348
300 223
200 141 168 116 139
100
0
China Indonesia Others EAP Total
2011PPP 2017PPP
Number of Poor (million)

85 1800
1551
1600
1400
1200 1106
1000
800 654
31 598
600
400
148
200 21
0
International PL Lower middle income Upper middle income
per middle income PL ($2.15 2017PPP) PL PL
($6.85 2017PPP) ($3.65 2017PPP) ($6.85 2017PPP)
2002 2019
B. Upper middle-income poverty line ($6.85 per day in 2017PPP)
China Number of people, Pre-Covid projec

millions Pre-Covid projec
a Covid estimates
Covid estimates
348
350 333
314 320 315
308 308
82 300 287
267
250 238
200
10
150
2019 2020 2021 2022 202
025
e-Covid projections, EAP exc. China
e-Covid projections, China
ovid estimates, EAP exc. China
ovid estimates, China
315 308
300 293
267
238
212
189
2022 2023 2024 2025

China
2020 2021 2022
Q1 Q2 Q3 Q4
GDP 2.2 8.1 4.7950074 0.444164 3.9436524 2.9043831
Private con -0.2 5.3 3.231835 -0.966057 2.1887271 0.1945937
Government consumption
Public and 1.8 1.1 0.628146 0.3153565 0.7926741 3.9296304
Goods exports
Services exports
Import
Net export ( 0.6 1.7 0.9302314 1.0948643 0.9622512 -1.219841
Commodity exports
Manufacturing exports
Indonesia Malaysia
2020 2021 2022 2020
Q1 Q2 Q3 Q4
-2.07 3.69 5.0246056 5.4593268 5.7333039 5.0092962 -5.534
-1.479 1.105 2.42 2.98 2.88 2.44 -2.472
0.154 0.339 -0.4 -0.35 -0.21 -0.51 0.602
-1.63 1.213 1.33 0.95 1.57 1.09 -3.326
-0.582 4.837 2.8 2.97 3.58 2.8 -0.368
-1.11 -0.152 0.18 0.58 0.8 0.66 -5.09
3.124 -3.704 -2.91 -2.38 -4.6 -1.29 4.485
-0.308593 2.7037835 1.6942686 2.2950784 2.4519756 2.9479551 -3.383581

-0.273407 2.1332165 1.1057314 0.6749216 1.1280244 -0.147955 3.0155808
Philippines
2021 2022 2020 2021 2022
Q1 Q2 Q3 Q4 Q1
3.092 4.9763668 8.9471241 14.158394 6.9707628 -9.518 5.703 8.154906
1.106 3.355 10.103 9.18 4.287 -5.758 3.109 7.425
0.713 0.837 0.344 0.614 0.383 1.3 1.072 0.543
-0.184 0.032 1.222 2.541 1.632 -7.294 2.134 2.483
10.09 4.13 4.556 11.219 2.296 -1.378623 1.889839 0.954
-0.561 0.903 2.435 3.7 4.09 -3.338845 0.2674274 2.05
-9.796 -6.934 -9.219 -15.215 -5.007 8.719 -4.542 -5.896
2.9872626 1.7006489 1.9466065 4.992185 1.4572862 -0.012291 0.3748152 0.4842275

7.1027374 2.4293511 2.6093935 6.226815 0.8387138 -1.366332 1.5150238 0.4697725
Thailand
2020 2021 2022
Q2 Q3 Q4 Q1 Q2 Q3
7.4725118 7.6359498 7.2255489 -6.097 1.532 2.1594936 2.4619212 4.5885642
5.77 5.902 5.304 -0.481 0.179 1.772 3.869 4.843
1.946 0.123 0.432 0.222 0.567 1.347 0.489 -0.301
3.455 2.114 1.352 -1.086 0.795 0.246 -0.227 1.258
-0.354 0.998 1.651 -2.577 6.781 4.662 2.366 1.305
1.572 3.079 1.854 -9.135 -1.425 1.678 2.301 4.09
-5.259 -6.971 -2.053 7.092 -8.26 -2.341 -4.257 -5.946
-0.39152 0.5106379 -0.177544 -0.449925 1.4936137 1.2807809 1.0249838 0.3330742

0.0375196 -0.458056 1.8285437 -2.127075 5.2873863 3.3812191 1.3410162 0.9719258
Q4
1.3729098 Figure 6. Domestic demand and exports drove growth in 2022
2.914 Contribution to growth
-1.458
Percentage point
0.876
-5.807
5.134
Priva
2.811
Com
-1.748917
-4.058083 Serv
30
20
10
-10
-20
Q2
Q4
Q1
Q3
202 202 2022 202 202

0 1 0 1
China
Private consumption Government consum
Commodity exports Manufacturing expo
Services exports Import
Q4
Q2
Q4
Q1
Q3
Q4
Q1
Q3
Q2
2 202 202 2022 202 202 2022

0 1 0 1
Indonesia Malaysia
rnment consumption Public and private investment
ufacturing exports Net export (for China)
rt
Q1
Q3
Q4
Q1
Q3
Q1
Q2
Q2
Q4
Q2
2022 202 202 2022 202 202 20
0 1 0 1
Malaysia Philippines Thailand
ate investment
China)
Q1
Q3
Q4
Q2
202 202 2022

0 1
Thailand
China Indonesia Malaysia PhilippinesVietnam Thailand
Oct-20 1.480043 -15.10695 -4.583921 -27.5284 7.019444 -7.290903
Nov-20 3.78516 -16.43529 -5.51291 -33.2803 7.117081 -3.152101
Dec-20 4.325262 -18.61607 -5.20111 -18.92714 7.104685 0.28636
Jan-21 10.04217 -16.63645 -3.406671 -1.149132 5.020726 -7.666366
Feb-21 74.13998 -18.06537 -2.296451 -12.34243 1.841294 0.434136
Mar-21 33.80471 -14.30505 10.02349 88.23474 8.970973 16.21186
Apr-21 18.5195 10.66594 63.54515 13138 37.98107 32.23956
May-21 12.83031 18.66667 20.94197 365.0743 -4.069748 27.72546
Jun-21 11.35991 2.300613 -3.534957 44.87523 -11.24142 15.58331
Jul-21 9.017638 -2.270434 -9.030348 5.694228 -28.0544 2.238711
Aug-21 3.127828 -1.748252 -7.653061 -10.27461 -32.3826 -6.308261
Sep-21 4.147171 -1.833499 -3.545586 -12.94809 -31.22603 4.824832
Oct-21 5.029663 6.246719 1.921656 -9.074733 -17.7816 15.97419
Nov-21 4.443964 10.55734 3.028065 14.65844 -5.379441 12.69575
Dec-21 1.645691 14.09764 0.731529 0.59675 -4.75543 12.34265
Jan-22 5.832577 14.84502 4.996326 -11.51788 -2.765648 14.19774
Feb-22 6.281996 12.77628 7.264957 -7.614287 2.547821 9.560341
Mar-22 -4.03658 9.426014 8.256228 42.24812 9.962888 5.887199
Apr-22 -10.78837 4.25636 20.0409 39.05927 12.41732 11.10937
May-22 -6.385683 6.839277 19.68011 19.42022 19.36745 13.78671
Jun-22 2.790659 4.047976 31.84039 26.74322 27.69885 12.57287
Jul-22 2.965605 6.504904 43.61269 29.119 55.45131 18.53772
Aug-22 5.911445 5.083884 32.99132 90.99037 65.39507 22.92649
Sep-22 2.20679 4.694599 31.5829 64.40052 62.58595 12.46515
Oct-22 -0.274047 3.606719 21.39231 45.11229 33.97689 -0.30872
Nov-22 -5.179494 1.066408 20.57348 32.49735 17.10511 4.69487
Dec-22 -1.71671 0.528846 20.40668 33.40815 17.00151 -0.494022

Jan-23 2.023616 -0.568182 13.78586 42.06707 19.326 #N/A
Feb-23 4.08124 2.294455 #N/A 26.93303 14.19185 #N/A
Figure 7. But consumer demand is now moderating
Retail sales (year-on-year growth)
Percent
China Indonesia M
120 Philippines Vietnam T
100
80
60
40
20
0
-20
-40
Oct-21
Jun-22
Oct-22
Feb-22
onesia Malaysia
nam Thailand
Oct-22
Feb-23
China Indonesia Malaysia Myanmar Phillipines
Jan-20 101 99 100 105 100
Feb-20 85 104 102 97 102
Mar-20 84 102 98 95 96
Apr-20 83 98 89 99 81
May-20 100 89 79 93 74
Jun-20 100 86 81 90 77
Jul-20 103 88 93 88 88
Aug-20 105 91 101 91 92
Sep-20 108 95 104 94 95
Oct-20 110 96 103 88 97
Nov-20 113 101 104 86 100
Dec-20 117 107 107 93 100
Jan-21 121 112 109 103 100
Feb-21 124 116 116 98 100
Mar-21 128 119 119 87 103
Apr-21 132 126 124 76 105
May-21 131 130 122 79 107
Jun-21 131 133 122 82 106
Jul-21 129 133 119 78 107
Aug-21 131 139 119 79 108
Sep-21 134 143 121 76 107
Oct-21 139 149 126 81 105
Nov-21 142 153 133 84 104
Dec-21 145 156 136 88 105
Jan-22 144 153 137 90 108
Feb-22 148 154 138 92 111
Mar-22 148 162 141 94 113
Apr-22 147 179 145 93 114
May-22 144 181 147 95 113
Jun-22 147 184 150 95 111
Jul-22 151 178 153 99 108
Aug-22 149 186 158 #N/A 107
Sep-22 147 181 156 #N/A 108
Oct-22 144 179 151 #N/A 114
Nov-22 140 172 144 #N/A 118
Dec-22 136 169 139 #N/A 114
Jan-23 136 168 139 #N/A 105
Feb-23 137 168 #N/A #N/A #N/A
Thailand Vietnam World excluding EAP
99 95 100 97.95178
101 105 100 97.91111 Figure 8. But there are now signs of weakening
101 104 100 95.15335 A. Goods exports (index)
100 105 100 86.49383
92 91 100 78.26026
85
82
92
102
100 76.42183
100 82.85077
Index Chi
88
94
109
115
100 89.25887
100 93.8054
Ma
95 118 100 95.93183
Tha
95 118 100 98.2277
200
97
99
119
122
100 100.065
100 102.0288
Wo
101 125 100 104.2755
103
106
126
125
100 106.9596
100 110.2919
175
109 124 100 112.7433
111 123 100 114.8399
111
109
123
120
100 115.5936
100 116.7252
150
109 119 100 116.3285
109 120 100 116.8544
114
120
131
143
100 118.5947
100 120.6502
125
119 148 100 122.2304
118 147 100 124.0095
117
121
144
147
100 126.2284
100 128.6327
100
123 148 100 130.4116
75
122 148 100 131.4979
120 143 100 130.9662
117 143 100 130.8718
116 139 100 129.3805
113
113
138
134
100 127.2927
100 124.6741 50
Feb-20
Jun-20
110 132 100 123.1426
109 123 100
#N/A 131 100
are now signs of weakening foreign demand for goods…
China Indonesia
Malaysia Phillipines
Thailand Vietnam
World excluding EAP
Feb-20
Jun-20
Oct-20
Feb-21
Jun-21
Oct-21
Feb-22
Jun-22
Oct-22
onesia
lipines
tnam
Feb-23
Oct-22
China Indonesia Malaysia PhilippinesThailand Vietnam
Jan-19 50.0000
Feb-19 49.9706 48.1870 48.7309 49.9516 50.0335 52.9104 50.0000
Mar-19 49.5339 49.0887 49.1990 49.6897 49.9702 53.3828 50.0000 Figure 8. But there are now
Apr-19 49.8717 49.7890 49.3181 49.9803 50.2004 54.1114 50.0000 B. New export orders PMI
May-19 49.6691 50.3688 49.1557 49.1485 51.4801 53.2512 50.0000
Jun-19
Jul-19
49.9340
49.1953
50.9668
50.0115
49.1364
49.6435
49.3134
47.9464
51.9880
51.3886
52.3022
51.7997
50.0000
50.0000 Index
Aug-19 49.0231 49.3414 50.1348 47.8432 51.0864 51.5315 50.0000
Sep-19 49.4172 48.2261 49.7614 48.9249 51.2465 51.4656 50.0000
Oct-19 50.3454 49.3448 49.9564 49.4585 51.2115 51.5300 50.0000
Nov-19
Dec-19
50.9661
50.3987
49.5245
49.3839
50.0276
49.6954
50.8282
51.0068
50.3351
50.0850
50.8559
51.3616
50.0000
50.0000
60
Jan-20 45.5429 48.8947 47.9997 51.9396 50.6339 50.3859 50.0000
Feb-20 44.0527 42.5426 46.7135 43.0209 48.0199 46.2588 50.0000
Mar-20 38.8399 29.1315 35.4924 33.0188 38.9133 34.6279 50.0000
Apr-20 40.6069 18.0238 33.1995 27.2907 28.8344 29.6544 50.0000
May-20 40.8068 15.2428 33.5175 35.6515 23.4335 33.5046 50.0000
Jun-20
Jul-20
45.6799
48.6862
25.2189
33.3377
43.9970
46.1890
41.8424
46.1442
25.9551
31.7459
41.5108
44.0959
50.0000
50.0000 50
Aug-20 51.1370 38.3052 45.8782 46.5883 39.0018 45.5348 50.0000
Sep-20 52.0414 38.0268 45.5758 49.8501 42.3671 48.2891 50.0000
Oct-20 52.9058 40.4973 45.7631 51.2422 45.7704 49.8726 50.0000
Nov-20 52.0560 42.0703 45.8017 51.3217 40.6240 49.8586 50.0000
Dec-20 50.8474 44.2795 45.9845 50.8034 38.3021 49.8407 50.0000
Jan-21 48.9387 42.9329 45.9441 49.1353 37.2234 51.0611 50.0000
Feb-21
Mar-21
48.7896
50.2543
44.7425
47.6532
45.9742
48.2930
47.7110
47.8326
43.3894
49.1881
51.8183
53.4192
50.0000
50.0000
40
Apr-21 51.8183 50.6512 49.5081 49.9746 51.7084 54.5156 50.0000
May-21 51.4070 52.0263 49.0740 52.3474 52.1963 50.8273 50.0000
Jun-21 50.9140 43.2514 46.7489 53.2936 52.1195 47.5336 50.0000
Jul-21 49.4765 37.2979 45.5720 50.3569 51.0403 42.0270 50.0000
Aug-21 48.6509 35.2482 46.7137 49.0867 50.2932 36.4868 50.0000
Sep-21
Oct-21
Nov-21
47.9130
48.5441
49.2795
42.8986
47.5492
50.4136
47.7576
48.9460
49.4806
48.1567
49.4826
47.9055
49.4032
48.7709
47.9692
38.7064
43.6092
52.4602
50.0000
50.0000
50.0000
30 Feb-21
Dec-21 48.7329 51.9434 49.5599 46.2119 47.6075 54.0191 50.0000
Jan-22 48.2117 53.3694 49.9820 46.7884 47.8704 55.2864 50.0000
Feb-22 46.4168 53.0930 49.5487 47.4360 48.1538 54.9854 50.0000
Mar-22 45.3054 52.6784 49.9102 48.6593 48.7616 53.6785 50.0000
Apr-22 44.1195 52.4811 49.9489 47.6101 48.9909 52.9888 50.0000
May-22 46.7295 51.2033 50.3684 47.4253 49.7654 53.2805 50.0000
Jun-22 49.2545 48.1536 49.8392 48.0028 49.8428 53.4950 50.0000
Jul-22 50.5304 47.2680 48.8389 47.5824 50.0547 53.1998 50.0000
Aug-22 48.2480 47.2910 47.8738 48.0294 50.0892 52.5152 50.0000
Sep-22 47.8599 47.1482 46.7565 46.3900 49.8967 51.7484 50.0000
Oct-22 48.1154 44.7724 46.3098 46.7903 49.5516 49.5860 50.0000
Nov-22 48.7993 44.5800 46.3483 47.1015 49.1636 48.1705 50.0000
Dec-22 48.5268 45.3049 46.3440 49.7227 48.9259 48.0638 50.0000
Jan-23 49.4906 46.9113 46.4981 51.0396 49.1808 50.5340 50.0000
Feb-23 50.4756 46.4131 46.0927 52.0985 49.0870 51.9888 50.0000
Mar-23 50.0000
Apr-23 50.0000
May-23 50.0000
Jun-23 50.0000
Jul-23 50.0000
Aug-23 50.0000
Sep-23 50.0000
Oct-23 50.0000
Nov-23 50.0000
Dec-23 50.0000
Jan-24 50.0000
Feb-24 50.0000
Mar-24
Apr-24
May-24
Jun-24
Figure 8. But there are now signs of weakening foreign demand for goods…
B. New export orders PMI
Index China Indonesia M

Philippines Thailand V
60
50
40
30
Feb-21
May-21
Nov-21
Feb-22
May-22
Aug-22
Aug-21
May-22
and
nesia
Aug-22
Nov-22
Vietnam
Malaysia
Feb-23
Myanmar Cambodia Indonesia Timor-LestLao PDR Malaysia PhilippinesThailand
2019Q4 100 100 100 100 100 100 100 100
2020Q1 79.63911 71.84148 83.56158 87.04162 74.52792 83.02246 91.41633 67.95837
2020Q2 58.27852 13.91377 37.95772 18.37019 9.952729 45.56808 64.3801 28.46014
2020Q3 59.91543 14.40379 38.0592 35.73658 11.06704 48.69158 74.91957 26.19991
2020Q4 #N/A 17.09984 40.26958 27.71639 4.734906 49.12442 75.18238 23.701
2021Q1 #N/A 11.12516 41.8082 21.04056 8.465651 52.3324 78.77139 27.37322
2021Q2 #N/A 11.35741 46.08972 26.4713 10.70588 54.50034 80.29212 34.40631
2021Q3 #N/A 14.41055 46.16652 39.78895 14.56282 52.63148 81.1961 32.79772

2021Q4 #N/A 10.9889 50.60781 33.21072 9.030247 54.13776 82.62227 30.30672
2022Q1 #N/A 19.02149 54.22695 #N/A 5.940755 59.70703 85.47304 35.45283
2022Q2 #N/A 38.39607 78.879 #N/A 19.56994 76.92281 95.28647 48.97658
2022Q3 #N/A 56.99971 88.86425 #N/A #N/A #N/A 103.0565 56.19664
2022Q4 #N/A #N/A 87.03482 #N/A #N/A #N/A #N/A #N/A
Figure 9. …even as services exports and tourism revive

A. Services exports (index)
Index Cambodia Indonesia

Malaysia Philippines
180
Solomon Isl. Fiji
160
140
120
100
80
60
40
0
20
40
60
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
Vietnam Solomon IsFiji Kiribati Vanuatu PNG Samoa Tonga China Mongolia
100 100 100 100 100 100 100 100 100 100
95.01922 73.47522 79.75517 76.24113 77.63669 30.82718 61.66231 114.5074 84.14932 79.88931
26.9702 34.39182 11.62637 82.13989 13.441 26.83384 19.77673 33.76876 89.87692 54.00617
24.50679 33.14589 14.79137 68.01813 17.79764 14.17556 22.3122 45.57342 94.30047 40.06979
21.57843 27.45859 13.28355 62.28622 11.77171 10.51125 19.87084 47.16646 100.1904 63.18978
18.40491 32.45924 16.50933 8.280945 11.17348 25.07241 25.85098 43.05015 115.3997 84.60969
22.4969 32.64907 17.30179 9.009572 11.70738 22.81196 27.91297 49.10554 128.4907 62.80668
22.79866 33.17907 14.68173 6.981207 12.44675 60.60686 26.51166 40.82966 142.8347 48.32446
20.64933 44.09453 28.54271 6.135561 9.50831 53.9109 22.29413 61.31169 158.2363 96.32203
#N/A 61.34274 41.16675 #N/A 8.038858 19.70411 26.3165 47.96883 158.1965 70.67129
#N/A 58.23951 97.27886 #N/A #N/A 18.02843 30.01119 44.159 151.8788 95.84329
#N/A 71.79181 138.4174 #N/A #N/A #N/A #N/A #N/A 153.2162 #N/A
#N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
Indonesia Lao PDR

Philippines Thailand
Fiji Samoa
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
100
100
100
100
100
100
100
100
100
100
100
100
100
Cambodia Malaysia Myanmar Philippines Thailand Vietnam Fiji
202001 Jan-20 84.665933 98.577892 107.36772 110.06013 102.61205 132.78066 99.521577
202002 Feb-20 64.246681 64.54087 65.322122 60.334087 57.262866 78.245813 95.685065
202003 Mar-20 35.283118 28.744978 43.337707 19.504864 23.555706 31.903276 51.515324
202004 Apr-20 0.9003898 0.34943 1.7253116 0.1429892 0 1.7837691 1.3341419
202005 May-20 2.2148125 0.2578795 2.6277467 0.7229954 3.654E-05 1.7110123 1.3331745
202006 Jun-20 2.7296989 0.2743109 3.2418737 0.2364162 3.272E-05 0.7423654 1.0776844
202007 Jul-20 4.1178613 0.7726398 3.1963802 0.767394 2.992E-05 1.0563915 1.3751365
202008 Aug-20 4.4327067 0.496534 3.0397731 2.6079793 2.88E-05 1.0777572 1.4548942
202009 Sep-20 4.6566603 0.807724 2.2930291 1.6564093 3.46E-05 0.8838788 1.837779
202010 Oct-20 4.1948433 0.5570604 1.883198 1.5829639 3.253E-05 0.9145399 2.3889464
202011 Nov-20 3.0203873 0.5798971 3.0177229 1.9887057 0.0903622 0.9781167 1.9045565
202012 Dec-20 2.816852 0.5307704 3.1342248 2.5480241 0.1661879 0.9531049 1.4326772
202101 Jan-21 3.1778136 0.3648977 3.3647928 0.8955059 0.2072084 1.1785857 2.2802466
202102 Feb-21 3.4444495 0.3508419 3.2229906 1.4271091 0.1594315 0.692608 5.2315002
202103 Mar-21 4.6992564 0.4131306 3.5867356 1.6744854 0.1936649 1.3756914 4.0712758
202104 Apr-21 2.2203788 0.4511194 2.964824 0.9104251 0.2651286 1.3276144 1.6014195
202105 May-21 1.8515621 0.4363601 3.5512237 1.7536862 0.2211503 1.0175624 0.6052302
202106 Jun-21 2.4363741 0.2690621 3.8213134 1.8414676 0.1862793 0.6073899 0.4824216
202107 Jul-21 1.9871781 0.2568427 3.3157721 1.7862284 0.5401541 0.5699954 0.6227906
202108 Aug-21 1.7638046 0.3441713 2.2932189 2.1105709 0.4349692 0.6149167 0.8682922
202109 Sep-21 2.1958146 0.4221636 2.6746958 2.5574022 0.4234197 0.6084673 0.8611867
202110 Oct-21 2.6482932 0.525995 2.6944988 2.7607905 0.659445 0.6550083 1.3384474
202111 Nov-21 3.1447972 0.7475696 2.4128495 3.0011856 2.6947735 0.8289125 1.9489665
202112 Dec-21 4.6499322 1.8087278 2.3765356 3.1350493 5.8392994 1.0057303 28.805379
202201 Jan-22 6.939058 1.3570714 2.9912776 #N/A 3.606164 1.3117592 21.903934
202202 Feb-22 8.4372275 1.2354953 3.5147784 6.222086 4.2476367 1.8574487 21.461787
202203 Mar-22 10.143502 1.7774252 2.9150266 16.400465 6.0607873 2.9570274 33.960086
202204 Apr-22 15.240042 18.154939 2.8185648 28.443092 9.1189426 6.9035948 59.918469
202205 May-22 21.56223 31.953703 4.1525576 33.197152 19.053205 13.032336 62.170727
202206 Jun-22 36.287396 40.472789 5.940502 39.502936 25.108679 19.967943 69.172637
202207 Jul-22 47.111287 44.562102 7.9778022 41.116351 33.6318 26.797386 78.525291
202208 Aug-22 49.049474 47.071683 #N/A 37.494718 33.828333 32.160804 77.231561
202209 Sep-22 58.932517 62.354532 #N/A 40.705099 45.29747 27.662845 86.628198
202210 Oct-22 64.382231 66.172328 #N/A 43.035538 47.995511 29.932645 88.793918
202211 Nov-22 56.159039 67.571719 #N/A 47.453232 51.629503 32.98519 92.888049
202212 Dec-22 50.889872 92.407291 #N/A 55.899603 56.777349 41.346041 91.320427
202301 Jan-23 73.534709 #N/A #N/A 58.300551 56.295484 43.688882 97.810437
202302 Feb-23 #N/A #N/A #N/A #N/A #N/A 75.078458 #N/A
100
100
100 Figure 9. …even as services exports and tourism revive
100 B. B.Tourist arrivals compared to pre-pandemic
100
Index
100
Cambodia M
100
100
100
Thailand V
100
100
100
100
120
100
100
100
100
100
100
100
100
100 80
100
100
100
100
100
60
100
40
100
100
100
100
100
100
100
100
20
100
100
100 0
Feb-20
Aug-20
Feb-21
bodia Malaysia Philippines
and Vietnam Fiji
Feb-21
Aug-21
Feb-22
Aug-22
Feb-23
2020 2021 2022
China -2 3 -2
other EMDE -2 2 -1 Figure 10. China provided significant fiscal support in 2022, but
Philippines -2 -2 0 Change in structural balance
Indonesia -3 1 0
Malaysia
other EAP
-2
-3
-1
0
0
1 Percent of GDP
Thailand -4 -3 2
AE -4 1 2
3
-1
-2
-3
-4
-5
China Philippine
icant fiscal support in 2022, but other governments had less expansionary fiscal policy
GDP
2020 2021 2022
Philippines Indonesia Malaysia Thailand

2022
Thailand
region2 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20
Advanced E 1 1 1 1 0 0 0 0
EAP 5 5 5 4 4 4 4 4
Other EMD 7 7 7 6 6 6 5 5
Figure 11. Monetary policy in EAP has been more supportive than in other EMDEs, but was beginning to tig
Policy rates
Percent
12 Advanced Economies E
10 Other EMDE
8
6
4
2
0
Jan-21
Jan-20
Jul-20
Jul-21
Jan
Jul
Jan
Jul
Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
0 0 0 0 0 0 0 0 0
4 3 3 3 3 3 3 3 3
5 5 5 5 5 5 5 5 6
EMDEs, but was beginning to tighten
nomies EAP
Jul-21
Jan-22
Jul-22
Jan-23
Jul
Jan
Jul
Jan
May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22
0 0 0 0 0 0 0 0 1
3 3 3 3 3 3 3 3 3
6 6 6 6 6 6 6 6 7
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22
1 1 1 1 1 2 2 2 3
3 3 3 3 4 4 4 4 5
7 8 8 8 9 10 10 10 11
Nov-22 Dec-22 Jan-23
3 3 4
5 5 5
11 11 11
2018q2 US monetary
US GDP groChina GDP CommodityC GDP Domestic factors
2018q3
2018q4 -0.223941 0.3165414 -0.406652 0.0598022 4.8345938 4.7171397 4.9713882
2019q1 -0.213305 0.1520356 -0.560336 0.0285352 4.834596 4.5239121 5.1169827
2019q2 0.1210856 0.1559708 -0.706504 -0.025651 4.8345961 4.3719725 4.8270705
2019q3 0.2029046 0.4699333 -0.912709 -0.124912 4.8345977 4.6333447 4.9981276
2019q4 0.3931146 0.4912128 -0.964571 -0.137919 4.8345993 3.7082837 3.9264465
2020q1 0.4433935 -0.433785 -1.943076 -0.113217 4.834602 0.0660005 2.1126852
2020q2 -0.013786 -2.087972 -4.78048 -0.200258 4.8346047 -12.22021 -5.137712
2020q3 0.1828768 -1.989323 -1.84433 -0.11404 4.8346059 -7.280638 -3.515823
2020q4 0.2402254 -1.294113 -1.478983 -0.061099 4.834607 -5.355299 -2.76133
2021q1 0.4170988 0.0478072 -0.490381 -0.071657 4.834607 -2.397924 -2.300792
2021q2 0.6398049 2.0948389 2.037128 0.0791529 4.834607 8.7140773 3.8631526
2021q3 0.2538223 1.8301456 -0.606586 -0.009407 4.834607 3.5414885 2.0735134
2021q4 0.0807152 1.6656579 -0.919316 0.0497588 4.834607 4.5858682 3.7090518
2022q1 -0.473467 0.8831065 -0.754356 0.1624306 4.834607 4.9126736 5.0949591
2022q2 -1.224648 0.1225717 -0.682882 0.3211491 4.8346072 5.077064 6.5408732
2022q3 -1.712035 1.1292604 -1.718704 0.3391145 4.8346087 5.9720428 7.9344067
2022q4 -1.99536 0.2775502 -1.134898 0.3443225 4.8346087 5.0493975 7.5577821
-1.351377 0.6031222 -1.07271 0.2917542 4.8346079 5.2527945

Figure 12. Growth in the US has supported the region’s economies in 2022, while China’ slowdown and finan
EAP excluding China
Percentage points US GDP g

China GDP
US moneta
6 Commodity
4
2
0
-2
-4
-6
-8
2019q1
2019q2
2019q3
2019q4
2020q1
2020q2
2020q3
2020q4
2021q1
2021q2
while China’ slowdown and financial tightening stemming from the US has hurt growth in the region.
US GDP growth
China GDP growth
US monetary policy shock
Commodity price
2020q3
2020q4
2021q1
2021q2
2021q3
2021q4
2022q2
2022q3
2022q4
2022q1
Figure 13. Three linked international developments will shape economic performance in the EAP countries
Commodity prices Financial tightening

Global growth
External economic
conditions
Real shocks Financial and price shocks
EAP country
economic
performance
ance in the EAP countries
ancial tightening
hocks
Global United StatesEU India China
October 2022 2.7 1.0 0.5 6.1 4.4
Early Januar 1.7 0.5 0 6.6 4.3
Late January 2.9 1.4 0.7 6.1 5.2
Figure 14. Global growth in 2023 is projected to be slower than in 2022 but prospects have recently improved r
A. 2023 GDP growth forecast
Percent
October 2022 forecas
Early January foreca
Late January forecas
2
3
0
Global United States EU
e recently improved relative to previous projections
2 forecast (WEO)
y forecast (GEP)
y forecast (WEO)
EU China
China: manChina: servGlobal: maGlobal: services PMI
Jan-21 51.3 52.4 53.5972 51.6184
Feb-21 50.6 51.4 53.9801 52.8515
Mar-21 51.9 56.3 54.9511 54.7204
Apr-21 51.1 54.9 55.8271 57.1282
May-21 51.0 55.2 56.0283 59.5320
Jun-21 50.9 53.5 55.5098 57.4361
Jul-21 50.4 53.3 55.4123 56.2530
Aug-21 50.1 47.5 54.0992 52.7282
Sep-21 49.6 53.2 54.0898 53.7920
Oct-21 49.2 52.4 54.2378 55.5606
Nov-21 50.1 52.3 54.1799 55.6117
Dec-21 50.3 52.7 54.2834 54.6827
Jan-22 50.1 51.1 53.1657 51.0188
Feb-22 50.2 51.6 53.7460 53.9962
Mar-22 49.5 48.4 52.9465 53.3917
Apr-22 47.4 41.9 52.3027 52.2403
May-22 49.6 47.8 52.3431 51.9392
Jun-22 50.2 54.7 52.2470 53.8522
Jul-22 49.0 53.8 51.0765 51.0502
Aug-22 49.4 52.6 50.3037 49.2398
Sep-22 50.1 50.6 49.8164 49.9687
Oct-22 49.2 48.7 49.3883 49.1586
Nov-22 48.0 46.7 48.8180 48.0412
Dec-22 47.0 41.6 48.6798 48.0472
Jan-23 50.1 54.4 49.1079 50.0453
Feb-23 52.6 56.3 49.9961 52.6163
Figure 14. Global growth in 2023 is projected to be slower than in 2022 but prospects have recently improved relative to
B. China and global PMI
Index China: manufactu

65 China: services P
Global: manufactu
60 Global: services P
55
50
45
40
Apr-22
Jan-21
Jun-21
Nov-21
Ja
Ju
No
Ap
recently improved relative to previous projections
manufacturing PMI
services PMI
: manufacturing PMI
: services PMI
Apr-22
Sep-22
Feb-23
Ap
Se
Fe
China ASEAN USA Others
China 1995 0 1 3 11
2007 0 1 6 17
2018 0 2 3 10
Indonesia 1995 1 1 4 20
2007 2 3 3 17
2018 3 3 2 10
Malaysia 1995 1 8 7 29
2007 5 11 6 29
2018 9 9 4 18
Philippines 1995 0 1 8 13
2007 4 3 5 13
2018 4 3 4 12
Thailand 1995 1 3 7 20
2007 5 6 7 25
2018 7 8 5 22
Vietnam 1995 1 3 1 20
2007 2 7 7 24
2018 8 5 7 20
Lao PDR 1995 0 6 1 14

2007 5 10 2 10
2018 9 13 1 4
Cambodia 1995 0 4 0 19
2007 1 6 14 18
2018 4 7 8 24
Myanmar 1995 1 5 2 10
2007 3 13 0 18
2018 7 7 1 12
Figure 15. An increasing share of EAP countries’ value-added exports are absorbed in China
Domestic value-added content of gross exports
Percent of GDP China A

60
50
40
30
20
10
0
1995
2007
2018
1995
2007
2018
1995
2007
2018
1995
2007
2018
China Indonesia Malaysia Philippin
sorbed in China
China ASEAN USA Others

2018
1995
2007
2018
1995
2007
2018
1995
2007
2018
1995
2007
2018
1995
2007
aysia Philippines Thailand Vietnam Lao PDR Cam
2007
2018
1995
2007
2018
1995
2007
mar
ao PDR Cambodia Myan
2018
Energy AgricultureMetals andFertilizers
Jan-18 87.41 87.03 88.57 75.45 100.00
Feb-18 82.11 88.67 88.61 77.70 100.00 Figure 16. Commodity prices have rec
Mar-18 82.81 90.04 84.47 78.28 100.00 Commodity prices
Apr-18 88.40 91.66 86.45 78.59 100.00
May-18 94.60 91.85 86.79 77.40 100.00
Jun-18
Jul-18
93.67
93.03
88.94
86.35
86.98
79.77
78.03
82.64
100.00
100.00
Index: 201
Aug-18 91.99 84.84 78.12 84.57 100.00
Sep-18 98.72 82.65 77.44 86.70 100.00
Oct-18
Nov-18
100.22
84.44
83.38
82.21
79.36
77.50
88.15
93.12
100.00
100.00 200
Dec-18 74.90 82.52 76.07 89.43 100.00
Jan-19 76.20 83.31 75.77 86.82 100.00
Feb-19
Mar-19
80.09
82.22
83.54
82.80
80.12
81.10
84.84
84.28
100.00
100.00 160
Apr-19 86.43 82.94 81.60 84.71 100.00
May-19 85.18 82.01 78.65 84.42 100.00
Jun-19
Jul-19
Aug-19
76.34
77.04
71.59
84.02
83.03
80.64
78.53
81.03
76.05
83.78
82.71
81.75
100.00
100.00
100.00
120
Sep-19 75.56 80.68 77.32 77.84 100.00
80
Oct-19 72.67 82.23 76.46 77.73 100.00
Nov-19 76.62 85.24 76.22 75.04 100.00
Dec-19 79.08 87.14 77.47 72.63 100.00
Jan-20 76.06 88.16 77.70 70.84 100.00
Feb-20 66.31 85.59 73.02 71.03 100.00
Mar-20
Apr-20
42.65
31.63
82.78
81.12
68.71
65.55
73.33
73.70
100.00
100.00
40
May-20 39.25 81.15 68.01 67.44 100.00
Jun-20 48.52 83.15 73.68 66.80 100.00
Jul-20
Aug-20
51.65
54.30
84.01
86.70
79.09
83.48
69.84
75.96
100.00
100.00
0Feb-18
Sep-20 51.17 89.27 85.12 76.86 100.00
Oct-20 51.62 91.19 85.49 76.59 100.00
Nov-20 55.30 94.66 90.28 77.14 100.00
Dec-20 63.75 97.13 99.65 78.83 100.00
Jan-21 69.88 102.23 102.84 82.96 100.00
Feb-21 80.38 103.75 106.39 100.07 100.00
Mar-21 80.77 102.94 110.22 104.17 100.00
Apr-21 80.80 105.62 115.32 101.56 100.00
May-21 86.28 111.24 125.79 106.07 100.00
Jun-21 93.92 108.69 124.27 119.77 100.00
Jul-21 98.29 108.23 124.52 126.96 100.00
Aug-21 96.32 109.36 119.04 130.75 100.00
Sep-21 107.18 109.15 116.81 129.49 100.00
Oct-21 123.37 111.56 121.38 171.53 100.00
Nov-21 115.01 113.08 114.02 204.51 100.00
Dec-21 112.37 113.81 116.72 208.01 100.00
Jan-22 121.31 118.61 125.23 200.50 100.00
Feb-22 133.31 123.74 131.18 196.44 100.00
Mar-22 166.73 132.44 141.28 232.53 100.00
Apr-22 153.19 134.07 138.09 254.97 100.00
May-22 163.63 133.44 122.46 223.11 100.00
Jun-22 173.48 128.54 115.70 220.28 100.00
Jul-22 171.75 119.24 100.15 213.08 100.00
Aug-22 172.77 118.25 103.81 209.86 100.00
Sep-22 158.17 117.12 97.77 222.51 100.00
Oct-22 146.17 116.37 96.09 214.26 100.00
Nov-22 139.44 115.95 100.92 201.83 100.00
Dec-22 130.92 115.21 107.60 189.60 100.00
Jan-23 119.29 115.59 114.01 177.92 100.00
Feb-23 110.63 116.94 112.04 167.94 100.00
. Commodity prices have recently moderated
ndex: 2010 =100

200 Energy
Agriculture
160 Metals and minerals
120
80
40
0
Aug-18
Aug-20
Feb-21
Feb-18
Feb-19
Aug-19
Feb-20
Aug-21
Feb-22
Aug-21
Feb-22
Aug-22
Feb-23
4/1/2022 5/1/2022 6/1/2022
Jun-22 #N/A #N/A #N/A
Dec-22 #N/A #N/A #N/A
Jan-23 #N/A #N/A #N/A
Feb-23 #N/A #N/A #N/A
Actual price 116.80
Figure 17. Oil price futures have decreased recently

Oil futures
USD/bbl
100 Dec-22
90
80
70
Oct-22
Dec-22
Feb-23
70
Oct-22
Dec-22
Feb-23
7/1/2022 8/1/2022 9/1/2022 10/1/2022 11/1/2022 12/1/2022
#N/A 116.29 113.56 111.03 108.82 106.81
#N/A #N/A #N/A #N/A #N/A #N/A
105.08 95.97 88.22 90.33 87.38 78.07
Dec-22 Feb-23 Actual price

Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
1/1/2023 2/1/2023 3/1/2023 4/1/2023 5/1/2023 6/1/2023 7/1/2023 8/1/2023 9/1/2023
104.92 103.17 101.60 100.17 98.92 97.82 96.77 95.77 94.81
#N/A 86.88 86.81 86.58 86.30 85.88 85.46 85.04 84.62
#N/A #N/A 85.91 85.65 85.27 84.76 84.20 83.63 83.10
#N/A #N/A #N/A 82.84 82.58 82.16 81.75 81.32 80.89
80.41 80.25
Dec-23
Dec-23
### ### ### 1/1/2024 2/1/2024 3/1/2024 4/1/2024 5/1/2024 6/1/2024
93.87 92.95 92.03 91.11 90.19 89.31 88.50 87.81 87.14
84.18 83.74 83.30 82.83 82.34 81.94 81.58 81.24 80.88
82.57 82.09 81.65 81.19 80.72 80.30 79.89 79.48 79.10
80.45 80.01 79.56 79.09 78.65 78.27 77.92 77.58 77.27
China
Jan-21 Jul-21 Jan-22
Food & Bev 0.292 -0.249 -0.15 0.036 0.461 0.009 -0.643 -0.792 -1 -0.281 0.679 -0.009 -0.514 -0.517
Housing & f-0.136 -0.08 0.033 0.123 0.189 0.254 0.3192 0.323 0.363 0.444 0.426 0.387 0.3447 0.348
Transport -0.587 -0.199 0.36 0.61 0.703 0.762 0.9326 0.799 0.782 0.959 1.067 0.725 0.7468 0.8
Others 0.07 0.11 0.084 0.175 0.211 0.216 0.327 0.307 0.306 0.298 0.326 0.344 0.3213 0.307
CPI_sum -0.4 -0.4 0.3 0.9 1.6 1.2 0.9 0.6 0.5 1.4 2.5 1.4 0.9 0.9
CPI -0.237 -0.422 0.278 0.892 1.495 1.183 0.8843 0.591 0.39 1.393 2.409 1.401 0.7929 0.788
0 0 0.003 0.009 0.015 0.012 0.0088 0.006 0.004 0.014 0.024 0.014 0.0079 0.008
Figure 18. Food and energy prices are beginning to ease in most EAP economies, but global pric
CPI inflation (year-on-year)
Percentage point
Food & Beverage Ho
10
CPI
8
-2
China Indonesia M
-2
China Indonesia M
China's CPI basket weight is e

Indonesia
Jul-22 Jan-23 Jan-21
-0.05 0.618 0.643 0.76 1.386 1.361 1.88 1.579 0.95 1.165 1.45 0.714 0.49 0.57 0.6
0.342 0.313 0.283 0.262 0.21 0.182 0.12 0.004 0.009 0.009 0.014 0.117 0.12 0.12 0.13
0.861 0.964 0.923 1.274 0.938 0.75 0.68 0.473 0.428 0.415 0.285 -0.052 0.03 0.05 0.12
0.358 0.279 0.279 0.314 0.25 0.275 0.24 0.226 0.238 0.253 0.374 0.769 0.73 0.62 0.58
1.5 2.2 2.1 2.6 2.8 2.6 2.9 2.3 1.6 1.8 2.1 1.5 1.4 1.4 1.4
1.297 2.006 2.01 2.428 2.63 2.418 2.73 2.115 1.506 1.807 2.222 1.553 1.38 1.37 1.42
0.013 0.02 0.02 0.024 0.026 0.024 0.03 0.021 0.015 0.018 0.022 0.016 0.01 0.01 0.01
conomies, but global price increases could revive inflationary pressures
erage Housing & furnishing Transport & communica
sia Malaysia Philippines Thailand

sia Malaysia Philippines Thailand
weight is estimated (Bloomberg Economics: https://w

Jul-21 Jan-22 Jul-22
0.78 0.4713 0.7 0.83 0.8 0.76 0.75 0.79 0.888 0.644 0.926 1.341 1.4496 2.119 2.402 1.978 2.017
0.13 0.1672 0.18 0.2 0.2 0.24 0.29 0.31 0.445 0.493 0.593 0.659 0.6814 0.711 0.804 0.911 0.938
0.1 0.0112 0.03 0.04 0.09 0.15 0.17 0.19 0.216 0.187 0.27 0.567 0.5626 0.641 0.782 0.776 1.902
0.66 0.6794 0.61 0.52 0.51 0.51 0.54 0.58 0.641 0.727 0.855 0.907 0.8674 0.882 0.949 1.024 1.09
1.7 1.3 1.5 1.6 1.6 1.7 1.8 1.9 2.2 2.1 2.6 3.5 3.6 4.4 4.9 4.7 5.9
1.68 1.3326 1.52 1.59 1.6 1.66 1.75 1.87 2.18 2.055 2.638 3.472 3.5543 4.349 4.937 4.692 5.951
0.02 0.0133 0.02 0.02 0.02 0.02 0.02 0.02 0.022 0.021 0.026 0.035 0.0355 0.043 0.049 0.047 0.06
communication Others
iland Vietnam
iland Vietnam
s: https://www.bloomberg.com/professional/blog/chin
Malaysia
Jan-23 Jan-21 Jul-21
1.721 1.5022 1.508 1.515 0.504 0.478 0.506 0.672 0.52 0.466 0.433 0.405 0.624 0.646
0.961 0.9395 1.037 0.971 -0.168 -0.18 -0.162 0.812 0.85 0.835 0.226 0.206 0.226 0.835
1.903 1.8366 1.817 1.653 -0.702 -0.27 1.228 3 2.91 1.99 1.444 1.381 1.381 1.417
1.132 1.1322 1.142 1.137 0.122 0.097 0.086 0.119 0.08 0.073 0.054 0.008 0 0.009
5.7 5.4 5.5 5.3 -0.2 0.1 1.7 4.6 4.4 3.4 2.2 2.0 2.2 2.9
5.71 5.418 5.508 5.284 -0.245 0.082 1.654 4.677 4.41 3.442 2.168 2 2.248 2.912
0.057 0.0542 0.055 0.053 0 0.001 0.017 0.047 0.04 0.034 0.022 0.02 0.022 0.029
al/blog/china-insight-cpi-basket-decoded-food-dominat
0.892 1.058 1.192 1.236 1.331 1.353 1.71 2.019 2.275 2.37 2.274 2.357 2.42 2.266 2.259
0.893 0.895 0.295 0.317 0.329 0.299 0.386 0.402 1.028 1.12 1.1 0.507 0.477 0.487 0.479
1.576 1.206 0.787 0.511 0.355 0.402 0.532 0.732 0.76 0.71 0.723 0.706 0.668 0.662 0.482
0.038 0.085 0.162 0.235 0.265 0.283 0.333 0.425 0.465 0.51 0.548 0.559 0.59 0.53 0.535
3.4 3.2 2.4 2.3 2.3 2.3 3.0 3.6 4.5 4.7 4.6 4.1 4.2 3.9 3.8
3.333 3.234 2.293 2.204 2.197 2.275 2.843 3.409 4.408 4.65 4.479 3.961 4.032 3.775 3.683
0.033 0.032 0.023 0.022 0.022 0.023 0.028 0.034 0.044 0.05 0.045 0.04 0.04 0.038 0.037
od-dominates-services-key/)
Philippines
2.534 2.6262 2.298 1.753 1.605 1.618 1.728 2.31 2.13 1.638 1.043 0.77 0.816 0.583 1.115
0.124 0.1976 0.203 0.33 0.443 0.502 0.639 0.7803 0.87 0.963 1.057 1.128 1.006 1.061 1.37
0.6 0.7351 1.039 1.397 1.37 0.928 0.663 0.6588 0.54 0.716 0.904 0.619 0.656 0.82 0.976
0.538 0.5653 0.579 0.626 0.69 0.714 0.664 0.6864 0.67 0.652 0.65 0.583 0.56 0.538 0.542
3.8 4.1 4.1 4.1 4.1 3.8 3.7 4.4 4.2 4.0 3.7 3.1 3.0 3.0 4.0
3.732 4.2267 4.139 4.143 4.143 3.736 3.718 4.3893 4.194 3.989 3.669 3.078 3.044 3.041 3.974
0.037 0.0423 0.041 0.041 0.041 0.037 0.037 0.0439 0.042 0.04 0.037 0.031 0.03 0.03 0.04
Thailand
Jul-22 Jan-23 Jan-21
1.6 2.046 2.489 2.814 2.648 3.04 3.82 4.04 4.13 4.37 0.23 -0.2 -0.1 0.17 0.05 0.119
1.51 1.427 1.456 1.302 1.519 1.64 1.67 1.6 1.62 1.93 -0.1 -1.2 -1.1 1.04 0.2 -0.718
1.23 1.378 1.611 1.713 1.377 1.37 1.21 1.2 1.12 1.07 -0.4 0.22 1.19 2.18 2.19 1.843
0.53 0.555 0.554 0.618 0.787 0.85 0.98 1.1 1.17 1.27 0 0 0 ### 0 0.011
4.9 5.4 6.1 6.4 6.3 6.9 7.7 7.9 8.1 8.6 -0.3 -1.1 -0.1 3.4 2.4 1.3
4.9 5.365 6.094 6.434 6.307 6.86 7.67 7.99 8.05 8.68 -0.3 -1.2 -0.1 3.41 2.44 1.246
0.05 0.054 0.061 0.064 0.063 0.07 0.08 0.08 0.08 0.09 0 0 0 0.03 0.02 0.012
Jul-21 Jan-22 Jul-22
-0.195 -0.611 -0.477 -0.1 0.195 0.3343 0.998 1.871 1.889 1.989 2.554 2.6492 3.3 3.841 3.977 3.881
-1.384 -1.379 -0.023 -0.039 -0.028 -0.033 0.172 1.269 1.271 0.226 1.472 1.4987 1.835 1.875 0.789 0.806
2.003 1.958 2.177 2.507 2.543 1.9061 2.095 2.151 2.601 2.439 3.046 3.4403 2.417 2 1.49 1.142
0.02 -0.023 -0.031 -0.03 -0.027 -0.035 -0.028 -0.01 -0.015 0.007 0.031 0.0606 0.069 0.139 0.142 0.154
0.4 -0.1 1.6 2.3 2.7 2.2 3.2 5.3 5.7 4.7 7.1 7.6 7.6 7.9 6.4 6.0
0.453 -0.02 1.678 2.38 2.712 2.1665 3.227 5.279 5.731 4.648 7.102 7.6554 7.614 7.859 6.412 5.983
0.005 0 0.017 0.024 0.027 0.0217 0.032 0.053 0.057 0.046 0.071 0.0766 0.076 0.079 0.064 0.06
Vietnam
Jan-23 Jan-21 Jul-21 Jan-22
3.406 3.603 3.128 0 0.543 0.136 -0.17 -0.291 -0.51 -0.17 0.51 0.56 0.13 0.05 0.28 0.05
0.799 0.8 0.703 -0.43 0.184 0.252 0.559 0.588 0.75 0.82 0.71 0.3 0.22 0.3 0.24 0.62
1.156 1.319 1 -0.75 -0.393 0.237 1.511 1.738 1.39 1.3 1.09 1.08 1.32 1.66 1.29 1.21
0.174 0.172 0.174 0.32 0.383 0.421 0.456 0.446 0.44 0.41 0.3 0.01 0 -0.1 -0.1 -0.1
5.5 5.9 5.0 -0.9 0.7 1.0 2.4 2.5 2.1 2.4 2.6 2.0 1.6 1.9 1.7 1.8
5.545 5.89 5.019 -1 0.701 1.161 2.702 2.89 2.41 2.64 2.82 2.06 1.77 2.1 1.81 1.95
0.055 0.059 0.05 0 0.007 0.012 0.027 0.029 0.02 0.03 0.03 0.02 0.02 0.02 0.02 0.02
Jul-22 Jan-23
0 0.469 0.503 0.601 0.963 1.238 1.366 1.503 2.0485 2.075 2.084 2.423
0.15 0.368 0.543 0.467 0.382 0.338 0.394 0.867 1.0265 1.111 1.294 1.276
1.29 1.577 1.443 1.619 1.896 1.377 0.805 0.602 0.164 0.085 -0.02 0
-0.1 -0.04 0.08 0.146 0.191 0.273 0.399 0.945 1.0966 1.111 1.178 1.213
1.3 2.4 2.6 2.8 3.4 3.2 3.0 3.9 4.3 4.4 4.5 4.9
1.42 2.41 2.641 2.866 3.375 3.146 2.893 3.947 4.2981 4.37 4.539 4.882
0.01 0.024 0.026 0.029 0.034 0.031 0.029 0.039 0.043 0.044 0.045 0.049
Perce
Headline CP
Core CPI inFed funds t10-year treasury note yield
Jan-20 2.48657 2.3 1.625 1.776
Feb-20 2.33487 2.4 1.625 1.5025
10
Mar-20 1.53933 2.1 0.675 0.8875
Apr-20 0.3291 1.4 0.125 0.6675
May-20 0.11793 1.2 0.125 0.67
Jun-20 0.64573
Jul-20 0.98608
1.2
1.6
0.125
0.125
0.7375
0.628
9
Aug-20 1.30965
Sep-20 1.37132
1.7
1.7
0.125
0.125
0.6475
0.6825 8
7
Oct-20 1.18207 1.6 0.125 0.77
Nov-20 1.17454 1.6 0.125 0.875
Dec-20 1.36201 1.6 0.125 0.9325
Jan-21 1.39977
Feb-21 1.67622
1.4
1.3
0.125
0.125
1.054
1.2625
6
Mar-21 2.61976
Apr-21 4.15969
1.6
3
0.125
0.125
1.5925
1.646 5
4
May-21 4.99271 3.8 0.125 1.62
Jun-21 5.39145 4.5 0.125 1.5275
Jul-21 5.36548 4.3 0.125 1.338
Aug-21 5.25127
Sep-21 5.39035
4
4
0.125
0.125
1.2825
1.3375
3
Oct-21 6.22187
Nov-21 6.809
4.6
4.9
0.125
0.125
1.574
1.57 2
1
Dec-21 7.0364 5.5 0.125 1.466
Jan-22 7.47987 6 0.125 1.765
Feb-22 7.87106 6.4 0.125 1.935
Mar-22 8.54246
Apr-22 8.25863
6.5
6.2
0.2125
0.375
2.06
2.692
0
May-22 8.58151 6 0.8 2.8975
Jun-22 9.05976 5.9 1.1375 3.125
Jul-22 8.52481 5.9 1.685 2.934
Aug-22 8.26269 6.3 2.375 2.8625
Sep-22 8.20167 6.6 2.585 3.464 2.1 1.4 1.2
Oct-22 7.74543 6.3 3.125 3.9725 1.6 3 3.8
Nov-22 7.11032 6 3.7625 3.935 6.5 6.2 6
Dec-22 6.4544 5.7 4.115 3.638
Jan-23 6.41015 5.6 4.375 3.535
Feb-23 6 5.5 4.5875 3.72
Figure 19. Continued high inflation in the US is leading to further financial tightening in the US as well as the EAP regio
A. Inflation and interest rate in the US
Percent
Headline CPI inflation
Core CPI inflation
10
9 Fed funds target rate
8
7
6
5
4
3
2
1
0
Aug-20
Aug-21
Feb-20
Feb-21
Feb-22
1.2 1.6 1.7 1.7 1.6 1.6 1.6

4.5 4.3 4 4 4.6 4.9 5.5
5.9 5.9 6.3 6.6 6.3 6 5.7
e US as well as the EAP region
ation
ate
Aug-22
Feb-22
Feb-23
Figure 19. Continued high inflation in the US is leading to furthe
B. Interest rate across the World
Percent
Dec-19 Dec-20 Jan-23

12 Dec-19
AE 1 0 4
EAP 5 3 5
other EMDE 7 5 11
10
0
AE
on in the US is leading to further financial tightening in the US as well as the EAP region
Dec-19 Dec-20 Jan-23
AE EAP other EMDE

er EMDE
Euro AreaEuro Are Euro Are US: Jan- US: Dec-US: Mar-2023
Jan-22 -0.5 0.08
Feb-22 -0.5 0.08
Mar-22 -0.5 0.33
Apr-22 -0.5 0.31 0.33
May-22 -0.5 0.39 0.83
Jun-22 -0.55 -0.5 0.51 1.58
Jul-22 -0.55 0 0.53 2.32
Aug-22 -0.53 0 0.53 2.33
Sep-22 -0.52 0.75 0.69 3.08
Oct-22 -0.47 0.75 0.72 3.08
Nov-22 -0.47 1.5 0.72 3.83
Dec-22 -0.34 2 0.94 4.38
Jan-23 -0.32 2.17 0.98 4.66
Feb-23 -0.32 2.52 0.98 4.81
Mar-23 -0.32 2.81 2.8051 0.98 4.9 4.8551
Apr-23 -0.32 2.93 2.9169 0.98 4.95 4.9185
May-23 -0.32 3.09 3.0817 0.98 4.95 4.9068
Jun-23 -0.24 3.18 3.192 1.17 4.92 4.7941
Jul-23 -0.22 3.21 3.2702 1.23 4.92 4.6762
Aug-23 -0.22 3.24 3.3148 1.23 4.85 4.5206
Sep-23 -0.22 3.24 3.3346 1.23 4.68 4.3995
Oct-23 3.3447 4.3995
Nov-23 3.335 4.2778
Dec-23 3.3234 4.1562
Jan-24 3.3111 4.1562
Feb-24 3.2856 3.9679
Mar-24 3.2746 3.7662
Apr-24 3.2746 3.7662
May-24 3.2746 3.7662
Jun-24 3.2746 3.7662
Figure 20. Expectation of interest rate stays elevated until the end of 2023
US: Mar-2023 2-year interest rates yield forecasts
Percent Euro Area: D

6 Euro Area: M
0
Jul-22
Oct-22
Jun-22
Aug-22
Sep-22
Nov-22
Dec-22
Jan-23
evated until the end of 2023
Euro Area: Dec-2022 US: Dec-2022

Euro Area: Mar-2023 US: Mar-2023
Oct-22
Mar-23
Apr-23
Oct-23
Nov-22
Dec-22
Jan-23
Feb-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Nov-23
Dec-23
Nov-23
023
022
Dec-23
GFC (2008)Taper tant China dele Covid (202Fed tightening (2022)
0 0 0 0 0 0
1 -0.68 -3.09 -1.92 -2.12 -0.93
2 -3.28 -7.48 -4.00 -10.88 -5.07 Figure 21. Higher domestic
3 -6.91 -14.22 -7.91 -16.83 -13.62 A. Equity and debt flows in EM
4 -9.33 -17.75 -8.99 -29.43 -11.87
5 -9.36 -19.63 -9.93 -44.75 -11.27
6
7
-9.28
-7.79
-19.89
-21.39
-9.47
-10.45
-48.57
-52.42
-8.83
-7.13
USD, billi
8 -8.42 -21.05 -11.61 -53.74 -8.10
9 -9.76 -20.95 -9.01 -55.52 -10.80
10 -11.68 -20.19 -5.94 -57.54 -12.92
11 -13.30 -21.73 -5.61 -58.31 -17.44
12 -11.57 -20.93 -7.34 -57.74 -22.95
13 -10.19 -24.09 -7.33 -61.54 -22.85
14 -9.20 -26.10 -8.76 -61.67 -22.69
15 -6.87 -25.53 -9.93 -61.20 -20.89
16
17
-4.96
-4.78
-21.65
-16.52
-9.56
-10.54
-56.43
-56.71
-23.46
-29.11
20
18
19
-3.79
-3.58
-16.92
-17.58
-12.32
-13.62
-57.11
-57.76
-33.61
-34.81
10
20
21
-3.57
-6.17
-17.51
-15.33
-13.95
-13.29
-59.88
-59.46
-35.33
-39.07 0
22
23
-9.40
-12.84
-14.29
-13.71
-13.52
-14.81
-60.44
-59.17
-38.68
-38.27 -10
-20
24 -14.35 -14.71 -16.66 -59.29 -35.11
25 -15.08 -17.06 -13.48 -58.82 -29.82
26 -13.93 -17.59 -12.15 -57.94 -25.95
27
28
-15.67
-17.53
-18.24
-18.72
-12.79
-13.00
-56.59
-57.25
-25.37
-27.29
-30
29
30
-17.88
-18.57
-18.19
-16.68
-14.58
-10.94
-58.53
-59.05
-26.86
-25.78
-40
31
32
-17.44
-19.21
-13.53
-13.20
-8.67
-5.23
-59.32
-60.55
-28.19
-33.86
-50
33
34
-20.31
-20.58
-12.75
-9.51
-4.04
-0.99
-62.36
-62.08
-31.98
-34.18 -60
-70
35 -21.95 -9.70 -0.54 -60.98 -33.07
36 -21.53 -14.22 0.51 -59.27 -30.53
37
38
-23.39
-24.78
-15.13
-13.56
1.62
1.71
-60.14
-56.54
-27.58
-24.18 0
39 -26.28 -11.25 0.67 -47.94 -24.53
40 -29.73 -8.79 0.20 -44.17 -24.37
0
41 -32.78 -5.58 -1.73 -41.03 -21.26
42 -36.97 -3.73 -0.97 -39.33 -20.35
43 -38.09 -1.20 0.41 -35.18 -19.76
44 -38.33 2.93 4.07 -31.45 -19.35
45 -38.35 5.62 3.95 -30.66 -19.37
46 -39.23 8.82 4.28 -29.00 -15.08
47 -39.03 9.15 7.55 -25.34 -13.68
48 -40.45 9.40 8.38 -21.93 -11.88
49 -39.05 10.30 12.37 -19.75
50 -39.37 12.72 14.37 -21.58
51 -39.85 16.96 15.40 -17.83
52 -39.20 19.28 17.32 -16.70
53 -38.57 20.88 19.67 -17.87
54 -39.72 24.25 21.68 -25.54
55 -40.33 28.69 21.26 -27.36
56 -40.64 28.91 21.24 -29.17
57 -39.83 28.46 22.43 -27.91
58 -40.09 32.11 20.91 -29.20
59 -40.79 35.66 22.54 -29.65
60 -41.05 38.62 24.69 -29.03
61 -42.06 43.93 25.00 -28.73
62 -41.91 43.91 21.94 -29.48
63 -40.01 42.08 22.20 -29.83
64 -39.63 44.32 21.34 -29.55
65 -39.33 47.76 21.29 -30.40
66 -38.83 50.20 17.73 -30.99
67 -37.90 53.31 10.90 -30.46
68 -37.08 54.22 8.23 -27.09
69 -35.18 55.12 5.69 -23.71
70 -32.41 55.24 3.67 -25.01
71 -31.46 54.50 2.43 -27.76
72 -29.36 54.16 0.96 -27.46
73 -27.38 53.42 1.10 -28.04
74 -25.31 56.35 1.80 -29.79
75 -24.50 58.07 1.76 -30.89
76 -25.67 60.04 3.04 -32.79
77 -26.91 61.48 4.00 -31.73
78 -23.41 63.27 4.24 -32.88
79 -24.22 66.13 5.90 -32.33
80 -22.31 66.44 8.18 -31.17
81 -20.27 65.12 7.64 -27.95
82 -18.69 60.90 7.66 -28.87
83 -16.82 60.64 8.01 -29.56
84 -16.13 61.46 10.81 -31.83
85 -15.48 62.17 15.57 -33.74
86 -14.09 65.07 20.59 -32.96
87 -14.60 68.77 24.98 -33.03
88 -12.25 73.74 25.41 -34.71
89 -9.52 75.29 26.23 -38.90
90 -6.75 74.45 27.35 -40.90
91 -5.83 75.97 28.04 -40.44
92 -2.35 80.00 29.53 -38.41
93 -0.40 81.24 32.14 -43.60
94 0.20 78.50 34.50 -48.12
95 -1.77 80.15 34.80 -48.19
96 -0.41 82.53 36.02 -48.50
97 1.14 85.14 36.96 -49.69
98 2.09 88.13 38.49 -49.83
99 0.50 88.01 39.59 -46.57
100 3.87 91.76 38.62 -44.26
101 4.59 90.29 41.15 -43.73
102 4.23 88.33 42.94 -44.89
103 5.01 87.63 45.58 -44.61
104 4.96 87.48 47.37 -40.53
105 7.35 88.51 48.51 -38.92
106 9.38 87.70 48.08 -39.86
107 8.07 85.92 48.39 -43.99
108 6.78 87.23 49.80 -52.54
109 6.71 89.14 51.66 -50.79
Figure 21. Higher domestic interest rates have so far helped ease capital outflows and depreciation, but risks remain
A. Equity and debt flows in EMDE (cumulative)
USD, billions GFC (2008)

Taper tantrum (2013)
China deleverage (2015)
Covid (2020)
20 Fed tightening (2022)
10
0
-10
-20
-30
-40
-50
-60
-70
0 4 8 1 2 16 20 2 4 2 8 32 36 4 0
Weeks since the beginning
0 4 8 1 2 16 20 2 4 2 8 32 36 4 0
Weeks since the beginning
t risks remain
(2013)
age (2015)
(2022)
2 36 40 4 4 4 8
nning
2 36 40 4 4 4 8
nning
China Indonesia Malaysia Philippines Thailand Vietnam Lao PDR
1-Sep-20 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2-Sep-20 100.2 99.8 100.1 100.1 100.1 100.0 100.0
3-Sep-20 100.3 99.7 100.2 100.1 100.2 100.0 100.0
4-Sep-20 100.5 99.5 100.3 100.1 100.3 100.0 100.0
7-Sep-20 100.6 99.5 100.4 100.1 100.3 100.0 100.0
8-Sep-20 100.7 99.4 100.5 100.1 100.2 100.0 99.9
9-Sep-20 100.8 99.1 100.4 100.0 100.0 100.0 99.9
10-Sep-20 100.8 98.8 100.3 100.0 99.9 100.0 99.9
11-Sep-20 100.8 98.7 100.3 100.0 99.8 100.0 99.9
14-Sep-20 100.8 98.5 100.3 100.0 99.9 100.0 99.9
15-Sep-20 100.8 98.4 100.3 100.0 99.9 100.0 99.9
16-Sep-20 100.9 98.3 100.3 100.0 100.0 100.0 99.9
17-Sep-20 101.1 98.3 100.4 100.1 100.1 100.0 99.9
18-Sep-20 101.2 98.4 100.5 100.1 100.2 100.0 99.8
21-Sep-20 101.4 98.5 100.8 100.2 100.3 100.0 99.8
22-Sep-20 101.5 98.7 100.8 100.3 100.3 100.0 99.8
23-Sep-20 101.6 98.8 100.9 100.3 100.2 100.0 99.7
24-Sep-20 101.6 98.7 100.8 100.3 100.0 100.0 99.5
25-Sep-20 101.6 98.6 100.7 100.3 99.9 100.0 99.3
28-Sep-20 101.4 98.6 100.6 100.2 99.6 100.0 99.2
29-Sep-20 101.3 98.4 100.5 100.2 99.4 100.0 99.0
30-Sep-20 101.2 98.2 100.3 100.2 99.1 99.9 98.8
1-Oct-20 101.2 98.1 100.3 100.2 99.0 99.9 98.7
2-Oct-20 101.1 98.1 100.2 100.2 98.9 99.9 98.7
5-Oct-20 101.1 98.2 100.2 100.2 99.0 99.9 98.7
6-Oct-20 101.1 98.4 100.3 100.3 99.1 99.9 98.7
7-Oct-20 101.1 98.6 100.3 100.3 99.3 99.9 98.6
8-Oct-20 101.2 98.7 100.3 100.3 99.5 99.9 98.6
9-Oct-20 101.6 98.9 100.4 100.3 99.7 99.9 98.6
12-Oct-20 102.1 99.0 100.4 100.3 100.0 99.9 98.6
13-Oct-20 102.2 99.1 100.4 100.4 100.1 99.9 98.6
14-Oct-20 102.2 99.2 100.5 100.3 100.3 100.0 98.6
15-Oct-20 102.2 99.2 100.5 100.3 100.3 100.0 98.6
16-Oct-20 102.2 99.2 100.5 100.2 100.4 100.0 98.5
19-Oct-20 102.3 99.2 100.5 100.2 100.4 100.0 98.5
20-Oct-20 102.4 99.2 100.5 100.1 100.3 100.0 98.5
21-Oct-20 102.5 99.3 100.5 100.0 100.3 100.0 98.5
22-Oct-20 102.7 99.4 100.5 100.0 100.2 100.0 98.5
23-Oct-20 102.8 99.4 100.5 99.9 100.2 100.0 98.5
26-Oct-20 103.0 99.5 100.5 100.0 100.2 100.0 98.4
27-Oct-20 103.0 99.6 100.4 100.0 100.1 100.0 98.4
28-Oct-20 103.0 99.6 100.4 100.1 100.2 100.0 98.4
29-Oct-20 102.9 99.6 100.3 100.1 100.2 100.0 98.4
30-Oct-20 102.8 99.6 100.3 100.2 100.2 100.0 98.4
2-Nov-20 102.7 99.5 100.3 100.2 100.2 100.0 98.4
3-Nov-20 102.7 99.8 100.2 100.3 100.3 100.0 98.3
4-Nov-20 102.7 100.0 100.2 100.4 100.4 100.0 98.3
5-Nov-20 102.7 100.4 100.3 100.4 100.5 100.0 98.3
6-Nov-20 102.9 100.8 100.3 100.4 100.7 100.0 98.3
9-Nov-20 103.1 101.2 100.5 100.4 101.0 100.0 98.2
10-Nov-20 103.4 101.6 100.6 100.5 101.3 100.0 98.2
11-Nov-20 103.6 102.2 100.7 100.5 101.8 100.0 98.2
12-Nov-20 103.7 102.7 100.8 100.6 102.1 100.0 98.2
13-Nov-20 103.8 103.0 100.9 100.6 102.5 100.0 98.2
16-Nov-20 104.0 103.3 101.1 100.6 102.9 100.0 98.2
17-Nov-20 104.1 103.5 101.2 100.7 103.2 100.0 98.2
18-Nov-20 104.2 103.6 101.2 100.7 103.3 100.0 98.1
19-Nov-20 104.3 103.4 101.3 100.7 103.3 100.0 98.1
20-Nov-20 104.4 103.3 101.4 100.7 103.3 100.0 98.1
23-Nov-20 104.5 103.3 101.6 100.7 103.3 100.0 98.1
24-Nov-20 104.6 103.3 101.7 100.7 103.2 100.0 98.1
25-Nov-20 104.7 103.3 101.8 100.7 103.2 100.1 98.1
26-Nov-20 104.7 103.2 101.9 100.7 103.1 100.1 98.1
27-Nov-20 104.6 103.2 102.0 100.8 103.1 100.1 98.1
30-Nov-20 104.6 103.3 102.1 100.8 103.1 100.1 98.1
1-Dec-20 104.5 103.3 102.1 100.9 103.1 100.1 98.1
2-Dec-20 104.5 103.3 102.2 100.9 103.2 100.1 98.1
3-Dec-20 104.6 103.3 102.2 101.0 103.2 100.1 98.1
4-Dec-20 104.6 103.3 102.3 101.0 103.3 100.1 98.1
7-Dec-20 104.7 103.3 102.4 101.0 103.3 100.2 98.1
8-Dec-20 104.8 103.3 102.4 101.1 103.4 100.2 98.1
9-Dec-20 104.9 103.2 102.4 101.0 103.6 100.2 98.1
10-Dec-20 105.0 103.3 102.4 101.0 103.6 100.2 98.1
11-Dec-20 105.1 103.4 102.5 101.1 103.7 100.2 98.1
14-Dec-20 105.1 103.4 102.6 101.1 103.8 100.2 98.1
15-Dec-20 105.1 103.4 102.6 101.1 103.9 100.2 98.1
16-Dec-20 105.1 103.4 102.6 101.0 103.9 100.2 98.1
17-Dec-20 105.1 103.4 102.7 101.0 104.0 100.2 98.1
18-Dec-20 105.1 103.4 102.8 101.0 104.2 100.2 98.1
21-Dec-20 105.1 103.4 102.9 101.1 104.2 100.2 98.0
22-Dec-20 105.1 103.2 102.9 101.1 104.1 100.2 98.0
23-Dec-20 105.1 103.1 102.8 101.1 104.0 100.2 98.0
24-Dec-20 105.1 103.1 102.9 101.1 104.0 100.2 98.0
25-Dec-20 105.1 103.0 102.9 101.1 104.0 100.2 98.0
28-Dec-20 105.1 103.0 102.8 101.1 103.9 100.2 98.0
29-Dec-20 105.1 103.0 102.8 101.1 103.8 100.2 98.0
30-Dec-20 105.1 103.1 102.8 101.1 103.7 100.2 98.0
31-Dec-20 105.1 103.1 102.9 101.1 103.8 100.2 98.0
1-Jan-21 105.2 103.3 103.0 101.1 103.8 100.2 98.0
4-Jan-21 105.2 103.8 103.3 101.1 104.0 100.3 97.9
5-Jan-21 105.3 104.0 103.4 101.1 104.1 100.3 97.9
6-Jan-21 105.5 104.3 103.6 101.1 104.2 100.3 97.9
7-Jan-21 105.7 104.6 103.7 101.1 104.3 100.3 97.9
8-Jan-21 105.8 104.7 103.7 101.1 104.3 100.4 97.9
11-Jan-21 105.9 104.5 103.6 101.1 104.2 100.4 97.9
12-Jan-21 105.9 104.2 103.5 101.1 104.1 100.4 97.9
13-Jan-21 106.1 104.0 103.3 101.1 104.0 100.4 97.8
14-Jan-21 106.1 103.9 103.2 101.1 104.0 100.5 97.8
15-Jan-21 106.1 103.7 103.1 101.0 104.0 100.5 97.8
18-Jan-21 106.1 103.6 103.0 101.0 103.9 100.5 97.8
19-Jan-21 106.0 103.6 103.0 101.0 103.9 100.5 97.7
20-Jan-21 106.0 103.6 102.9 101.0 104.0 100.5 97.7
21-Jan-21 106.0 103.8 103.0 101.1 104.1 100.5 97.7
22-Jan-21 106.0 103.9 103.1 101.1 104.1 100.5 97.7
25-Jan-21 106.0 103.9 103.1 101.1 104.1 100.5 97.6
26-Jan-21 106.0 103.9 103.0 101.1 104.1 100.5 97.6
27-Jan-21 106.0 103.9 103.0 101.1 104.2 100.5 97.6
28-Jan-21 106.0 103.9 103.1 101.1 104.2 100.5 97.6
29-Jan-21 106.0 103.8 103.0 101.0 104.2 100.5 97.6
1-Feb-21 106.1 103.8 103.0 101.0 104.2 100.5 97.6
2-Feb-21 106.0 103.9 103.0 101.0 104.2 100.5 97.6
3-Feb-21 106.1 103.9 102.9 101.0 104.2 100.6 97.5
4-Feb-21 106.1 104.0 102.9 101.0 104.2 100.6 97.5
5-Feb-21 106.1 104.0 102.8 101.0 104.1 100.6 97.5
8-Feb-21 106.1 104.1 102.7 101.0 104.1 100.7 97.5
9-Feb-21 106.2 104.2 102.7 101.1 104.1 100.7 97.5
10-Feb-21 106.2 104.2 102.8 101.1 104.1 100.8 97.4
11-Feb-21 106.3 104.3 102.8 101.1 104.1 100.8 97.4
12-Feb-21 106.3 104.3 102.7 101.1 104.1 100.8 97.4
15-Feb-21 106.3 104.4 102.8 101.1 104.2 100.8 97.4
16-Feb-21 106.3 104.6 103.0 101.1 104.4 100.8 97.4
17-Feb-21 106.5 104.6 103.1 101.1 104.4 100.8 97.4
18-Feb-21 106.4 104.5 103.2 101.0 104.4 100.8 97.4
19-Feb-21 106.3 104.4 103.1 100.9 104.3 100.8 97.4
22-Feb-21 106.3 104.3 103.2 100.7 104.3 100.7 97.4
23-Feb-21 106.3 104.2 103.1 100.6 104.3 100.7 97.4
24-Feb-21 106.3 104.0 103.1 100.4 104.2 100.7 97.4
25-Feb-21 106.3 103.8 103.1 100.3 104.1 100.7 97.3
26-Feb-21 106.3 103.6 103.1 100.1 104.1 100.7 97.3
1-Mar-21 106.2 103.4 103.0 100.0 103.9 100.7 97.3
2-Mar-21 106.2 103.2 103.0 99.9 103.7 100.7 97.3
3-Mar-21 106.2 102.9 102.9 99.9 103.6 100.7 97.3
4-Mar-21 106.2 102.8 102.9 99.9 103.4 100.7 97.3
5-Mar-21 106.1 102.5 102.8 100.0 103.2 100.7 97.2
8-Mar-21 106.1 102.2 102.6 100.0 102.9 100.7 97.2
9-Mar-21 105.9 102.0 102.4 100.0 102.6 100.6 97.2
10-Mar-21 105.9 101.9 102.1 100.0 102.5 100.6 97.2
11-Mar-21 105.8 101.8 101.9 100.0 102.3 100.6 97.1
12-Mar-21 105.7 101.7 101.7 100.0 102.1 100.6 97.1
15-Mar-21 105.7 101.6 101.5 100.1 102.0 100.6 97.1
16-Mar-21 105.7 101.5 101.3 100.1 101.9 100.5 97.1
17-Mar-21 105.6 101.5 101.2 100.1 101.8 100.5 97.0
18-Mar-21 105.7 101.5 101.3 100.1 101.8 100.5 97.0
19-Mar-21 105.7 101.5 101.3 100.0 101.8 100.5 97.0
22-Mar-21 105.7 101.4 101.3 100.0 101.7 100.5 97.0
23-Mar-21 105.6 101.4 101.3 100.0 101.5 100.5 97.0
24-Mar-21 105.6 101.4 101.3 99.9 101.4 100.5 96.9
25-Mar-21 105.5 101.3 101.2 99.9 101.2 100.5 96.9
26-Mar-21 105.4 101.3 101.1 99.9 101.0 100.4 96.9
29-Mar-21 105.3 101.3 101.0 99.9 100.8 100.4 96.8
30-Mar-21 105.2 101.3 100.9 99.9 100.7 100.4 96.8
31-Mar-21 105.1 101.2 100.7 100.0 100.5 100.4 96.8
1-Apr-21 105.0 101.0 100.6 100.0 100.3 100.4 96.8
2-Apr-21 104.9 101.0 100.6 100.0 100.2 100.4 96.7
5-Apr-21 104.9 100.9 100.6 100.1 100.1 100.4 96.7
6-Apr-21 104.8 100.8 100.6 100.1 100.1 100.4 96.7
7-Apr-21 104.8 100.7 100.7 100.1 100.0 100.4 96.7
8-Apr-21 104.9 100.6 100.7 100.1 99.9 100.4 96.7
9-Apr-21 104.9 100.6 100.8 100.0 99.9 100.4 96.7
12-Apr-21 104.9 100.6 100.8 100.0 99.7 100.4 96.7
13-Apr-21 105.0 100.5 100.8 100.0 99.6 100.4 96.7
14-Apr-21 105.0 100.5 100.9 100.0 99.6 100.4 96.7
15-Apr-21 105.1 100.4 100.9 100.0 99.6 100.4 96.7
16-Apr-21 105.1 100.3 100.9 100.1 99.6 100.5 96.7
19-Apr-21 105.1 100.2 100.9 100.1 99.8 100.5 96.7
20-Apr-21 105.2 100.2 101.0 100.2 99.9 100.5 96.7
21-Apr-21 105.3 100.3 101.0 100.2 100.1 100.5 96.7
22-Apr-21 105.4 100.3 101.1 100.3 100.1 100.5 96.7
23-Apr-21 105.5 100.5 101.2 100.3 100.0 100.5 96.7
26-Apr-21 105.6 100.5 101.3 100.4 99.9 100.5 96.7
27-Apr-21 105.7 100.7 101.4 100.4 99.9 100.5 96.7
28-Apr-21 105.7 100.8 101.5 100.4 99.8 100.5 96.7
29-Apr-21 105.8 100.8 101.5 100.4 99.8 100.5 96.6
30-Apr-21 105.9 100.9 101.5 100.4 99.8 100.5 96.6
3-May-21 105.9 101.0 101.6 100.4 99.8 100.5 96.6
4-May-21 105.9 101.0 101.6 100.5 99.8 100.5 96.6
5-May-21 106.0 101.2 101.5 100.6 100.0 100.5 96.6
6-May-21 106.0 101.2 101.4 100.7 100.1 100.5 96.6
7-May-21 106.0 101.3 101.4 100.9 100.3 100.5 96.6
10-May-21 106.2 101.5 101.4 101.0 100.4 100.5 96.6
11-May-21 106.3 101.8 101.3 101.2 100.4 100.5 96.6
12-May-21 106.4 101.9 101.2 101.3 100.4 100.5 96.6
13-May-21 106.4 102.0 101.2 101.3 100.3 100.5 96.5
14-May-21 106.4 102.2 101.2 101.4 100.3 100.5 96.5
17-May-21 106.5 102.6 101.2 101.4 100.2 100.5 96.5
18-May-21 106.6 102.7 101.1 101.5 100.0 100.6 96.5
19-May-21 106.6 102.7 101.0 101.5 99.9 100.6 96.5
20-May-21 106.5 102.5 100.9 101.5 99.8 100.6 96.5
21-May-21 106.5 102.3 100.8 101.5 99.7 100.6 96.5
24-May-21 106.6 102.3 100.8 101.5 99.6 100.6 96.5
25-May-21 106.6 102.2 100.8 101.4 99.7 100.6 96.4
26-May-21 106.7 102.1 100.8 101.4 99.7 100.6 96.4
27-May-21 106.7 102.0 100.7 101.3 99.7 100.6 96.4
28-May-21 106.8 102.0 100.7 101.2 99.8 100.6 96.4
31-May-21 107.0 102.0 100.7 101.2 99.9 100.6 96.4
1-Jun-21 107.1 102.1 100.8 101.2 100.0 100.6 96.4
2-Jun-21 107.3 102.2 100.8 101.3 100.1 100.6 96.4
3-Jun-21 107.4 102.3 100.9 101.4 100.2 100.6 96.3
4-Jun-21 107.4 102.3 100.9 101.4 100.2 100.6 96.3
7-Jun-21 107.4 102.3 101.0 101.5 100.2 100.6 96.3
8-Jun-21 107.4 102.4 101.0 101.6 100.3 100.6 96.3
9-Jun-21 107.3 102.4 101.1 101.7 100.3 100.7 96.3
10-Jun-21 107.2 102.5 101.1 101.7 100.3 100.8 96.3
11-Jun-21 107.2 102.5 101.2 101.7 100.4 100.8 96.3
14-Jun-21 107.2 102.6 101.2 101.7 100.4 100.9 96.2
15-Jun-21 107.2 102.7 101.3 101.7 100.5 100.9 96.2
16-Jun-21 107.2 102.7 101.2 101.7 100.5 101.0 96.2
17-Jun-21 107.1 102.7 101.2 101.5 100.4 101.0 96.2
18-Jun-21 107.0 102.6 101.1 101.3 100.3 101.0 96.2
21-Jun-21 106.8 102.5 101.0 101.1 100.1 100.9 96.1
22-Jun-21 106.6 102.3 100.9 100.9 99.9 100.9 96.1
23-Jun-21 106.6 102.1 100.7 100.6 99.5 100.8 96.0
24-Jun-21 106.4 101.8 100.6 100.3 99.2 100.8 96.0
25-Jun-21 106.3 101.6 100.4 100.0 98.9 100.7 95.9
28-Jun-21 106.2 101.4 100.4 99.9 98.7 100.7 95.9
29-Jun-21 106.2 101.3 100.3 99.8 98.4 100.7 95.9
30-Jun-21 106.2 101.3 100.3 99.8 98.1 100.7 95.9
1-Jul-21 106.2 101.2 100.3 99.8 98.0 100.7 95.9
2-Jul-21 106.1 101.1 100.3 99.7 97.8 100.7 95.8
5-Jul-21 106.2 100.9 100.3 99.6 97.7 100.7 95.8
6-Jul-21 106.2 100.9 100.4 99.5 97.5 100.7 95.8
7-Jul-21 106.2 100.9 100.3 99.2 97.3 100.7 95.8
8-Jul-21 106.1 100.9 100.2 98.9 97.1 100.7 95.8
9-Jul-21 106.1 100.8 100.1 98.5 96.9 100.8 95.7
12-Jul-21 106.1 100.8 100.0 98.1 96.6 100.8 95.7
13-Jul-21 106.1 100.9 99.9 97.8 96.4 100.8 95.7
14-Jul-21 106.0 101.0 99.8 97.5 96.2 100.7 95.7
15-Jul-21 106.0 100.9 99.6 97.2 95.9 100.7 95.7
16-Jul-21 106.1 100.9 99.5 96.9 95.7 100.7 95.6
19-Jul-21 106.1 100.9 99.3 96.8 95.6 100.7 95.6
20-Jul-21 106.0 100.9 99.3 96.7 95.5 100.7 95.5
21-Jul-21 106.0 101.0 99.1 96.6 95.4 100.7 95.4
22-Jul-21 106.0 100.9 98.9 96.5 95.3 100.7 95.4
23-Jul-21 106.1 100.9 98.8 96.5 95.1 100.7 95.3
26-Jul-21 106.1 100.8 98.7 96.5 95.1 100.7 95.2
27-Jul-21 106.0 100.9 98.6 96.5 95.0 100.7 95.2
28-Jul-21 106.0 100.9 98.6 96.4 95.0 100.7 95.1
29-Jul-21 106.0 100.9 98.6 96.4 94.9 100.7 95.1
30-Jul-21 106.0 100.9 98.6 96.4 94.9 100.8 95.1
2-Aug-21 106.0 101.0 98.6 96.4 94.8 100.8 95.1
3-Aug-21 106.0 101.1 98.6 96.5 94.8 100.9 95.1
4-Aug-21 106.1 101.2 98.6 96.6 94.7 100.9 95.1
5-Aug-21 106.1 101.4 98.6 96.8 94.6 100.9 95.0
6-Aug-21 106.1 101.5 98.7 96.9 94.4 101.0 95.0
9-Aug-21 106.2 101.6 98.7 96.9 94.2 101.0 95.0
10-Aug-21 106.1 101.8 98.7 96.9 93.9 101.0 94.9
11-Aug-21 106.1 101.8 98.6 96.9 93.7 101.1 94.9
12-Aug-21 106.0 101.9 98.6 96.7 93.6 101.2 94.8
13-Aug-21 106.0 101.9 98.6 96.6 93.5 101.3 94.8
16-Aug-21 106.0 101.8 98.5 96.4 93.4 101.4 94.7
17-Aug-21 106.0 101.8 98.4 96.2 93.3 101.4 94.7
18-Aug-21 106.0 101.7 98.4 96.2 93.4 101.5 94.7
19-Aug-21 106.0 101.7 98.4 96.2 93.5 101.6 94.7
20-Aug-21 105.9 101.7 98.4 96.1 93.5 101.5 94.7
23-Aug-21 105.9 101.6 98.4 96.1 93.5 101.5 94.7
24-Aug-21 105.9 101.6 98.4 96.2 93.5 101.5 94.6
25-Aug-21 105.9 101.6 98.5 96.3 93.8 101.5 94.6
26-Aug-21 105.9 101.6 98.7 96.4 94.1 101.6 94.6
27-Aug-21 105.9 101.6 98.8 96.6 94.3 101.6 94.7
30-Aug-21 105.9 101.5 99.1 96.6 94.7 101.6 94.7
31-Aug-21 106.0 101.6 99.2 96.8 95.1 101.6 94.7
1-Sep-21 106.1 101.7 99.5 97.0 95.6 101.7 94.7
2-Sep-21 106.1 101.8 99.8 97.1 95.9 101.7 94.7
3-Sep-21 106.1 101.9 100.0 97.2 96.1 101.7 94.7
6-Sep-21 106.2 102.1 100.2 97.3 96.2 101.7 94.7
7-Sep-21 106.2 102.3 100.4 97.3 96.3 101.7 94.7
8-Sep-21 106.2 102.5 100.4 97.2 96.2 101.7 94.7
9-Sep-21 106.3 102.6 100.5 97.2 96.1 101.8 94.7
10-Sep-21 106.3 102.6 100.5 97.1 95.9 101.8 94.7
13-Sep-21 106.3 102.7 100.5 97.1 95.7 101.8 94.7
14-Sep-21 106.3 102.7 100.5 97.1 95.5 101.8 94.7
15-Sep-21 106.3 102.7 100.5 97.1 95.3 101.8 94.7
16-Sep-21 106.4 102.7 100.5 97.1 95.1 101.8 94.7
17-Sep-21 106.4 102.7 100.4 97.2 94.9 101.8 94.5
20-Sep-21 106.4 102.7 100.3 97.2 94.6 101.8 94.3
21-Sep-21 106.4 102.7 100.1 97.2 94.3 101.8 94.1
22-Sep-21 106.4 102.7 99.9 97.1 94.0 101.8 93.9
23-Sep-21 106.3 102.7 99.7 97.0 93.8 101.8 93.6
24-Sep-21 106.3 102.7 99.6 96.9 93.6 101.8 93.4
27-Sep-21 106.2 102.7 99.6 96.7 93.3 101.8 93.1
28-Sep-21 106.2 102.7 99.6 96.4 93.1 101.8 93.0
29-Sep-21 106.2 102.7 99.6 96.1 92.8 101.8 92.8
30-Sep-21 106.1 102.6 99.6 95.9 92.5 101.8 92.6
1-Oct-21 106.1 102.5 99.6 95.7 92.4 101.8 92.3
4-Oct-21 106.1 102.5 99.7 95.5 92.3 101.8 92.0
5-Oct-21 106.1 102.4 99.7 95.4 92.2 101.8 91.8
6-Oct-21 106.1 102.4 99.7 95.3 92.0 101.8 91.5
7-Oct-21 106.0 102.4 99.7 95.3 91.9 101.8 91.4
8-Oct-21 106.1 102.5 99.7 95.4 91.9 101.8 91.1
11-Oct-21 106.3 102.6 99.8 95.5 92.0 101.8 90.9
12-Oct-21 106.4 102.7 99.8 95.6 92.1 101.8 90.7
13-Oct-21 106.3 102.8 99.9 95.6 92.0 101.8 90.5
14-Oct-21 106.4 102.8 100.0 95.6 92.4 101.8 90.2
15-Oct-21 106.4 102.9 100.0 95.7 92.7 101.8 90.0
18-Oct-21 106.4 103.1 100.1 95.7 92.9 101.8 89.9
19-Oct-21 106.5 103.2 100.2 95.7 93.2 101.8 89.8
20-Oct-21 106.6 103.3 100.2 95.6 93.4 101.8 89.7
21-Oct-21 106.7 103.4 100.3 95.5 93.4 101.8 89.5
22-Oct-21 106.8 103.5 100.3 95.5 93.4 101.8 89.4
25-Oct-21 106.9 103.6 100.3 95.5 93.5 101.8 89.3
26-Oct-21 107.0 103.5 100.3 95.5 93.5 101.8 89.2
27-Oct-21 107.1 103.5 100.4 95.4 93.6 101.8 89.0
28-Oct-21 107.2 103.4 100.4 95.5 93.7 101.8 88.8
29-Oct-21 107.2 103.3 100.4 95.4 93.8 101.8 88.6
1-Nov-21 107.2 103.2 100.5 95.5 93.8 101.8 88.3
2-Nov-21 107.2 103.1 100.5 95.5 93.8 101.8 88.0
3-Nov-21 107.1 103.0 100.5 95.7 93.7 101.8 87.7
4-Nov-21 107.1 102.9 100.5 95.8 93.6 101.9 87.4
5-Nov-21 107.1 102.7 100.4 95.8 93.5 101.9 87.1
8-Nov-21 107.1 102.6 100.4 95.9 93.6 102.0 86.8
9-Nov-21 107.1 102.5 100.4 96.1 93.8 102.1 86.4
10-Nov-21 107.2 102.4 100.4 96.2 94.1 102.1 86.3
11-Nov-21 107.1 102.4 100.3 96.4 94.3 102.2 86.0
12-Nov-21 107.1 102.4 100.3 96.4 94.5 102.2 85.7
15-Nov-21 107.1 102.4 100.3 96.6 94.8 102.3 85.4
16-Nov-21 107.2 102.6 100.3 96.8 95.1 102.3 85.1
17-Nov-21 107.2 102.7 100.2 96.8 95.2 102.3 84.8
18-Nov-21 107.2 102.7 100.1 96.8 95.3 102.3 84.5
19-Nov-21 107.2 102.7 100.0 96.7 95.4 102.3 84.2
22-Nov-21 107.2 102.8 99.9 96.6 95.4 102.3 84.0
23-Nov-21 107.3 102.8 99.8 96.5 95.3 102.3 83.7
24-Nov-21 107.3 102.8 99.6 96.3 95.0 102.2 83.5
25-Nov-21 107.3 102.7 99.4 96.1 94.8 102.2 83.2
26-Nov-21 107.3 102.6 99.2 96.1 94.4 102.2 83.0
29-Nov-21 107.2 102.6 99.0 96.1 93.9 102.2 82.8
30-Nov-21 107.3 102.5 98.8 96.0 93.4 102.2 82.6
1-Dec-21 107.3 102.4 98.8 96.0 93.1 102.1 82.5
2-Dec-21 107.4 102.3 98.7 96.1 92.7 102.1 82.4
3-Dec-21 107.4 102.2 98.6 96.2 92.4 102.1 82.2
6-Dec-21 107.4 102.1 98.6 96.2 92.2 101.8 82.1
7-Dec-21 107.5 101.9 98.6 96.2 92.1 101.6 82.0
8-Dec-21 107.5 101.8 98.7 96.3 92.2 101.4 81.8
9-Dec-21 107.6 101.8 98.8 96.3 92.3 101.3 81.5
10-Dec-21 107.6 101.8 98.7 96.3 92.3 101.1 81.3
13-Dec-21 107.6 101.7 98.8 96.3 92.5 100.9 81.2
14-Dec-21 107.6 101.8 98.8 96.4 92.9 100.8 80.9
15-Dec-21 107.6 101.8 98.7 96.4 92.9 100.8 80.6
16-Dec-21 107.6 101.9 98.7 96.4 93.1 100.9 80.4
17-Dec-21 107.6 102.0 98.8 96.5 93.2 100.8 80.2
20-Dec-21 107.5 102.0 98.7 96.6 93.2 100.8 79.9
21-Dec-21 107.5 102.0 98.7 96.6 93.1 100.9 79.7
22-Dec-21 107.5 102.0 98.7 96.8 92.9 100.9 79.5
23-Dec-21 107.5 102.1 98.8 96.9 92.8 100.9 79.4
24-Dec-21 107.5 102.2 98.9 96.9 92.8 101.0 79.3
27-Dec-21 107.5 102.3 99.1 97.0 92.8 101.1 79.1
28-Dec-21 107.5 102.4 99.2 97.0 92.7 101.2 79.0
29-Dec-21 107.6 102.5 99.3 96.9 92.6 101.2 78.9
30-Dec-21 107.6 102.6 99.5 96.9 92.8 101.3 78.9
31-Dec-21 107.6 102.7 99.6 96.8 92.9 101.4 78.8
3-Jan-22 107.5 102.7 99.7 96.8 92.9 101.5 78.8
4-Jan-22 107.5 102.7 99.8 96.3 93.1 101.6 78.7
5-Jan-22 107.5 102.6 99.8 95.7 93.2 101.7 78.5
6-Jan-22 107.5 102.4 99.7 95.2 93.3 101.7 78.4
7-Jan-22 107.5 102.3 99.6 94.8 93.3 101.8 78.3
10-Jan-22 107.5 102.2 99.5 94.7 93.2 101.8 78.1
11-Jan-22 107.5 102.1 99.5 94.6 93.1 101.9 78.0
12-Jan-22 107.5 102.1 99.4 94.6 93.2 101.9 78.0
13-Jan-22 107.6 102.1 99.4 94.6 93.2 102.0 77.9
14-Jan-22 107.6 102.1 99.5 94.6 93.2 102.0 77.8
17-Jan-22 107.6 102.1 99.5 94.7 93.2 102.0 77.7
18-Jan-22 107.7 102.2 99.6 94.6 93.5 102.0 77.6
19-Jan-22 107.7 102.2 99.6 94.6 93.7 102.0 77.4
20-Jan-22 107.7 102.2 99.7 94.6 94.0 102.0 77.3
21-Jan-22 107.8 102.1 99.6 94.5 94.1 102.1 77.2
24-Jan-22 107.8 102.1 99.6 94.4 94.2 102.1 77.1
25-Jan-22 107.8 102.1 99.6 94.3 94.3 102.2 76.9
26-Jan-22 107.9 102.0 99.6 94.3 94.5 102.2 76.9
27-Jan-22 107.9 102.0 99.5 94.3 94.4 102.3 76.7
28-Jan-22 107.9 102.0 99.5 94.3 94.4 102.3 76.6
31-Jan-22 107.9 101.9 99.5 94.3 94.1 102.3 76.4
1-Feb-22 107.9 101.9 99.5 94.3 94.0 102.3 76.3
2-Feb-22 107.9 101.9 99.4 94.4 93.9 102.3 76.2
3-Feb-22 107.9 101.9 99.5 94.5 93.9 102.3 76.0
4-Feb-22 107.8 101.8 99.5 94.6 93.8 102.3 75.9
7-Feb-22 107.6 101.8 99.6 94.7 94.0 102.3 75.9
8-Feb-22 107.7 101.8 99.6 94.7 94.1 102.3 75.9
9-Feb-22 107.7 101.8 99.7 94.6 94.3 102.2 75.9
10-Feb-22 107.7 101.8 99.6 94.6 94.6 102.2 75.9
11-Feb-22 107.7 101.8 99.6 94.6 94.8 102.2 75.9
14-Feb-22 107.7 101.8 99.6 94.5 95.1 102.1 75.9
15-Feb-22 107.7 101.9 99.6 94.4 95.4 102.1 75.8
16-Feb-22 107.7 102.0 99.6 94.3 95.5 102.0 75.8
17-Feb-22 107.7 102.1 99.6 94.3 95.9 102.0 75.8
18-Feb-22 107.8 102.2 99.6 94.3 96.3 101.9 75.8
21-Feb-22 107.9 102.2 99.6 94.3 96.6 101.8 75.8
22-Feb-22 107.9 102.2 99.6 94.3 96.7 101.7 75.8
23-Feb-22 108.0 102.2 99.6 94.3 96.9 101.7 75.8
24-Feb-22 108.0 102.2 99.6 94.3 96.8 101.6 75.8
25-Feb-22 108.1 102.1 99.5 94.3 96.7 101.6 75.8
28-Feb-22 108.1 102.0 99.5 94.3 96.5 101.5 75.8
1-Mar-22 108.1 102.0 99.4 94.3 96.3 101.6 75.7
2-Mar-22 108.2 102.0 99.4 94.3 96.0 101.6 75.7
3-Mar-22 108.3 101.9 99.4 94.3 96.0 101.5 75.7
4-Mar-22 108.3 101.9 99.4 94.3 95.8 101.5 75.7
7-Mar-22 108.2 101.9 99.5 94.2 95.7 101.5 75.6
8-Mar-22 108.3 101.8 99.5 94.0 95.4 101.5 75.6
9-Mar-22 108.3 101.8 99.6 93.7 95.2 101.5 75.6
10-Mar-22 108.2 101.8 99.6 93.4 95.0 101.5 75.6
11-Mar-22 108.3 101.8 99.6 93.2 94.8 101.4 75.5
14-Mar-22 108.1 101.9 99.6 92.9 94.4 101.4 75.5
15-Mar-22 108.1 102.0 99.5 92.6 94.0 101.4 75.5
16-Mar-22 108.0 102.0 99.4 92.4 93.7 101.3 75.4
17-Mar-22 107.9 102.1 99.4 92.4 93.6 101.3 75.4
18-Mar-22 107.9 102.2 99.3 92.4 93.5 101.3 75.4
21-Mar-22 107.8 102.2 99.3 92.3 93.4 101.3 75.3
22-Mar-22 107.7 102.2 99.2 92.3 93.2 101.3 75.1
23-Mar-22 107.7 102.2 99.1 92.2 93.1 101.3 75.0
24-Mar-22 107.7 102.1 99.1 92.3 93.1 101.3 74.7
25-Mar-22 107.7 102.1 99.0 92.3 93.0 101.3 74.5
28-Mar-22 107.7 102.1 98.9 92.3 92.8 101.3 74.2
29-Mar-22 107.6 102.0 98.9 92.3 92.6 101.3 73.8
30-Mar-22 107.6 102.0 98.8 92.4 92.6 101.3 73.4
31-Mar-22 107.7 102.0 98.9 92.5 92.8 101.3 73.2
1-Apr-22 107.7 102.0 98.9 92.6 92.9 101.4 72.9
4-Apr-22 107.7 102.0 98.9 92.8 92.9 101.4 72.7
5-Apr-22 107.7 101.9 99.0 93.1 93.0 101.4 72.4
6-Apr-22 107.7 101.9 98.9 93.4 93.1 101.4 72.2
7-Apr-22 107.7 101.9 99.0 93.6 93.2 101.4 72.0
8-Apr-22 107.7 101.9 98.9 93.8 93.1 101.4 71.8
11-Apr-22 107.6 101.9 98.8 94.0 93.0 101.4 71.6
12-Apr-22 107.5 101.9 98.7 93.9 92.8 101.4 71.5
13-Apr-22 107.5 101.9 98.7 93.8 92.7 101.3 71.3
14-Apr-22 107.6 101.9 98.7 93.8 92.7 101.3 71.3
15-Apr-22 107.5 101.9 98.6 93.6 92.7 101.3 71.2
18-Apr-22 107.5 101.9 98.5 93.4 92.5 101.3 71.0
19-Apr-22 107.5 101.9 98.5 93.0 92.4 101.2 70.9
20-Apr-22 107.4 101.9 98.3 92.7 92.2 101.2 70.8
21-Apr-22 107.4 102.0 98.1 92.4 92.1 101.1 70.6
22-Apr-22 107.2 102.0 97.8 92.4 92.0 101.1 70.5
25-Apr-22 106.9 102.0 97.3 92.3 91.9 101.0 70.3
26-Apr-22 106.6 101.9 96.8 92.3 91.8 100.9 70.1
27-Apr-22 106.2 101.8 96.4 92.2 91.5 100.9 69.6
28-Apr-22 105.8 101.8 96.3 92.2 91.1 100.9 68.9
29-Apr-22 105.3 101.7 95.9 92.3 90.9 100.9 68.2
2-May-22 105.1 101.7 95.7 92.3 90.7 100.9 67.9
3-May-22 104.8 101.6 95.6 92.3 90.4 100.9 67.2
4-May-22 104.6 101.5 95.5 92.4 90.3 100.9 66.5
5-May-22 104.6 101.6 95.6 92.3 90.3 100.9 65.9
6-May-22 104.3 101.5 95.5 92.3 90.3 101.0 65.1
9-May-22 103.8 101.1 95.4 92.3 90.2 101.0 64.4
10-May-22 103.5 100.9 95.3 92.2 90.1 101.0 63.7
11-May-22 103.3 100.8 95.2 92.1 89.9 100.9 63.3
12-May-22 103.1 100.8 95.1 92.2 89.8 100.9 62.4
13-May-22 102.9 100.7 95.0 92.1 89.7 100.8 61.1
16-May-22 102.4 100.7 94.9 92.2 89.5 100.7 59.9
17-May-22 102.1 100.6 94.8 92.1 89.3 100.6 59.1
18-May-22 102.0 100.4 94.7 92.1 89.3 100.5 58.3
19-May-22 101.9 100.3 94.6 92.1 89.2 100.4 57.5
20-May-22 101.9 100.0 94.6 92.1 89.3 100.3 56.9
23-May-22 102.0 99.9 94.6 92.1 89.6 100.2 56.4
24-May-22 102.3 99.8 94.6 92.2 89.9 100.1 56.3
25-May-22 102.5 99.8 94.6 92.2 90.0 100.1 56.2
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23-Jun-22 102.6 99.0 94.4 89.3 87.4 99.8 36.2
24-Jun-22 102.7 98.9 94.4 89.0 87.1 99.7 36.3
27-Jun-22 102.8 98.8 94.4 88.5 86.9 99.7 36.5
28-Jun-22 102.8 98.7 94.4 88.1 86.9 99.7 36.6
29-Jun-22 102.8 98.7 94.4 87.7 87.0 99.7 36.8
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18-Jul-22 102.4 97.6 93.5 84.4 84.0 99.1 36.9
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20-Jul-22 102.2 97.6 93.4 84.2 83.3 99.0 36.8
21-Jul-22 102.1 97.6 93.3 84.1 83.0 99.0 36.8
22-Jul-22 102.1 97.6 93.2 84.1 82.9 98.9 36.8
25-Jul-22 102.0 97.6 93.2 84.1 82.7 98.9 36.7
26-Jul-22 102.0 97.6 93.2 84.1 82.7 99.0 36.7
27-Jul-22 102.0 97.6 93.1 84.3 82.6 99.0 36.6
28-Jul-22 102.0 97.5 93.1 84.5 82.6 99.1 36.6
29-Jul-22 102.0 97.6 93.1 84.7 82.5 99.1 36.5
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27-Sep-22 98.6 97.5 90.3 81.0 80.7 97.8 24.7
28-Sep-22 98.2 97.3 90.1 80.5 80.1 97.7 23.8
29-Sep-22 97.9 97.0 89.7 79.9 79.6 97.7 22.9
30-Sep-22 97.6 96.7 89.5 79.4 79.2 97.6 22.2
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18-Oct-22 96.9 95.1 87.4 78.6 78.4 96.1 17.5
19-Oct-22 96.8 94.9 87.3 78.6 78.2 95.7 17.4
20-Oct-22 96.8 94.7 87.1 78.7 78.1 95.4 17.4
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24-Oct-22 96.8 94.3 86.8 78.7 78.0 94.5 17.3
25-Oct-22 96.6 94.0 86.6 78.7 78.0 94.1 17.3
26-Oct-22 96.5 93.8 86.6 78.7 78.1 93.8 17.3
27-Oct-22 96.4 93.7 86.6 78.9 78.2 93.6 17.3
28-Oct-22 96.3 93.6 86.6 79.0 78.4 93.5 17.3
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19-Jan-23 102.1 95.6 95.9 87.0 94.0 98.8 21.0
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#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
#VALUE! 200.0 200.0 200.0 200.0 200.0 200.0 200.0
Myanmar Mongolia
100.0 100.0 100 Figure 21. Higher domestic interest rates have so far h
100.4 100.0 100 B. Exchange rates (local currency to US dollar)
100.6 100.0 100
100.8
100.9
100.0
100.0
100
100 Index, Sep 2020=10
101.0
100.9
100.0
100.0
100
100 China
100.8
100.7
100.0
99.9
100
100
Thailand
100.7
100.9
99.9
99.9
100
100
Mongolia
101.0
101.1
99.9
99.9
100
100 110
101.3 99.9 100
101.4 99.9 100
101.6
101.8
99.9
99.9
100
100 90
101.9 99.9 100
102.1 99.9 100
102.2
102.4
99.9
99.9
100
100 70
102.5 99.9 100
102.5 99.9 100
102.6
102.7
99.9
99.9
100
100 50
102.9 99.9 100
103.1 99.9 100
103.4
103.7
99.9
99.9
100
100 30
103.9 99.9 100
104.0 99.9 100
10
103.9 99.9 100
103.8 99.9 100
Sep-20
Dec-20
103.8 99.9 100
103.7 100.0 100
103.5 100.0 100
103.4 100.0 100
103.4 100.0 100
103.6 100.0 100
103.8 100.0 100
103.9 100.0 100
104.0 100.0 100
104.0 100.0 100
104.1 100.0 100
104.1 100.0 100
104.2 100.0 100
104.3 100.0 100
104.2 100.0 100
104.2 100.0 100
104.2 100.1 100
104.1 100.1 100
104.0 100.1 100
103.8 100.1 100
103.8 100.1 100
103.7 100.1 100
103.6 100.1 100
103.4 100.1 100
103.2 100.1 100
103.1 100.1 100
102.9 100.1 100
102.8 100.1 100
102.7 100.1 100
102.5 100.1 100
102.4 100.1 100
102.4 100.1 100
102.2 100.1 100
102.0 100.1 100
101.8 100.1 100
101.7 100.1 100
101.5 100.1 100
101.4 100.1 100
101.4 100.1 100
101.2 100.1 100
100.8 100.1 100
100.2 100.1 100
99.4 100.1 100
98.9 100.1 100
98.6 100.1 100
98.7 100.1 100
98.7 100.1 100
98.9 100.1 100
99.3 100.1 100
99.8 100.1 100
100.1 100.1 100
100.5 100.1 100
100.7 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.9 100.1 100
101.1 100.1 100
101.3 100.1 100
101.4 100.1 100
101.4 100.1 100
101.2 100.1 100
101.1 100.1 100
101.1 100.1 100
101.0 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.8 100.1 100
100.9 100.1 100
100.8 100.1 100
100.2 100.1 100
99.4 100.1 100
98.6 100.1 100
97.7 100.1 100
97.0 100.1 100
96.3 100.1 100
95.6 100.1 100
95.5 100.1 100
95.6 100.1 100
95.6 100.1 100
95.7 100.1 100
95.4 100.1 100
94.9 100.1 100
94.4 100.1 100
94.2 100.1 100
93.8 100.1 100
93.5 100.1 100
93.1 100.1 100
93.2 100.1 100
93.2 100.1 100
93.5 100.1 100
93.6 100.1 100
93.8 100.1 100
93.9 100.1 100
94.1 100.1 100
94.0 100.1 100
94.1 100.1 100
94.1 100.1 100
94.1 100.1 100
94.1 100.1 100
94.0 100.1 100
93.9 100.1 100
93.9 100.1 100
93.7 100.1 100
93.5 100.1 100
93.2 100.1 100
92.9 100.1 100
92.8 100.1 100
92.7 100.1 100
92.4 100.1 100
91.9 100.1 100
91.7 100.1 100
90.9 100.1 100
90.2 100.1 100
89.9 100.1 100
89.5 100.1 100
88.8 100.1 100
88.2 100.1 100
87.8 100.1 100
87.5 100.1 100
87.3 100.1 100
86.9 100.1 100
86.7 100.1 100
86.1 100.1 100
84.6 100.1 100
84.1 100.1 100
83.7 100.1 100
83.5 100.1 100
83.3 100.1 100
83.4 100.1 100
83.5 100.1 100
83.7 100.1 100
83.7 100.1 100
84.0 100.1 100
84.2 100.1 100
84.6 100.1 100
84.8 100.1 100
84.6 100.1 100
83.9 100.1 100
83.3 100.1 100
82.3 100.1 100
81.1 100.1 100
79.9 100.1 100
78.6 100.1 100
77.6 100.1 100
77.0 100.1 100
76.6 100.1 100
76.5 100.1 100
76.7 100.1 100
76.9 100.1 100
78.0 100.1 100
79.0 100.1 100
79.9 100.1 100
80.7 100.1 100
81.5 100.1 100
82.2 100.1 100
82.2 100.1 100
82.1 100.1 100
82.1 100.1 100
82.2 100.1 100
82.4 100.1 100
82.5 100.1 100
82.5 100.1 100
82.6 100.1 100
82.7 100.1 100
82.8 100.1 100
82.8 100.1 100
82.7 100.1 100
82.6 100.1 100
82.5 100.1 100
82.2 100.1 100
82.1 100.1 100
81.9 100.1 100
81.5 100.1 100
81.1 100.1 100
80.8 100.1 100
80.4 100.1 100
79.9 100.1 100
79.6 100.1 100
79.2 100.1 100
78.9 100.1 100
78.6 100.1 100
78.3 100.1 100
78.2 100.1 100
78.2 100.1 100
78.1 100.1 100
78.0 100.1 100
78.1 100.1 100
78.1 100.1 100
78.2 100.1 100
78.3 100.1 100
78.4 100.1 100
78.3 100.1 100
78.1 100.1 100
78.0 100.1 100
77.8 100.1 100
77.8 100.1 100
77.7 100.1 100
77.7 100.1 100
77.6 100.1 100
77.5 100.1 100
77.5 100.1 100
77.4 100.1 100
77.4 100.1 100
77.4 100.1 100
77.4 100.1 100
77.4 100.1 100
77.4 100.1 100
77.4 100.1 100
77.4 100.1 100
77.4 100.1 100
77.3 100.1 100
77.2 100.1 100
76.8 100.1 100
76.5 100.1 100
76.4 100.1 100
76.4 100.1 100
76.3 100.1 100
76.2 100.1 100
76.0 100.1 100
75.6 100.1 100
75.2 100.1 100
74.7 100.1 100
74.2 100.1 100
73.6 100.1 100
73.0 100.1 100
72.6 100.1 100
72.1 100.1 100
71.6 100.1 100
71.1 100.1 100
70.8 100.1 100
70.4 100.1 100
70.1 100.1 100
69.9 100.1 100
69.8 100.1 100
69.7 100.1 100
69.7 100.1 100
69.6 100.1 100
69.6 100.1 100
69.5 100.1 100
67.7 100.1 100
65.8 100.1 100
65.2 100.1 100
62.8 100.1 100
59.9 100.1 100
57.2 100.1 100
54.5 100.1 100
53.9 100.1 100
53.3 100.1 100
53.8 100.1 100
54.5 100.1 100
55.6 100.1 100
57.2 100.1 100
58.7 100.1 100
59.7 100.1 100
61.0 100.1 100
62.0 100.1 100
63.7 100.1 100
65.1 100.1 100
65.9 100.1 100
66.7 100.1 100
67.0 100.1 100
67.2 100.1 100
67.5 100.1 100
67.9 100.1 100
68.3 100.1 100
68.6 100.1 100
68.6 100.1 100
68.6 100.1 100
68.5 100.1 100
68.3 100.1 100
68.1 100.1 100
67.9 100.1 100
67.9 100.1 100
67.9 100.1 100
67.9 100.1 100
67.9 100.1 100
67.9 100.1 100
67.9 100.1 100
67.8 100.1 100
67.5 100.1 100
67.2 100.1 100
67.1 100.1 100
67.1 100.1 100
67.0 100.1 100
66.9 100.1 100
66.9 100.1 100
67.0 100.1 100
67.2 100.1 100
67.3 100.1 100
67.4 100.1 100
67.4 100.1 100
67.5 100.1 100
67.5 100.1 100
67.5 100.1 100
67.5 100.1 100
67.5 100.1 100
67.6 100.1 100
67.6 100.1 100
67.6 100.1 100
67.6 100.1 100
67.6 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.1 100
67.7 100.0 100
67.7 100.0 100
67.7 100.0 100
67.7 100.0 100
67.7 100.0 100
67.7 99.9 100
67.7 99.9 100
67.7 99.9 100
67.7 99.8 100
67.7 99.8 100
67.7 99.8 100
67.7 99.7 100
67.7 99.7 100
67.7 99.7 100
67.7 99.6 100
67.7 99.6 100
67.7 99.5 100
67.7 99.5 100
67.7 99.4 100
67.7 99.4 100
67.7 99.3 100
67.7 99.3 100
67.7 99.2 100
67.7 99.0 100
67.7 98.9 100
67.7 98.8 100
67.7 98.7 100
67.7 98.5 100
67.7 98.3 100
67.7 98.2 100
67.7 98.1 100
67.7 97.9 100
67.7 97.8 100
67.7 97.7 100
67.7 97.6 100
67.7 97.4 100
67.7 97.3 100
67.7 97.0 100
66.8 96.7 100
65.9 96.2 100
65.0 95.8 100
64.1 95.4 100
63.2 95.0 100
62.3 94.7 100
62.3 94.3 100
62.3 94.0 100
62.3 93.9 100
62.3 93.7 100
62.3 93.5 100
62.3 93.4 100
62.3 93.2 100
62.3 93.0 100
62.3 92.9 100
62.3 92.7 100
62.3 92.6 100
62.3 92.5 100
62.3 92.4 100
62.3 92.3 100
62.3 92.1 100
62.3 92.0 100
62.3 91.9 100
62.3 91.8 100
62.3 91.7 100
62.3 91.6 100
62.3 91.5 100
62.3 91.4 100
62.3 91.3 100
62.3 91.2 100
62.3 91.1 100
62.3 91.0 100
62.3 90.9 100
62.3 90.9 100
62.3 90.8 100
62.3 90.7 100
62.3 90.7 100
62.3 90.7 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.6 100
62.3 90.5 100
62.3 90.5 100
62.3 90.4 100
62.3 90.4 100
62.3 90.3 100
62.3 90.3 100
62.3 90.2 100
62.3 90.1 100
62.3 90.1 100
62.3 90.0 100
62.3 89.9 100
62.3 89.9 100
62.3 89.8 100
62.3 89.8 100
62.3 89.7 100
62.3 89.7 100
62.3 89.7 100
62.3 89.6 100
62.3 89.5 100
62.3 89.5 100
62.3 89.4 100
62.3 89.4 100
62.3 89.4 100
62.3 89.4 100
62.3 89.3 100
62.3 89.2 100
62.3 89.2 100
62.3 89.1 100
62.3 89.0 100
62.3 89.0 100
62.3 88.9 100
59.7 88.8 100
57.0 88.8 100
54.3 88.7 100
51.7 88.6 100
49.0 88.6 100
46.4 88.5 100
43.7 88.5 100
43.7 88.5 100
43.7 88.4 100
43.7 88.4 100
43.7 88.3 100
43.7 88.3 100
43.7 88.2 100
43.7 88.2 100
43.7 88.1 100
43.7 88.1 100
43.7 88.0 100
43.7 88.0 100
43.7 87.9 100
43.7 87.9 100
43.7 87.8 100
43.7 87.8 100
43.7 87.7 100
43.7 87.6 100
43.7 87.5 100
43.7 87.4 100
43.7 87.2 100
43.7 87.1 100
43.7 87.0 100
43.7 86.8 100
43.7 86.6 100
43.7 86.4 100
43.7 86.2 100
43.7 86.0 100
43.7 85.8 100
43.7 85.5 100
43.7 85.3 100
43.7 84.9 100
43.7 84.7 100
43.7 84.3 100
43.7 83.9 100
43.7 83.6 100
43.7 83.3 100
43.7 83.1 100
43.7 82.8 100
43.7 82.6 100
43.7 82.5 100
43.7 82.4 100
43.7 82.2 100
43.7 82.2 100
43.7 82.1 100
43.7 82.0 100
43.7 81.9 100
43.7 81.9 100
43.7 81.8 100
43.7 81.8 100
43.7 81.7 100
43.7 81.7 100
43.7 81.6 100
43.7 81.5 100
43.7 81.5 100
43.7 81.4 100
43.7 81.3 100
43.7 81.2 100
43.7 81.2 100
43.7 81.1 100
43.7 81.1 100
43.7 81.0 100
43.7 81.0 100
43.7 80.9 100
43.7 80.8 100
43.7 80.8 100
43.7 80.7 100
43.7 80.7 100
43.7 80.6 100
43.7 80.6 100
43.7 80.5 100
43.7 80.5 100
43.7 80.4 100
43.7 80.4 100
43.7 80.3 100
43.7 80.3 100
43.7 80.2 100
43.7 80.2 100
43.7 80.2 100
43.7 80.1 100
43.7 80.1 100
43.7 80.1 100
43.7 80.0 100
43.7 80.0 100
43.7 80.0 100
43.7 80.0 100
43.7 79.9 100
43.7 79.9 100
43.7 79.9 100
43.7 79.8 100
43.7 79.8 100
43.7 79.7 100
43.7 79.7 100
43.7 79.7 100
43.7 79.6 100
43.7 79.6 100
43.7 79.5 100
43.7 79.5 100
43.7 79.4 100
43.7 79.4 100
43.7 79.3 100
43.7 79.3 100
43.7 79.2 100
43.7 79.2 100
43.7 79.1 100
43.7 79.1 100
43.7 79.0 100
43.7 78.9 100
43.7 78.9 100
43.7 78.8 100
43.7 78.8 100
43.7 78.7 100
43.7 78.6 100
43.7 78.5 100
43.7 78.5 100
43.7 78.4 100
43.7 78.3 100
43.7 78.2 100
43.7 78.1 100
43.7 78.0 100
43.7 77.9 100
43.7 77.9 100
43.7 77.8 100
43.7 77.7 100
43.7 77.6 100
43.7 77.6 100
43.7 77.5 100
43.7 77.4 100
43.7 77.4 100
43.7 77.3 100
43.7 77.2 100
43.7 77.1 100
43.7 77.1 100
43.7 77.0 100
43.7 76.9 100
43.7 76.9 100
43.7 76.8 100
43.7 76.8 100
43.7 76.7 100
43.7 76.7 100
43.7 76.7 100
43.7 76.7 100
43.7 76.6 100
43.7 76.6 100
43.7 76.6 100
43.7 76.5 100
43.7 76.5 100
43.7 76.5 100
43.7 76.5 100
43.7 76.4 100
43.7 76.4 100
43.7 76.4 100
43.7 76.4 100
43.7 76.4 100
43.7 76.4 100
43.7 76.3 100
43.7 76.3 100
43.7 76.3 100
66.0 94.0 100
88.4 111.7 100
110.7 129.3 100
133.0 147.0 100
155.3 164.7 100
177.7 182.3 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
200.0 200.0 100
mestic interest rates have so far helped ease capital outflows and depreciation, but risks remain
currency to US dollar)
Sep 2020=100
China Indonesia Malaysia Philippines
Thailand Vietnam Lao PDR Myanmar
Mongolia
Dec-20
Nov-21
Oct-22
Apr-21
Jul-21
Mar-22
Jun-22
Feb-23
Philippines
Myanmar
Oct-22
Feb-23
Figure 22. Growth in the region in 2023 will be i
Impact of 1 pp shock in China and US growth, 25 b
Percentage po
0.8
US
monetary
US GDP China GDP policy Commodity price
0.232998 0.108195 -0.990117 -0.065438
0.587224 0.345226 -0.516124 0.055826
0.4
0.939466 0.669407 -0.099797 0.188145
#DIV/0! #DIV/0! #DIV/0!
0.354226 0.237031 0.473994 0.121264
0.352242 0.32418 0.416327 0.132319
0.0
-0.4
-0.8
US GDP
n the region in 2023 will be influenced by global growth and monetary tightening
in China and US growth, 25 bps increase in US 2-year yield, and 10 percent increase in commodity prices
entage point
8
8
US GDP China GDP US monetary Commodity
policy price
Commodity
price
2022 2023
World 3.4 2.9
US 2 1.4
EU 3.5 0.7 Figure 23. GDP growth in 2022 and 2023 fo
China 3.0 5.1

Percent
EAP
excluding
China 5.8 4.9 7
PICs 6.6 4.3
0
World US
owth in 2022 and 2023 forecast
2022 2023
rld US EU China EAP PICs

excluding
China
excluding
China
P PICs
ding
na
ding
na
Asia Pacifi (All) 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
TrendChartCountries Economic Va Survey YeaConsensus S 0 0 0 0
0 Indonesia 0 0 Indonesia TMalaysia 0 0 Malaysia To
0 3 Month Inte 0 3 Month Inte 0 3 Month Inte 0 3 Month Inte 0
0 2023 2023 Total 0 0 2023 2023 Total 0 0
Survey dateConsensus 0 0 0 Consensus 0 0 0
44571 4.1389412 4.1389412 4.1389412 4.1389412 2.2227127 2.2227127 2.2227127 2.2227127
44599 4.4383937 4.4383937 4.4383937 4.4383937 2.3908966 2.3908966 2.3908966 2.3908966
44634 4.6350794 4.6350794 4.6350794 4.6350794 2.554822 2.554822 2.554822 2.554822
44662 4.6958995 4.6958995 4.6958995 4.6958995 2.6006257 2.6006257 2.6006257 2.6006257
44690 4.9838418 4.9838418 4.9838418 4.9838418 2.5506257 2.5506257 2.5506257 2.5506257
44725 5.0038418 5.0038418 5.0038418 5.0038418 2.7356978 2.7356978 2.7356978 2.7356978
44753 5.1277015 5.1277015 5.1277015 5.1277015 3.035152 3.035152 3.035152 3.035152
44781 5.2438418 5.2438418 5.2438418 5.2438418 3.0453656 3.0453656 3.0453656 3.0453656
44816 5.3442136 5.3442136 5.3442136 5.3442136 3.35 3.35 3.35 3.35
44844 5.555713 5.555713 5.555713 5.555713 3.372 3.372 3.372 3.372
44872 5.7 5.7 5.7 5.7 3.54 3.54 3.54 3.54
44900 6.5570268 6.5570268 6.5570268 6.5570268 3.55 3.55 3.55 3.55
44935 6.30125 6.30125 6.30125 6.30125 3.57 3.57 3.57 3.57
44970 6.0970833 6.0970833 6.0970833 6.0970833 3.4814 3.4814 3.4814 3.4814
Grand Total5.2730591 5.2730591 5.2730591 5.2730591 2.9999499 2.9999499 2.9999499 2.9999499
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
Philippines 0 0 Philippines Thailand 0 0 Thailand ToGrand Total
3 Month Inte 0 3 Month Inte 0 3 Month Inte 0 3 Month Inte 0 0
2023 2023 Total 0 0 2023 2023 Total 0 0 0
Consensus 0 0 0 Consensus 0 0 0 0
1.751499 1.751499 1.751499 1.751499 0.7117 0.7117 0.7117 0.7117 2.2062132
0 0 0 0 0.7675501 0.7675501 0.7675501 0.7675501 2.5322801
2.2945037 2.2945037 2.2945037 2.2945037 0.7183667 0.7183667 0.7183667 0.7183667 2.5506929
2.1167555 2.1167555 2.1167555 2.1167555 0.8018 0.8018 0.8018 0.8018 2.5537702
3.612602 3.612602 3.612602 3.612602 0.8684667 0.8684667 0.8684667 0.8684667 3.003884
3.9417347 3.9417347 3.9417347 3.9417347 1.2163833 1.2163833 1.2163833 1.2163833 3.2244144
4.0259597 4.0259597 4.0259597 4.0259597 1.245511 1.245511 1.245511 1.245511 3.358581
4.2074387 4.2074387 4.2074387 4.2074387 1.245511 1.245511 1.245511 1.245511 3.4355393
4.55 4.55 4.55 4.55 1.6629963 1.6629963 1.6629963 1.6629963 3.7268025
3.7 3.7 3.7 3.7 1.8629963 1.8629963 1.8629963 1.8629963 3.6226773
4.273382 4.273382 4.273382 4.273382 1.8717043 1.8717043 1.8717043 1.8717043 3.8462716
4.655588 4.655588 4.655588 4.655588 2.0666667 2.0666667 2.0666667 2.0666667 4.2073204
4.2893393 4.2893393 4.2893393 4.2893393 1.857597 1.857597 1.857597 1.857597 4.0045466
5.584009 5.584009 5.584009 5.584009 1.8554428 1.8554428 1.8554428 1.8554428 4.2544838
3.769447 3.769447 3.769447 3.769447 1.339478 1.339478 1.339478 1.339478 3.3377751
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Percent
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
6
5
4
3
2
1
2
1
0
Jan-22
China Indonesia Malaysia Philippines Thailand Vietnam
Jan-22 2.2726942 3.3429534 2.1430601 3.1831485 1.2705781 3.5539603 Jan-22
Feb-22 2.2930916 3.331648 2.1417803 3.1909683 1.3198567 3.5213232 Feb-22
Mar-22 2.2535592 3.3396055 2.2537762 3.3031439 1.334214 3.5693318 Mar-22
Apr-22 2.2345868 3.5220987 2.3325364 3.4220922 1.632742 3.7370713 Apr-22
May-22 2.2815711 3.5423226 2.3723531 3.4411585 1.777398 3.7994427 May-22
Jun-22 2.2719086 3.6632009 2.5561857 3.6907796 2.1468926 3.734693 Jun-22
Jul-22 2.2818077 3.7643341 2.7527899 3.780026 2.4862704 3.8270588 Jul-22
Aug-22 2.47115 3.9026907 2.8162698 3.8755977 2.5688174 3.9052888 Aug-22
Sep-22 2.285504 4.7492566 2.8249812 3.9557512 2.5920146 3.9289309 Sep-22
Oct-22 2.3207344 4.7986298 2.9837016 4.162133 2.6843271 3.8074144 Oct-22
Nov-22 2.3961868 4.5119012 3.0947308 4.4008711 2.7958097 3.7300142 Nov-22
Dec-22 2.3761971 4.2401521 3.0189013 4.5349911 2.7993247 3.8405343 Dec-22
Jan-23 2.2505864 4.1093847 2.9946754 4.8605174 2.9057168 3.783277 Jan-23
Feb-23 2.3516688 3.9591391 2.9340405 5.2357263 2.8990615 3.8464589 Feb-23
Figure 24. Inflation expectation and monetary policy rates

A. Expectation of CPI inflation for 2023
Percent China Indonesia Mala

6 Philippines Thailand Vietn
5
4
3
2
1
2
1
0
Jan-22 Apr-22 Jul-22 Oct-22
Indonesia Malaysia Philippines Thailand
4.1389412 2.2227127 1.751499 0.7117
4.4383937 2.3908966 0 0.7675501
4.6350794 2.554822 2.2945037 0.7183667
4.6958995 2.6006257 2.1167555 0.8018
4.9838418 2.5506257 3.612602 0.8684667
5.0038418 2.7356978 3.9417347 1.2163833
5.1277015 3.035152 4.0259597 1.245511
5.2438418 3.0453656 4.2074387 1.245511
5.3442136 3.35 4.55 1.6629963
5.555713 3.372 3.7 1.8629963
5.7 3.54 4.273382 1.8717043
6.5570268 3.55 4.655588 2.0666667
6.30125 3.57 4.2893393 1.857597
6.0970833 3.4814 5.584009 1.8554428
B. Expected 3-month interest rate in 12 Months
esia Malaysia Percent

and Vietnam 7 Indonesia
6
5
4
3
2
1
2
1
0
Oct-22 Jan-23 Jan-22 Ap
nterest rate in 12 Months
ent
Indonesia Malaysia Philippines Tha
n-22 Apr-22 Jul-22 Oct-22 Jan
ines Thailand
-22 Jan-23
Table 1. GDP growth forecast
2020 2021 2022
East Asia & Pacific 1.3 7.5 3.5

East Asia & Pacific (excluding China) -3.7 2.6 5.8
ASEAN-5 -3.9 3.4 6.0
Pacific Island Countries -9.9 -3.2 6.7
China 2.2 8.4 3.0

Indonesia -2.1 3.7 5.3
Malaysia -5.5 3.1 8.7
Philippines -9.5 5.7 7.6
Thailand -6.2 1.6 2.6
Vietnam 2.9 2.6 8.0
Cambodia -3.1 3.0 5.2
Lao PDR 0.5 2.5 2.7
Mongolia -4.4 1.6 4.7
Myanmar 3.2 -18.0 3.0
Papua New Guinea -3.2 0.1 4.5
Timor-Leste -8.3 2.9 3.5
Palau -8.9 -13.4 -2.8

Fiji -17.0 -5.1 16.1
Solomon Isl. -3.4 -0.6 -4.1
Tuvalu -4.9 0.3 0.6
Marshall Isl. -2.2 1.1 1.5
Vanuatu -5.0 0.6 1.9
Kiribati -1.4 7.9 1.2
Tonga 0.5 -2.7 -2.0
Samoa -3.1 -7.1 -6.0
Micronesia -1.8 -3.2 -0.6
Nauru 0.7 1.5 3.0
October 2022 forecast April 2023 forecast
for 2023 for 2023
4.6 5.1
5.0 4.9
5.1 4.9
5.7 4.3
4.5 5.1
5.1 4.9
4.2 4.3
5.8 5.6
4.1 3.6
6.7 6.3
5.2 5.2
3.8 3.9
5.5 5.2
3.0
4.2 3.7
3.0 3.0
18.2 12.3
7.8 5.0
2.6 2.5
3.5 4.2
2.2 1.9
3.4 3.5
2.3 2.5
3.2 3.0
2.0 5.0
3.0 2.9
1.9 1.0
1990 1991 1992 1993 1994 1995 1996
Revenue 17.140636 16.094951 17.594964 17.617366 18.517873 17.157834 16.758002
Spending 20.877332 18.222801 19.477221 17.672847 18.896233 15.95536 17.301307
Figure 25. Government spending has increased in the last decade, coinciding with an increase in g
A. Government spending and revenue
Percent of GDP
Reven
25 AFC GF
20
15
10
0 3 6 9 2 5 8
10
9 0 93 96 99 02 05 08
19 19 19 19 20 20 20
1997 1998 1999 2000 2001 2002 2003 2004 2005
17.352455 15.285804 14.813929 14.310725 14.679248 15.389738 15.679266 16.641271 17.208799
17.047449 17.641881 17.791389 17.191561 19.165198 18.303506 18.0165 17.513562 18.200084
15.285804 15.477472 15.66914 15.860808 16.052476 16.244144 16.435812 16.62748
17.641881 17.793572 17.945264 18.096956 18.248647 18.400339 18.552031 18.703723
30 30 30
1 2 3 4 5 6 7
coinciding with an increase in government debt
Revenue Spending
GFC
2 5 8 1 4 7 0
0 2 05 08 11 14 17 20
0 20 20 20 20 20 20
2006 2007 2008 2009 2010 2011 2012 2013 2014
17.374789 17.435624 18.414001 15.757828 16.235724 17.135296 16.282178 17.275075 17.032056
17.697761 18.630249 18.978889 19.867256 20.190471 20.358066 21.282709 21.352912 20.683957
16.819148 17.010816 17.202484 17.056959 16.911434 16.765909 16.620383 16.474858 16.329333
18.855414 19.007106 19.158798 19.35453 19.550262 19.745994 19.941725 20.137457 20.333189
30 30 30
8 9 10 1 2 3 4 5 6
2015 2016 2017 2018 2019 2020 2021 2022
17.813277 16.781742 15.733634 15.964324 16.774701 15.898825 15.310657 15.516167
20.870654 20.604208 20.429579 20.340213 20.167738 21.663227 21.703313 20.762262
16.183808 16.038283 15.892758 15.747232 15.601707 15.456182 15.310657
20.528921 20.724653 20.920385 21.116117 21.311849 21.507581 21.703313
7 8 9 10 11 12 13
EAP excl China China EAP excl China & PNG
Public debt Changes in publ
Public debt Changes in Public Debt (RHS)
1991 67.3 67.3
1992 59.1 -8.2 51.7 -15.6
1993 62.5 3.4 57.0 5.3

1994 49.1 -13.4 52.0 -4.9
1995 45.2 -3.9 21.6 49.4 -2.7
1996 33.8 -11.4 21.4 -0.2 36.3 -13.1
1997 40.5 6.7 20.6 -0.8 42.6 6.3
1998 43.4 2.9 20.7 0.1 41.9 -0.7
1999 44.3 0.9 21.9 1.2 42.9 1.0
2000 48.5 4.1 23.0 1.1 47.6 4.6
2001 53.9 5.5 24.6 1.6 53.2 5.7
2002 54.1 0.2 25.9 1.3 53.7 0.5
2003 52.4 -1.7 26.8 0.9 53.2 -0.5
2004 50.1 -2.4 26.4 -0.4 51.2 -2.0
2005 45.3 -4.8 26.3 -0.1 47.0 -4.1
2006 40.0 -5.3 25.6 -0.7 42.7 -4.4
2007 37.7 -2.3 29.2 3.6 40.4 -2.3
2008 35.2 -2.5 27.2 -2.0 38.1 -2.3
2009 39.5 4.3 34.6 7.4 42.9 4.7
2010 36.3 -3.3 33.9 -0.6 40.3 -2.6
2011 35.2 -1.0 33.8 -0.2 39.1 -1.2
2012 38.1 2.9 34.4 0.6 41.4 2.3
2013 40.4 2.3 37.0 2.6 42.9 1.5
2014 41.9 1.5 40.0 2.9 44.0 1.1
2015 43.2 1.4 41.5 1.5 44.8 0.8
2016 46.1 2.9 48.2 6.7 47.4 2.5
2017 47.7 1.6 51.7 3.5 49.0 1.6
2018 46.9 -0.9 53.8 2.1 47.9 -1.1
2019 46.2 -0.6 57.2 3.4 47.2 -0.7
2020 56.1 9.9 68.1 10.8 57.9 10.7
2021 60.6 4.5 73.3 5.2 63.9 6.1
2022 60.0 -0.7 77.8 4.6 64.6 0.7
24.7 26.5
1.478571215 1.700111362
2.280483956 2.264317573
Figure 25. Government spending has increased in the last decade, coinciding with an increase in governm
B. General government debt
A. EAP excluding China
Public debt
75 Changes in public debt (right
60
Percent of GDP
45
30
15
0
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
g with an increase in government debt
ic debt (right scale) 15

10.7
10
Percent of GDP
5
-5
-10
-15
2019
2007
2009
2011
2013
2015
2017
2021
Avg Structural Balance Figure 26. Countries with fiscal rules tended
Countries With No Rule Countries With Fiscal Rule Sovereign Spreads, 2019-2022
3.0 2.5
Sovereign Spreads
Countries With No Rule Countries With Fiscal Rule
612 310
Basis Points
600
500
400
300
200
100
0
Countrie
R
s with fiscal rules tended to have lower spreads compared to countries without fiscal rules
s Points
Countries With No Countries With

Rule Fiscal Rule
With
Rule
Table 2. Financial sector is well-capitalized except for Vietnam, but risks remain to profitability, solvency, and liquidity
Financial
Capital Adequacy Asset Quality Profitability Solvency
Regulatory
Capital to NPLs to Deposit to
Return on
Risk- Total Gross loan ratio
asset (%)
Weighted Loans (%) (%)
Assets (%)
2022 change 2022 change 2022 change 2022

Cambodia 22 0 3 1 2.4 1 79
China 15 0 2 0 0.4 0 110
Indonesia 24 2 2 0 2.4 0 106
Lao PDR 18 7 2 -1 1.4 0
Malaysia 18 -1 2 0 1.5 0 119
Mongolia -0.2 0 130
Myanmar 13 1 0.3 0 195
Philippines 15 0 3 1 1.6 0 133
Thailand 19 0 3 0 1.2 0 92
Vietnam 11 0 2 0 1.5 0 97
0.2 8.0 2.6 0.7 101.2

0.4 10.2 4.2 1.4 124.6
0.6 11.9 5.8 1.8 146.1
0.8 16.1 10.0 2.7 185.5
ty, solvency, and liquidity
al
Liquidity Credit Expansion
Domestic
Liquid asset
credit to
(% short-
private
term
sector (%
liability)
of GDP)
change 2022 change 2021 change

-14 20 -6 169 55
-7 62 4 205 -1
9 23 1 42 0
31 3 44 3
5 151 1 145 8
24 64 10 48 -1
30 67 7 27 -1
16 41 -8 50 2
2 30 -4 179 24
-19 32 0 126 16
30.0 17.3
39.5 27.7
54.5 49.5
81.7 69.8
Figure 27. EAP countries
GDP growth and growth vola
Percent
8
6
Figure
GDP Growth EAP

1976-1996 1987-1996 1999-2019
5 5.5 5.6 4
Other EMD 3 2.8 4.0
Advanced 4 3.5 2.6
Growth Volatility EAP

Other EMD
5
7
3.1
6.2
2.4
4.0
2
AE 4 3.4 2.9
-2
-4
Weighted average Labor productivity growth Labor productivity level
1987-1996 1999-2008 2010-2019 1990 2000 2010 2019
China 3.9 7.8 4.2 4792 8104 17857 25754

EAP excl China 3.5 2.5 2.8 14061 17306 21300 27331
Rest of EMDEs 0.5 1.6 0.6 35994 37622 40111 42287
AE 1.8 1.3 0.9 73887 89627 99996 108262
Simple average Labor productivity growth Labor productivity level
1987-1996 1999-2008 2010-2019 1990 2000 2010 2019
EAP 2.9 4.2 3.8 25527 26242 29445 33588

Rest of EMDEs 0.3 2.5 1.1 23891 26957 30064 31658
AE 2.3 2.1 1.0 63237 77032 88666 97161
Figure 27. EAP countries have seen two decades of higher and more stable growth than other economies
GDP growth and growth volatility
Percent
8 1976-1996 1999-2019
Volatility
6
-2
-4
EAP Other EMDEs Adva
Econo
1999-2019
Advanced
Economies
Income levels of EAP countries, 2012 and 2019
countrycodcountrynamlnpcgni200 others EAP Horizontal lines

BDI Burundi 5 5 x-axis y-axis
CAF Central Afri 6 6 2019 LMIC t 5 6.932
MOZ Mozambiqu 6 6 9 6.932
MDG Madagascar 6 6 2019 UMIC 5 8.292
COD Congo, Dem 5 6 9 8.292
SLE Sierra Leon 5 6
MWI Malawi 5 6
NER Niger 5 6
LBR Liberia 6 6
TCD Chad 5 7
GMB Gambia, Th 6 7
BFA Burkina Fas 6 7
UGA Uganda 6 7
GNB Guinea-Biss 6 7
RWA Rwanda 6 7
MLI Mali 6 7
ETH Ethiopia 5 7
TGO Togo 6 7
SDN Sudan 6 7
GIN Guinea 6 7
TZA Tanzania 6 7
BEN Benin 6 7
LSO Lesotho 6 7
ZMB Zambia 6 7
ZWE Zimbabwe 6 7
SEN Senegal 6 7
COM Comoros 7 7
CMR Cameroon 7 7
MRT Mauritania 6 7
KEN Kenya 6 8
COG Congo, Rep 7 8
AGO Angola 6 8
NGA Nigeria 6 8
GHA Ghana 6 8
CIV Cote d'Ivoir 6 8
CPV Cabo Verde 7 8
SWZ Eswatini 7 8
NAM Namibia 8 9
GNQ Equatorial 7 9
BWA Botswana 8 9
ZAF South Afric 8 9
GAB Gabon 8 9
MUS Mauritius 8 9
NPL Nepal 5 7
PAK Pakistan 6 7
IND India 6 8
BGD Bangladesh 6 8
BTN Bhutan 7 8
LKA Sri Lanka 7 8
MDV Maldives 8 9
SYR Syrian Arab 8 7
EGY Egypt, Arab 7 8
MAR Morocco 7 8
TUN Tunisia 8 8
IRN Iran, Islami 8 8
DZA Algeria 7 8
JOR Jordan 7 8
PSE West Bank 7 8
IRQ Iraq 7 9
LBN Lebanon 8 9
LBY Libya 9 9
TJK Tajikistan 5 7
KGZ Kyrgyz Repu 6 7
UZB Uzbekistan 6 8
UKR Ukraine 7 8
AZE Azerbaijan 7 8
MDA Moldova 6 8
GEO Georgia 7 8
ARM Armenia 7 8
ALB Albania 7 9
MKD North Mace 8 9
BIH Bosnia and 7 9
BLR Belarus 7 9
TKM Turkmenist 7 9
SRB Serbia 7 9
KAZ Kazakhstan 7 9
MNE Montenegr 8 9
BGR Bulgaria 8 9
TUR Turkey 8 9
RUS Russian Fed 8 9
ROU Romania 8 9
HTI Haiti 7 7
NIC Nicaragua 7 8
HND Honduras 7 8
BOL Bolivia 7 8
SLV El Salvador 8 8
GTM Guatemala 7 8
JAM Jamaica 8 9
BLZ Belize 8 9
PRY Paraguay 7 9
SUR Suriname 8 9
ECU Ecuador 7 9
GUY Guyana 7 9
COL Colombia 8 9
PER Peru 8 9
DOM Dominican R 8 9
DMA Dominica 8 9
VCT St Vincent 8 9
CUB Cuba 8 9
GRD Grenada 8 9
BRA Brazil 8 9
MEX Mexico 9 9
LCA St Lucia 9 9
ARG Argentina 8 9
CRI Costa Rica 8 9
PAN Panama 8 10
MMR Myanmar 5 7
KHM Cambodia 6 7
TLS Timor-Leste 7 8
SLB Solomon Isl 7 8
PNG Papua New 6 8
LAO Lao PDR 6 8
KIR Kiribati 7 8
VNM Vietnam 6 8
VUT Vanuatu 7 8
PHL Philippines 7 8
MNG Mongolia 6 8
FSM Micronesia, 8 8
IDN Indonesia 7 8
WSM Samoa 7 8
TON Tonga 8 9
FJI Fiji 8 9
TUV Tuvalu 8 9
MHL Marshall Is 8 9
THA Thailand 8 9
CHN China 7 9
MYS Malaysia 8 9
Vertical lines
x-axis y-axis
2002 LMIC t 6.613 5
6.613 10
2002 UMIC 7.997 5
7.997 10
Figure 28. Consequently, EAP countries have all trans
10

9
6
2
5
5 6
2002 lo
5
5 6
2002 lo
tly, EAP countries have all transitioned either to lower or upper middle-income status
2019 UMIC
threshold
2019 LMIC
threshold
2002 LMIC 2002 UMIC

threshold threshold
6 7 8 9

6 7 8 9

2019 UMIC
threshold
2019 LMIC
threshold
9
9
1996-97 2010-11 2021
Indonesia 177 36 32
Vietnam 167 68 24 Figure 29. Sound macroeconom
Thailand 132 29 36 A. Short-term external debt
Philippines 101 18 15
China
Mongolia
Fiji
22
8
6
21
21
17
37
96
2
Percent of
Cambodia 0 13 24
200
Lao PDR 0 7 65
160
120
80
40
0
Indonesia
Figure 29. Sound macroeconomic management in major EAP economies helped reduce volatility after the Asian Financial Crisis
A. Short-term external debt
Percent of reserves
200 1996-97 2010-11
160
120
80
40
0
Indonesia
Thailand
Mongolia
China
Fiji
Vietnam
Philippines
fter the Asian Financial Crisis
2010-11 2021
Lao PDR
Mongolia
Cambodia
Fiji
1996-97 2010-11 2021-22
Myanmar 1 12 5
Vietnam 2 2 4 Figure 29. Sound macroeconomic management in maj
Philippines 2 11 9 B. Foreign currency reserves
Lao PDR 2 4 3
Months of impor
Cambodia 3 5 7
Mongolia 3 5 7
Malaysia 3 7 6
Indonesia 3 7 7
Fiji 4 4 7
Thailand
China
5
13
9
23
9
12
25
20
15
10
0
Myanmar
Vietnam
Philippines
roeconomic management in major EAP economies helped reduce volatility after the Asian Financial Crisis
hs of imports
1996-97 2010-11 2021
Myanmar
Lao PDR
Cambodia
Mongolia
Malaysia
Indonesia
Thailand
Vietnam
Philippines
Fiji
1
Fiji
Thailand
2021-22
China
1996-97 2010-11 2021-22
Mongolia 41 9 11
Myanmar 23 5 11
Lao PDR 19 7 13 Figure 29. Sound macroeconomic management in maj
Cambodia 9 5 4 C. Inflation
Indonesia 7 5 3
Philippines 7 4 5
Thailand 6 4 4
China
Vietnam
6
4
4
14
1
2 Percent 1
Fiji 3 5 2
Malaysia 3 2 3
50
40
30
20
10
0
Myanmar
Lao PDR
Mongolia
roeconomic management in major EAP economies helped reduce volatility after the Asian Financial Crisis
nt 1996-97 2010-11 2021-2

Myanmar
Lao PDR
China
Cambodia
Indonesia
Thailand
Vietnam
Fiji
Philippines
Vietnam
Fiji
2021-22
Malaysia
Figure 29. Sound macroeconomic management
D. Broad money growth (M2)
Percent
60
50
Fiji
1995-97 2009-11 2020-22
-5.349258 9.59172 5.028854
40
Thailand 9.172587 6.393142 4.475227
Philippines 18.13576 8.661895 8.24817
Cambodia 20.03344 12.28388 12.22331
30
Malaysia 21.21738 10.84666 5.279434
China 22.97923 18.52189 10.37968
Vietnam 24.40165 22.68603 6
20
Indonesia 26.38848 15.9149 11.12526
Mongolia 29.09609 49.21614
Myanmar 38.15396 36.55086 31.52222
10.08 10
Lao PDR 46.23811 34.08891 19.48861
0
-10
Thailand
Fiji
Philippines
2020 - Dec 23195048
2022 - May36956753
31.52222
acroeconomic management in major EAP economies helped reduce volatility after the Asian Financial Crisis
nt
1995-97 2009-11 2020-22
Myanmar
Lao PDR
Thailand
Cambodia
Malaysia
China
Indonesia
Mongolia
Vietnam
Fiji
Philippines
Myanmar
Lao PDR
2020-22
1998 or earl2010-11 2021-22
Indonesia -13 15.714391 24
China -12 12.437458 15
Thailand 11 15.4472 20
Malaysia 12 16.45645 19 Figure 29. Sound macroeconom
Vietnam 14 12.115266 11 E. Capital Adequacy
Philippines 18 16.9046 16
Percent
1
30
25
20
15
10
5
0
-5
-10
-15
donesia
Indonesi
Figure 29. Sound macroeconomic management in major EAP economies helped reduce volatility after the Asian Financial Crisis
E. Capital Adequacy
Percent
1998 or earliest 2010-11
30
25
20
15
10
5
0
-5
-10
-15
donesia
China
hailand
alaysia
Vietnam
Indonesi
Chin
Thailan
Malaysi
Vietna
fter the Asian Financial Crisis
010-11 2021-22
alaysia
Vietnam
ilippines
Malaysi
Vietna
Philippine
1996-97 2010-11 2021-22
Myanmar 18 -1.4285 1.5725
Lao PDR 5.9990001 15.873 1.348
Vietnam 5.4590001 1.425 0.8455
Thailand 5.0194998 -2.955 1.329
Malaysia 4.7589998 -10.341 -2.6995
Philippines 4.3994999 -2.927 3.075
Cambodia 2.868 8.391 39.632
Indonesia 2.0574999 -0.4455 -1.235
Fiji 0.918 4.245 13.6465
Mongolia -1.769 27.835 16.561001
China -3.858 -2.879 -1.7935
Percent
25
15
-5
-15
Figure 29. Sound macroeconomic management in major EAP economies helped reduce volatility after the Asian Financ
F. Current account deficit
Percent of GDP 1996-97 2010-11

39.6
25
15
-5
-15
yanmar
ao PDR
mbodia
donesia
hailand
alaysia
Vietnam
ilippines
Myanma
Lao PD
Vietna
Thailan
Malaysi
Philippine
Cambodi
Indonesi
volatility after the Asian Financial Crisis
2010-11 2021-22
39.6
mbodia
donesia
ongolia
China
ilippines
Fiji
Philippine
Cambodi
Indonesi
Fij
Mongoli
Chin
Poverty rate
China
2000 2001 2002 2003 2004 2005 2006 2007 2008
National 86.88 #N/A #N/A 78.53 #N/A #N/A 69.49
Urban 72.70 #N/A #N/A 59.36 #N/A #N/A 46.83
Rural 95.73 #N/A #N/A 92.72 #N/A #N/A 89.22
National
Urban
Rural
National
Urban
Rural
National
Urban
Rural
Survey compatibility
2000 2001 2002 2003 2004 2005 2006 2007 2008
1 1 1
Figure 30. Poverty rates have declined markedly during th
Percent
100
80
80
60
40
20
0
2007 2015
China
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
#N/A 62.50 58.86 54.09
#N/A 38.14 34.74 30.34
#N/A 86.12 83.47 79.57
47.26 42.31 37.86 34.23 31.99 28.07
28.20 25.26 22.37 20.12 19.49 18.05
68.76 62.54 57.17 52.72 49.22 42.57
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 1 1 2 2 2 2 2 2
declined markedly during the last two decades in both urban and rural areas
National Urban
07 2015 2007 2015 2007 2015 200
China Indonesia Malaysia Phi
Indonesia
2019 2020 2021 2022 2000 2001 2002 2003 2004
96.80 95.95 91.73 91.39 91.42
93.72 92.03 84.30 82.54 82.91
99.14 99.03 97.68 97.80 97.89
24.72
16.14
37.75
2019 2020 2021 2022

2 2 2 2 2 2
Urban Rural
5 2007 2015 2007 2015 2007 2015
a Philippines Thailand Vietnam
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
90.51 91.14 87.74 88.10 87.34 82.79

83.31 84.81 79.46 80.28 79.33 73.26
96.66 97.21 95.64 95.40 94.82 91.68
79.46 78.79 76.61 75.45
70.66 69.21 65.94 65.32
88.19 88.28 87.19 85.61
3 3 3 3 3 3 4 4 4 4
2007 2015
Vietnam
Malaysia
2015 2016 2017 2018 2019 2020 2021 2022 2000
73.47 68.82 65.56 62.94 61.94 60.79 60.71 60.47

64.45 58.04 57.08 55.35 54.42 53.46 54.38 54.52
82.65 80.24 75.11 72.11 71.46 70.10 69.04 68.51
5 5 5 5 5 5 5 5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
27.82 #N/A #N/A 22.38 #N/A 22.08 #N/A #N/A
16.79 #N/A #N/A 13.99 #N/A 13.54 #N/A #N/A
47.36 #N/A #N/A 38.55 #N/A 38.76 #N/A #N/A
1 1 1
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
12.90 #N/A 6.55 #N/A 4.82 #N/A #N/A #N/A 3.39
8.35 #N/A 3.88 #N/A 2.77 #N/A #N/A #N/A 2.03
23.83 #N/A 14.99 #N/A 11.84 #N/A #N/A #N/A 8.45
1 1 1 1
Philippines
2021 2022 2000 2001 2002 2003 2004 2005 2006
68.80
53.45
83.56
68.08 #N/A #N/A 67.91
52.70 #N/A #N/A 52.97
82.91 #N/A #N/A 79.31
2 3 3
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
#N/A #N/A 66.08 #N/A #N/A 64.89 #N/A #N/A 60.07 #N/A
#N/A #N/A 51.24 #N/A #N/A 50.70 #N/A #N/A 46.13 #N/A
#N/A #N/A 77.37 #N/A #N/A 75.98 #N/A #N/A 73.17 #N/A
3 3 3
Thailand
2017 2018 2019 2020 2021 2022 2000 2001 2002
59.05 #N/A 50.84
26.68 #N/A 21.47
73.51 #N/A 65.52
#N/A 53.51 #N/A #N/A 55.26
#N/A 41.34 #N/A #N/A 45.24
#N/A 66.28 #N/A #N/A 65.91
3 3 2 2
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
#N/A 44.34 #N/A 36.88 34.85 32.74 29.84 27.42 22.95 22.51
#N/A 19.21 #N/A 16.09 15.73 14.09 13.55 11.98 11.49 12.22
#N/A 58.40 #N/A 49.86 47.47 45.78 41.90 39.53 32.53 31.45
2 2 2 2 2 2 2 2
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
19.48
10.60
27.53
18.74 14.60 15.75 15.11 15.60 13.14 13.17 12.16
9.33 7.17 8.15 7.86 7.85 6.06 6.64 6.78
25.96 20.46 21.69 20.79 21.66 18.62 18.25 16.27
2 3 3 3 3 3 3 3 3
Vietnam
2000 2001 2002 2003 2004 2005 2006 2007 2008
88.91 #N/A 84.17 #N/A 79.79 #N/A 77.70
62.04 #N/A 52.53 #N/A 51.35 #N/A 53.50
97.04 #N/A 94.40 #N/A 90.16 #N/A 86.94
1 1 1 1
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
46.74 #N/A 40.70 #N/A 34.88 #N/A 27.13 #N/A 22.24

20.99 #N/A 18.05 #N/A 14.75 #N/A 9.56 #N/A 7.18
57.61 #N/A 50.23 #N/A 45.24 #N/A 35.34 #N/A 29.79
2 2 2 2 2
2019 2020 2021 2022
#N/A 18.73
#N/A 6.49
#N/A 25.72
2
2011-19 2011-19
Growth effect Distribution effectotal
China -21 -2 -23
Indonesia -15 -4 -19
Vietnam -17 -1 -18
Philippines -9 -7 -16
Thailand -7 -1 -8
Malaysia -7 0 -7
Figure 31. Growth, much more than pro-p

Drivers of poverty reduction
Change in pov
0
-5
-10
-15
-20
-25
China
C
. Growth, much more than pro-poor distribution, helped reduce poverty in the EAP countries
poverty reduction
Growth effect
Change in poverty (ppt) Distribution effect
0
-5
-10
-15
-20
-25
Indonesia
Thailand
Vietnam
Philippines
China
C
Indon
Viet
Philipp
Thai
th effect
bution effect
Malaysia
Thailand
Thai
Mal
China
2000 2001 2002 2003 2004 2005 2006 2007 2008
Natinal 41.99 #N/A #N/A 40.90 #N/A #N/A 42.97
Urban
Rural
Natinal
Urban
Rural
Natinal
Urban
Rural
Natinal
Urban
Rural
Survey compatibility
2000 2001 2002 2003 2004 2005 2006 2007 2008
1 1 1
Figure 32. Inequality in the region declined in the 2010s after rising in se
Gini coefficient
50
45
45
40
35
30
25
2007 2015 2007
China Indo
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
#N/A 43.74 42.41 42.24
39.74 39.18 38.60 38.48 39.08 38.50
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 1 1 2 2 2 2 2 2
the 2010s after rising in several countries in the 2000s
Natinal Urban Rural

2007 2015 2007 2015 2007 2015
Indonesia Malaysia Philippines
Indonesia
2019 2020 2021 2022 2000 2001 2002 2003 2004
29.55 30.10 32.91 32.82 33.71
31.65 31.76 33.94 34.01 34.31
24.10 23.89 25.53 25.36 26.53
38.17
2019 2020 2021 2022

2 2 2 2 2 2
n Rural
2007 2015 2007 2015 2007 2015
Philippines Thailand Vietnam
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
34.06 35.42 36.74 36.06 35.94 37.11

34.19 35.52 37.08 36.72 37.20 38.20
27.90 28.92 30.11 29.98 29.50 31.53
40.40 40.34 40.59 39.94
42.22 42.48 43.11 42.77
34.10 32.98 32.05 31.91
3 3 3 3 3 3 4 4 4 4
2015
am
Malaysia
2015 2016 2017 2018 2019 2020 2021 2022 2000
40.16 39.12 38.66 38.37 37.60 37.56 37.88 37.88

42.75 41.03 40.69 40.05 39.22 39.26 40.06 40.33
33.42 32.66 32.05 32.44 31.69 31.67 31.53 31.38
5 5 5 5 5 5 5 5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
46.42 #N/A #N/A 44.75 #N/A 45.48 #N/A #N/A
44.25 #N/A #N/A 43.12 #N/A 43.51 #N/A #N/A
39.54 #N/A #N/A 39.78 #N/A 41.70 #N/A #N/A
1 1 1
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
43.94 #N/A 41.35 #N/A 41.07 #N/A #N/A #N/A 41.18
42.73 #N/A 40.39 #N/A 39.92 #N/A #N/A #N/A 40.13
38.35 #N/A 36.52 #N/A 37.29 #N/A #N/A #N/A 38.03
1 1 1 1
Philippines
2021 2022 2000 2001 2002 2003 2004 2005 2006
47.65 46.58 #N/A #N/A 47.20
46.00 44.31 #N/A #N/A 44.68
41.30 42.02 #N/A #N/A 45.03
2 3 3
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
#N/A #N/A 46.31 #N/A #N/A 46.49 #N/A #N/A 44.55 #N/A
#N/A #N/A 44.04 #N/A #N/A 44.54 #N/A #N/A 43.08 #N/A
#N/A #N/A 44.39 #N/A #N/A 44.61 #N/A #N/A 41.94 #N/A
3 3 3
Thailand
2017 2018 2019 2020 2021 2022 2000 2001 2002
#N/A 42.27 #N/A #N/A 40.68 42.83 #N/A 41.94
#N/A 40.99 #N/A #N/A 39.76 39.53 #N/A 39.35
#N/A 40.87 #N/A #N/A 39.78 35.96 #N/A 35.32
3 3 2 2
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
#N/A 42.54 #N/A 41.82 39.59 40.29 39.60 39.18 37.46 39.26
#N/A 39.35 #N/A 38.73 36.87 37.94 37.10 36.98 36.86 38.01
#N/A 38.23 #N/A 38.35 36.00 35.57 35.69 35.49 33.39 36.24
2 2 2 2 2 2 2 2
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
37.85
36.39
35.27
37.03 35.99 36.69 36.53 36.54 35.04 35.11 35.12
35.83 35.28 36.04 35.92 35.34 33.82 33.96 34.58
33.56 32.55 32.74 32.60 33.14 32.03 32.22 31.86
2 3 3 3 3 3 3 3 3
Vietnam
2000 2001 2002 2003 2004 2005 2006 2007 2008
37.03 #N/A 36.79 #N/A 35.79 #N/A 35.57
35.26 #N/A 33.15 #N/A 32.92 #N/A 34.65
28.14 #N/A 29.63 #N/A 30.16 #N/A 30.53
1 1 1 1
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
39.25 #N/A 35.65 #N/A 34.76 #N/A 35.27 #N/A 35.72
38.58 #N/A 34.44 #N/A 33.06 #N/A 32.92 #N/A 32.95
33.20 #N/A 31.70 #N/A 31.02 #N/A 31.80 #N/A 32.59
2 2 2 2 2
2019 2020 2021 2022
#N/A 36.81
#N/A 34.98
#N/A 31.88
2
APO+PWT(HC) mix Figure 33. And productivity gro
1989-96 2000-07 2012-19 Labor productivity growth and dri
China Labor produ7.2383175 9.23493 6.3640389
Capital dee 3.9239922 6.4510064 5.7847056
Human capi0.8139003 0.2649342 0.4749642
Percent
TFP 2.4641299 2.5302088 0.1259374
10
EAP excludiLabor produ5.1943111 3.4354787 2.9750755
Capital dee 4.3651099 1.2566488 2.5392034
Human capi0.4589243 0.3443051 0.0294889
8
TFP 0.369014 1.8361632 0.3925033
Labor productivity
Figure 33. And productivity growth has been declining
Labor productivity growth and drivers
Percent
1989-96 2000-07 201
10
0
Capital deepening
Capital deepening
Human capital
TFP
Labor productivity
Labor productivity
China EAP exclu

0-07
Labor productivity
Capital deepening
Human capital
2012-19
EAP excluding China

TFP
measure startyear gamma positive_g negative_ total positive_totnegative_tobeta
mad 1960 -1 0 0 0 1 1 0
mad 1961 -1 0 0 0 1 1 0
mad 1962 -1 0 0 -1 1 1 0
mad 1963 -1 0 0 -1 1 1 0
mad 1964 -1 0 0 -1 1 1 0
mad 1965 -1 0 0 -1 1 1 0
mad 1966 -1 0 0 -1 1 1 0
mad 1967 -1 0 0 -1 1 1 0
mad 1968 -1 0 0 -1 1 1 0
mad 1969 -1 0 0 -1 1 1 0
mad 1970 -1 0 0 -1 1 1 0
mad 1971 -1 0 0 -1 1 1 0
mad 1972 -1 0 0 -1 1 1 0
mad 1973 -1 0 0 -1 1 1 0
mad 1974 -1 0 0 -1 1 1 0
mad 1975 -1 0 0 -1 1 1 0
mad 1976 -1 0 0 -1 1 1 0
mad 1977 -1 0 0 -1 1 1 0
mad 1978 -1 0 0 -1 1 1 0
mad 1979 -1 0 0 -1 1 1 0
mad 1980 -1 0 0 -1 1 1 0
mad 1981 -1 0 0 -1 1 1 0
mad 1982 -1 0 0 -1 1 1 0
mad 1983 -1 0 0 -1 1 1 0
mad 1984 -1 0 0 -1 1 1 0
mad 1985 -1 1 1 -1 1 1 0
mad 1986 -1 1 1 -1 1 1 0
mad 1987 -1 1 1 -1 1 1 0
mad 1988 -1 0 0 -1 1 1 0
mad 1989 -1 0 0 -1 1 1 0
mad 1990 -1 1 1 -1 1 1 0
mad 1991 -1 1 1 -1 1 1 0
mad 1992 -1 1 1 -1 1 1 0
mad 1993 -1 1 1 -1 1 1 0
mad 1994 -1 1 1 -1 1 1 0
mad 1995 -1 1 1 -1 1 1 0
mad 1996 -1 1 1 -1 1 1 0
mad 1997 -1 1 1 -1 1 1 0
mad 1998 -1 1 1 -1 1 1 0
mad 1999 -1 1 1 -1 1 1 0
mad 2000 -1 1 1 -1 1 1 0
mad 2001 -1 1 1 -1 1 1 0
mad 2002 -1 1 1 -1 1 1 0
mad 2003 -1 1 1 -1 1 1 0
mad 2004 -1 1 1 -1 1 1 0
mad 2005 -1 1 1 -1 1 1 0
mad 2006 -1 1 1 -1 1 1 0
mad 2007 -1 1 1 -1 1 1 0
mad 2008 -1 1 1 -1 1 1 0
mad 2009 -1 1 1 -1 1 1 0
mad 2010 -1 0 0 -1 1 1 0
mad 2011 -1 0 0 -2 1 1 0
mad 2012 -2 0 0 -2 1 1 0
mad 2013 -2 0 0 -2 1 1 0
pwt 1960 -1 0 0 -1 1 1 0
pwt 1961 -1 0 0 -1 1 1 0
pwt 1962 -1 0 0 -1 1 1 0
pwt 1963 -1 0 0 -1 1 1 0
pwt 1964 -1 0 0 -1 1 1 0
pwt 1965 -1 1 1 -1 1 1 0
pwt 1966 -1 0 0 -1 1 1 0
pwt 1967 -1 0 0 -1 1 1 0
pwt 1968 -1 0 0 -1 1 1 0
pwt 1969 -1 0 0 -1 1 1 0
pwt 1970 -1 0 0 -1 1 1 0
pwt 1971 -1 0 0 -1 1 1 0
pwt 1972 -1 0 0 -1 1 1 0
pwt 1973 -1 0 0 -1 1 1 0
pwt 1974 -1 0 0 -1 1 1 0
pwt 1975 -1 0 0 -1 1 1 0
pwt 1976 -1 0 0 -1 1 1 0
pwt 1977 -1 0 0 -1 1 1 0
pwt 1978 -1 0 0 -1 1 1 0
pwt 1979 -1 0 0 -1 1 1 0
pwt 1980 -1 0 0 -1 1 1 0
pwt 1981 -1 0 0 -1 1 1 0
pwt 1982 -1 0 0 -1 1 1 0
pwt 1983 -1 0 0 -1 1 1 0
pwt 1984 -1 0 0 -1 1 1 0
pwt 1985 -1 0 0 -1 1 1 0
pwt 1986 -1 0 0 -1 1 1 0
pwt 1987 -1 0 0 -1 1 1 0
pwt 1988 -1 0 0 -1 1 1 0
pwt 1989 -1 0 0 -1 1 1 0
pwt 1990 -1 0 0 -1 1 1 0
pwt 1991 -1 0 0 -1 1 1 0
pwt 1992 -1 0 0 -1 1 1 0
pwt 1993 -1 0 0 -1 1 1 0
pwt 1994 -1 1 1 -1 1 1 0
pwt 1995 -1 1 1 -1 1 1 0
pwt 1996 -1 1 1 -1 1 1 0
pwt 1997 -1 1 1 -1 1 1 0
pwt 1998 -1 1 1 -1 1 1 0
pwt 1999 -1 1 1 -1 1 1 0
pwt 2000 -1 1 1 -2 1 1 0
pwt 2001 -1 1 1 -2 1 1 0
pwt 2002 -1 1 1 -2 1 1 0
pwt 2003 -1 1 1 -2 1 1 0
pwt 2004 -1 1 1 -2 1 1 0
pwt 2005 -1 1 1 -2 1 1 0
pwt 2006 -1 0 0 -2 1 1 0
pwt 2007 -1 0 0 -2 1 1 0
pwt 2008 -1 1 1 -2 1 1 -1
pwt 2009 -1 1 1 -1 1 1 0
pwt 2010 -1 1 1 -2 1 1 0
pwt 2011 -1 1 1 -1 1 1 0
pwt 2012 -1 1 1 -2 1 1 0
pwt 2013 -1 1 1 -1 1 1 0
pwt 2014 -1 1 1 -1 1 1 0
wdi 1960 -1 0 0 -1 1 1 0
wdi 1961 -1 0 0 -1 1 1 0
wdi 1962 -1 0 0 -1 1 1 0
wdi 1963 -1 0 0 -1 1 1 0
wdi 1964 -1 0 0 -1 1 1 0
wdi 1965 -1 0 0 -1 1 1 0
wdi 1966 -1 0 0 -1 1 1 0
wdi 1967 -1 0 0 -1 1 1 0
wdi 1968 -1 0 0 -1 1 1 0
wdi 1969 -1 0 0 -1 1 1 0
wdi 1970 -1 0 0 -1 1 1 0
wdi 1971 -1 0 0 -1 1 1 0
wdi 1972 -1 0 0 -1 1 1 0
wdi 1973 -1 0 0 -1 1 1 0
wdi 1974 -1 0 0 -1 1 1 0
wdi 1975 -1 0 0 -1 1 1 0
wdi 1976 -1 1 1 -1 1 1 0
wdi 1977 -1 1 1 -1 1 1 0
wdi 1978 -1 1 1 -1 1 1 0
wdi 1979 -1 1 1 -1 1 1 0
wdi 1980 -1 1 1 -1 1 1 0
wdi 1981 -1 1 1 -1 1 1 0
wdi 1982 -1 1 1 -1 1 1 0
wdi 1983 -1 1 1 -1 1 1 0
wdi 1984 -1 0 0 -1 1 1 0
wdi 1985 -1 0 0 -1 1 1 0
wdi 1986 -1 0 0 -1 1 1 0
wdi 1987 -1 0 0 -1 1 1 0
wdi 1988 -1 0 0 -1 0 0 0
wdi 1989 -1 0 0 -1 1 1 0
wdi 1990 -1 0 0 -1 1 1 0
wdi 1991 -1 0 0 -1 1 1 0
wdi 1992 -1 0 0 -1 1 1 0
wdi 1993 -1 0 0 -1 1 1 0
wdi 1994 -1 0 0 -1 0 0 0
wdi 1995 -1 0 0 -1 0 0 0
wdi 1996 -1 0 0 -1 0 0 0
wdi 1997 -1 0 0 -1 0 0 0
wdi 1998 -1 0 0 -1 0 0 0
wdi 1999 -1 0 0 -1 0 0 0
wdi 2000 -1 0 0 -1 0 0 0
wdi 2001 -1 0 0 -1 0 0 0
wdi 2002 -1 0 0 -1 0 0 0
wdi 2003 -1 0 0 -1 0 0 0
wdi 2004 -1 0 0 -1 0 0 0
wdi 2005 -1 0 0 -1 0 0 0
wdi 2006 -1 0 0 -1 0 0 0
wdi 2007 -1 0 0 -1 0 0 0
wdi 2008 -1 0 0 -1 0 0 0
wdi 2009 -1 0 0 -1 1 1 0
wdi 2010 -1 0 0 -1 1 1 0
wdi 2011 -1 0 0 -1 1 1 0
wdi 2012 -1 0 0 -1 1 1 0
wdi 2013 -1 0 0 0 1 1 0
wdi 2014 -1 0 0 0 1 1 0
wdi 2015 0 0 0 0 1 1 0
wdi 2016 0 1 1 0 1 1 0
positive_benegative_bedelta positive_denegative_delta
0 0 8 4 4 Figure 34. But EAP convergenc
0 0 8 4 4
0 0 9 4 4 A. Convergence coefficient for rest of the World
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0
0
0
0
9
10
3
3
3
3
1.0
0 0 10 3 3
0 0 9 3 3
0 0 10 3 3
0 0 10 4 4
0 0 10 4 4
0 0 9 4 4
0.0
β - coefficient
0 0 9 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
-1.0
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 9 4 4
0 0 9 4 4
0 0 10 5 5
0 0 10 5 5
0 0 10 4 4
0
0
0
0
11
11
4
4
4
4
-2.0
0 0 12 5 5
0 0 12 5 5
0 0 13 5 5
0 0 12 5 5
0 0 12 5 5
0
0
0
0
12
12
5
5
5
5
-3.0
1961
1965
0 0 13 5 5
0 0 13 5 5
0 0 13 5 5
0 0 13 6 6
0 0 13 6 6
0 0 13 6 6
0 0 13 6 6
0 0 13 6 6
0 0 12 6 6
0 0 12 6 6
0 0 11 6 6
0 0 11 6 6
0 0 13 5 5
0 0 14 4 4
0 0 15 4 4
0 0 16 4 4
0 0 16 4 4
0 0 11 4 4
0 0 11 4 4
0 0 10 4 4
0 0 9 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 9 3 3
0 0 10 3 3
0 0 10 4 4
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 10 3 3
0 0 11 3 3
0 0 11 4 4
0 0 11 4 4
0 0 11 4 4
0 0 11 4 4
0 0 11 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 4 4
0 0 10 5 5
0 0 10 5 5
0 0 11 5 5
0 0 12 4 4
0 0 12 5 5
0 0 12 5 5
0 0 13 4 4
0 0 13 5 5
0 0 13 5 5
0 0 14 5 5
0 0 14 5 5
0 0 15 5 5
0 0 14 5 5
0 0 13 4 4
0 0 11 5 5
0 0 12 5 5
0 0 13 6 6
0 0 12 7 7
0 0 13 7 7
0 0 8 9 9
0 0 10 10 10
0 0 7 4 4
0 0 6 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 6 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 4 4
0 0 7 5 5
0 0 8 5 5
0 0 8 5 5
0 0 8 5 5
0 0 8 5 5
0 0 7 5 5
0 0 7 5 5
0 0 7 5 5
0 0 7 4 4
0 0 7 4 4
0 0 7 3 3
0 0 7 3 3
0 0 8 3 3
0 0 8 3 3
0 0 8 3 3
0 0 8 3 3
0 0 8 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 8 3 3
0 0 7 3 3
0 0 8 3 3
0 0 8 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 7 3 3
0 0 6 3 3
0 0 7 3 3
0 0 7 3 3
0 0 6 3 3
0 0 6 3 3
0 0 6 4 4
0 0 6 4 4
0 0 5 4 4
0 0 3 5 5
Figure 34. But EAP convergence with high income countries, which was faster than in other countries, has recently stalled
nce coefficient for rest of the World
1.0
0.0
1.0
2.0
3.0
1961
1965
1969
1973
1977
1981
1985
1989
1993
1997
2001
2005
2009
ries, has recently stalled
B. Convergence coefficient for EAP economies
1.0
β + γ - convergence 0.0
-1.0
-2.0
1997
2001
2005
2009
2013
1961
1965
1969
1973
1977
1965
1969
1973
1977
1981
1985
1989
1993
1997
2001
2005
2009
2013
2009
2013
Labor productivity level
USD, th
1990 2019
120000
SSA 15754.63 17151.47
SAR 5925.22 18184.19
China 4792.407 25754.14
EAP excl
China
LAC
14060.83 27330.86
30800.39 37621.58
100000
ECA 36839.65 60237.69
MENA 78300.79 74158.89
AEs 73887.13 108262
80000
Weighted TFP level (USA ==1)

1990 2019
60000
China 0.347982 0.40048
SAR 0.324062 0.446037
EAP excl
40000
China 0.54016 0.473574
SSA 0.544569 0.500891
LAC 0.68715 0.589811
ECA
MENA
0.76761 0.684506
0.731799 0.829991
20000
AEs 0.90645 0.865852
0
Weighted TFP growth
1987-199 1999-200 2010-2019
MENA 1.026477 -1.11533 -1.80486
LAC -0.6596 0.28759 -0.96199
China-PW-0.16161 2.679038 -0.59003
SSA -1.00688 1.664569 -0.38022
EAP excl
China 1.051838 -0.06014
AEs 0.616627 0.505858 0.350464
ECA -3.50664 3.673384 0.878007
China 2.00822 1.028132
EAP excl
China-
PWT 0.72764 1.587513 1.579744
Figure 35. … while there is still large gap with advanced economies
A. Labor productivity level
USD, thousands 2019 1990

120000
100000
80000
60000
40000
20000
0
SAR
LAC
SSA
ECA
China
EAP excl
China
B. TFP level
0
Index: US =1 20
0.8
0.6
0.4
0.2
0
SAR
China
EAP excl
LAC
ECA
MENA
AEs
China
SAR
EAP excl
China
2019
SSA
LAC
1990
ECA
MENA
AEs
AEs
1952 1953 1954 1955 1956 1957 1958
ManufacturCHN 2 2 2 3 3 6
ManufacturIDN
ManufacturKHM
ManufacturLAO
ManufacturMMR
ManufacturMYS
ManufacturPHL
ManufacturTHA 12 12 13 12 12 12 12
ManufacturVNM
Manufactur25shareVA
shadow shadow
ManufacturOther EMDE
shadow
Agriculture CHN 82 82 82 79 79 72
Agriculture IDN
Agriculture KHM
Agriculture LAO
Agriculture MMR
Agriculture MYS
Agriculture PHL
Agriculture THA 38 38 35 36 36 35 36
Agriculture VNM
Agriculture Other EMDE
Service CHN 16 16 16 17 17 19
Service IDN
Service MYS
Service THA 49 47 51 51 53 53 52
Service VNM
Service KHM
Service PHL
Service 25shareVA
Service 50shareVA
Service Other EMDE
1959 1960 1961 1962 1963 1964 1965 1966 1967
9 10 8 7 7 8 10 12 10
8 8 8 7 7 7 7
12 12 12 13 13 13 14 14 14
8 8 8 9 9 9 9 8
17 17 17 16 17 16 17 16
65 60 67 69 70 68 66 66 67
42 42 42 42 42 43 41
34 34 33 33 33 31 30 31 28
8 8 8 8 8 8 8 8
14 21 20 20 27 24 26 25
35 32 34 34 42 37 37 37
23 26 23 21 19 19 20 18 18
35 35 36 36 36 36 37
51 52 52 51 51 52 51 49 52
37 37 37 38 34 36 36 36
47 47 47 46 43 42 43 43
53 53 53 54 54 54 53 54
1968 1969 1970 1971 1972 1973 1974 1975 1976
10 13 17 18 19 19 19 21 21
7 7 7 8 8 8 9 9 10
8 9 10 10 10 11
26 27 27 25 25
14 15 15 16 17 18 19 19 20
9 9 9 9 9 10 10 10 11
16 16 18 18 19 19 19 19 19
68 62 58 56 54 55 55 53 52
40 37 35 34 31 30 29 28 27
28 28 29 29 28 28
22 20 21 20 20
28 28 27 27 25 25 25 24 24
9 9 9 8 8 8 7 7 7
24 21 24 21 20 19 18 17 15
38 32 31 30 32 29 30 27 27
19 20 18 19 19 19 18 18 18
35 34 34 34 34 32 32 33 33
28 29 29 31 32 31
52 52 54 53 53 53 53 54 53
43 43 42 42 40
38 33 30 32 32 31 32 34 33
43 42 45 45 45 46 46 47 46
54 54 54 55 54 55 55 56 56
1977 1978 1979 1980 1981 1982 1983 1984 1985
23 25 25 27 26 25 25 24 26
10 11 12 13 13 13 13 15 16
11 12 12 12 12 12 12 12 12
25 25 25 25 24 24 23 23 23
21 20 21 20 20 20 21 21 19
11 10 11 10 10 10 10 11 11
19 19 20 20 19 19 18 19 19
49 47 46 43 44 44 43 42 39
25 24 24 23 23 23 23 22 23
27 26 24 23 23 23 21 20 21
20 19 19 19 19 18 17 19 20
22 22 21 20 20 19 19 19 19
7 7 6 6 7 7 7 7 7
15 15 14 14 13 13 11 12 13
28 27 27 25 24 25 24 25 24
19 20 21 21 22 22 24 25 27
33 34 34 35 36 37 38 38 38
32 33 33 34 37 37 37 36 37
53 52 54 55 55 55 55 54 55
40 40 40 40 40 41 42 42 45
35 36 36 36 38 40 41 42 42
46 48 48 51 52 51 53 53 52
57 57 57 57 57 58 59 58 59
1986 1987 1988 1989 1990 1991 1992 1993 1994
26 27 28 27 27 27 28 30 31
17 17 18 19 19 20 20 21 22
5 5 5 5
10 10 10 11
7 7 8 8
12 13 14 16 17 18 18 19 20
23 23 24 23 23 23 22 22 22
20 21 22 23 24 24 24 24 24
8 8 9 9
11 11 11 12 12 12 11 12 12
20 20 20 19 20 19 20 19 19
37 35 32 33 34 32 29 27 26
22 21 21 20 19 18 18 17 16
51 50 50 52
37 38 38 38
56 56 55 55
21 22 20 20 18 17 17 15 14
20 20 19 18 18 18 18 18 18
18 16 16 15 13 13 12 12 11
34 33 31 30
7 6 7 6 7 7 6 6 4
14 13 14 13 13 12 12 14 14
24 24 23 23 22 23 20 27 22
28 29 29 30 29 31 33 32 33
39 39 40 40 40 40 40 40 39
36 36 36 38 40 41 42 44 45
55 55 55 53 53 52 53 54 53
43 43 43 44
40 41 40 37
45 46 46 47 48 49 49 49 49
43 43 43 43 43 44 44 43 43
51 52 52 52 53 53 54 54 54
59 59 59 59 59 59 59 60 60
1995 1996 1997 1998 1999 2000 2001 2002 2003
31 32 32 31 30 29 29 28 30
23 23 22 22 22 23 23 23 23
5 6 7 8 9 11 11 12 13
10 10 14 14 11 10 8 8 8
8 8 8 8 8 8 9 10 11
20 21 22 20 21 24 22 22 23
22 22 22 22 22 22 22 22 21
25 25 26 26 27 27 27 28 28
9 9 10 10 10 11 11 12 12
12 12 12 12 11 11 11 11 11
50 50 50
19 19 18 18 19 19 18 18 18
50 50 50
25 24 22 21 20 19 18 17 16
16 15 15 17 17 17 17 17 17
51 50 50 50 47 43 41 38 39
37 37 35 34 35 34 34 33 33
54 54 53 52 52 50 49 46 45
12 11 11 11 11 11 10 10 10
17 16 16 15 16 16 16 16 16
11 11 11 12 12 13 13 12 12
28 27 26 26 26 25 24 24 23
4 4 4 4 4 4 4 5 5
13 16 15 15 15 14 14 14 14
26 28 27 27 27 26 26 26 26
100 100 100

33 33 35 36 38 39 40 41 41
39 38 39 38 38 38 38 38 38
44 44 44 45 45 43 45 45 44
53 53 53 53 52 52 52 52 51
44 44 43 43 42 41 41 41 41
36 37 36 37 38 39 41 41 40
49 49 49 51 52 51 52 53 53
42 43 44 45 46 44 45 46 45
53 54 54 54 54 55 54 55 53
61 60 60 60 59 59 59 59 59
100 100 100
2004 2005 2006 2007 2008 2009 2010 2011 2012
30 30 31 31 32 32 32 32 32
24 24 23 23 23 22 22 22 22
14 14 15 15 15 12 15 16 16
9 9 9 9 9 9 9 9 10
12 13 14 15 16 17 19 20 20
24 25 25 25 25 22 23 24 23
21 21 20 20 20 18 19 19 19
29 29 29 30 30 29 30 28 28
13 13 14 15 16 15 13 14 14
9 9 9 8 8 10 10 10 10
50 50 50
17 18 17 17 17 17 17 17 16
50 50 50
16 15 14 13 12 12 11 10 10
16 16 16 15 15 15 15 14 14
36 36 35 35 35 37 36 35 34
32 30 30 29 27 26 24 23 22
44 43 41 40 38 37 34 32 31
10 10 10 10 10 10 10 10 9
15 15 15 14 14 14 13 13 12
12 11 11 11 11 11 10 11 10
23 22 21 21 21 20 22 21 21
5 5 5 5 5 4 4 5 4
13 12 11 10 10 10 10 10 10
26 25 24 24 23 23 22 21 20
100 100 100

41 41 41 42 43 44 44 44 45
39 40 40 41 42 42 42 43 43
43 44 45 46 47 50 49 50 51
51 51 51 51 51 51 51 52 53
41 41 42 43 43 44 43 43 44
41 41 40 40 40 40 41 40 40
54 55 55 56 56 57 57 58 58
46 47 47 47 49 50 50 49 50
53 55 54 54 54 56 56 56 57
59 60 60 60 60 60 61 61 61
100 100 100
2013 2014 2015 2016 2017 2018 Figure 36. In recent years, the s
31 31 30 29 29 29
22 22 22 22 21 21
17 17 17 17 17 17 Agriculture
9 9 9 9 9 9
20
23
20
23
21
23
21
23
22
23
23
23 Percent
20 20 20 20 20 20 Other
28 28 27 27 27 27
100
14
10
15
10
15
10
16
10
17
9
18
9
PHL
16 16 17 17 16 16
90
80
10
14
9
14
9
14
8
14
8
14
8
14
70
32
21
30
20
28
20
27
19
25
18
24
17 60
29 27 27 25 24 23
9
11
9
11
9
10
8
9
8
9
8
9 50
10 10 9 8 9 9
20
5
20
5
19
5
18
5
18
5
17
5
40
10 9 9 9 9 10
21 20 20 21 21 21
30
46 48 50 51 51 52
20
10
44 44 45 45 46 46
51 52 52 53 53 54
53 54 55 56 56 57
44
41
44
42
44
42
44
42
45
42
45
42 0
1956
1960
1964
1952
58 59 59 60 60 60
51 52 52 53 53 54
57 58 58 58 58 58
62 61 63 64 64 65
Services
Percent Ot
80 KH
70
60
50
40
30
20
10
0
1955
1958
1952
1961
Services
Figure 36. In recent years, the share of manufacturing in GDP declined in EAP economies (other than Cambodia and Vietnam), an
culture
cent
Other EMDE CHN IDN MYS THA VNM
PHL AFC GFC
1956
1960
1964
1980
1992
1996
2000
2004
2008
1952
1968
1972
1976
1984
1988
0
0
0
0
0
0
0
0
0
1952
cent
1955
1958
1961
1964
1967 KHM
1970
1973
Other EMDE
1976
1979
1982
PHL
CHN
1985
1988
IDN
1991
1994
1997
AFC
MYS
2000
2003
2006
THA
GFC
han Cambodia and Vietnam), and the share of services in GDP increased
Manufacturing
THA VNM KHM Percent Other EMDE

AFC GFC 40 PHL
35
30
25
20
15
10
5
0
1996
2000
2004
2008
2012
2016
1958
1961
1964
1952
1955
1967
1970
1997
AFC
MYS
2000
2003
2006 THA
GFC
2009
2012
2015
VNM
2018
1961
PHL
1964
1967
1970
Other EMDE
1973
1976 CHN
1979
1982
1985
IDN
1988
1991
MYS
1994
1997
AFC
2000
THA
2003
2006
GFC
2009
VNM
2012
2015
KHM
2003
2006
GFC
2009
VNM
2012
2015
KHM
2018
1970 1971 1972 1973 1974 1975
Agriculture BRA GDPPC 8 8 8 8 9 9
Agriculture BRA va 5 5 5 4 4 4
Agriculture CHN GDPPC 6 6 6 6 6 6
Agriculture CHN va 58 56 54 55 55 53
Agriculture IDN GDPPC 7 7 7 7 7 7
Agriculture IDN va 35 34 31 30 29 28
Agriculture IND GDPPC 6 6 6 6 6 6
Agriculture IND va 53 52 49 51 49 51
Agriculture KHM GDPPC
Agriculture KHM va
Agriculture KOR GDPPC 8 8 8 8 8 8
Agriculture KOR va 20 20 19 18 18 17
Agriculture LAO GDPPC
Agriculture LAO va
Agriculture MMR GDPPC
Agriculture MMR va
Agriculture MYS GDPPC 8 8 8 8 8
Agriculture MYS va 28 28 29 29 28
Agriculture PHL GDPPC 7 7 7 7
Agriculture PHL va 22 20 21 20
Agriculture THA GDPPC 7 7 7 7 7 7
Agriculture THA va 27 27 25 25 25 24
Agriculture VNM GDPPC
Agriculture VNM va
Agriculture ZAF GDPPC 9 9 9 9 9 9
Agriculture ZAF va 3 3 3 3 3 3
ManufacturBRA GDPPC 8 8 8 8 9 9
ManufacturBRA va 16 17 17 17 17 17
ManufacturCHN GDPPC 6 6 6 6 6 6
ManufacturCHN va 17 18 19 19 19 21
ManufacturIDN GDPPC 7 7 7 7 7 7
ManufacturIDN va 7 8 8 8 9 9
ManufacturIND GDPPC 6 6 6 6 6 6
ManufacturIND va 9 9 10 9 10 9
ManufacturKHM GDPPC
ManufacturKHM va
ManufacturKOR GDPPC 8 8 8 8 8 8
ManufacturKOR va 10 11 12 14 15 16
ManufacturLAO GDPPC
ManufacturLAO va
ManufacturMMR GDPPC
ManufacturMMR va
ManufacturMYS GDPPC 8 8 8 8 8
ManufacturMYS va 8 9 10 10 10
ManufacturPHL GDPPC 7 7 7 7
ManufacturPHL va 26 27 27 25
ManufacturTHA GDPPC 7 7 7 7 7 7
ManufacturTHA va 15 16 17 18 19 19
ManufacturVNM GDPPC
ManufacturVNM va
ManufacturZAF GDPPC 9 9 9 9 9 9
ManufacturZAF va 14 15 15 16 16 16
Service BRA GDPPC 8 8 8 8 9 9
Service BRA va 72 72 72 72 72 72
Service CHN GDPPC 6 6 6 6 6 6
Service CHN va 18 19 19 19 18 18
Service IDN GDPPC 7 7 7 7 7 7
Service IDN va 34 34 34 32 32 33
Service IND GDPPC 6 6 6 6 6 6
Service IND va 28 29 30 30 31 30
Service KHM GDPPC
Service KHM va
Service KOR GDPPC
Service KOR va
Service LAO GDPPC
Service LAO va
Service MMR GDPPC
Service MMR va
Service MYS GDPPC 8 8 8 8 8
Service MYS va 28 29 29 31 32
Service PHL GDPPC 7 7 7 7
Service PHL va 43 43 42 42
Service THA GDPPC 7 7 7 7 7 7
Service THA va 54 53 53 53 53 54
Service VNM GDPPC
Service VNM va
Service ZAF GDPPC 9 9 9 9 9 9
Service ZAF va 48 49 50 51 52 54
JPN GDPPC 9 9 9 9 9 9 9
JPN Manufactur 12 13 13 14 15 15 15
JPN GDPPC 9 9 9 9 9 9 9
JPN Service 61 61 61 61 61 61 62
JPN GDPPC 9 9 9 9 9 9 9
KOR GDPPC 7 7 7 7 7 7 7
KOR Manufactur 5 5 5 6 6 7 7
KOR GDPPC 7 7 7 7 7 7 7
KOR Service 39.055622 37.48757 38.34381 33.249759 29.849939 33.798412 36.094175
KOR GDPPC 7 7 7 7 7 7 7
TWN GDPPC 7 7 7 7 7
TWN Manufacturing 8 8 9 9 10
TWN GDPPC 7 7 7 7 7
TWN Service 53 54 53 53 53
TWN GDPPC 7 7 7 7 7
JPN GDPPC 9 9 9 9 9 9 9
JPN Agriculture 13 12 11 10 9 9 8
KOR GDPPC 7 7 7 7 7 7 7
KOR Agriculture 28 30 27 28 30 28 28
TWN GDPPC 7 7 7 7 7
TWN Agriculture 28 27 27 27 26
1976 1977 1978 1979 1980 1981 1982 1983 1984
9 9 9 9 9 9 9 9 9
3 4 3 3 3 3 3 3 3
6 6 6 6 6 6 6 6 6
52 49 47 46 43 44 44 43 42
7 7 7 7 7 7 7 7 7
27 25 24 24 23 23 23 23 22
6 6 6 6 6 6 6 6 6
47 49 48 44 46 46 44 45 43
8 8 8 8 8 8 8 9 9
17 16 13 13 11 12 12 11 10
8 8 8 8 8 8 8 8 8
28 27 26 24 23 23 23 21 20
7 7 7 8 8 8 8 8 7
20 20 19 19 19 19 18 17 19
7 7 7 7 7 7 7 7 7
24 22 22 21 20 20 19 19 19
9 9 9 9 9 9 9 9 9
3 3 3 3 3 3 3 2 2
9 9 9 9 9 9 9 9 9
17 16 16 15 16 14 14 14 14
6 6 6 6 6 6 6 6 6
21 23 25 25 27 26 25 25 24
7 7 7 7 7 7 7 7 7
10 10 11 12 13 13 13 13 15
6 6 6 6 6 6 6 6 6
10 10 10 11 10 10 10 11 11
8 8 8 8 8 8 8 9 9
18 18 20 20 21 21 21 21 23
8 8 8 8 8 8 8 8 8
11 11 12 12 12 12 12 12 12
7 7 7 8 8 8 8 8 7
25 25 25 25 25 24 24 23 23
7 7 7 7 7 7 7 7 7
20 21 20 21 20 20 20 21 21
9 9 9 9 9 9 9 9 9
16 15 16 17 17 18 17 17 17
9 9 9 9 9 9 9 9 9
72 72 73 73 72 73 73 73 73
6 6 6 6 6 6 6 6 6
18 19 20 21 21 22 22 24 25
7 7 7 7 7 7 7 7 7
33 33 34 34 35 36 37 38 38
6 6 6 6 6 6 6 6 6
31 31 32 34 33 33 34 33 34
8 8 8 8 8 8 8 8 8
31 32 33 33 34 37 37 37 36
7 7 7 8 8 8 8 8 7
40 40 40 40 40 40 41 42 42
7 7 7 7 7 7 7 7 7
53 53 52 54 55 55 55 55 54
9 9 9 9 9 9 9 9 9
54 54 54 53 54 54 55 56 57
9 9 10 10 10 10 10 10 10
17 17 18 19 19 19 19 19 17
9 9 10 10 10 10 10 10 10
62 62 61 59 59 59 59 60 62
9 9 10 10 10 10 10 10 10
7 7 8 8 8 8 8 8 8
8 9 10 10 11 12 14 15 16
7 7 8 8 8 8 8 8 8
39.1824 39.246264 39.300402 39.93063 41.108202 41.32671 40.40309 40.857685 39.582306
7 7 8 8 8 8 8 8 8
7 7 8 8 8 8 8 8 8
11 12 13 14 16 17 18 17 17
7 7 8 8 8 8 8 8 8
54 53 54 55 55 54 54 54 56
7 7 8 8 8 8 8 8 8
9 9 10 10 10 10 10 10 10
8 7 6 5 4 5 4 4 4
7 7 8 8 8 8 8 8 8
25 23 22 20 20 19 18 18 17
7 7 8 8 8 8 8 8 8
25 24 22 20 19 17 16 16 15
1985 1986 1987 1988 1989 1990 1991 1992 1993
9 9 9 9 9 9 9 9 9
3 3 3 3 3 3 4 4 4
7 7 7 7 7 7 7 7 7
39 37 35 32 33 34 32 29 27
7 7 7 7 7 7 7 7 7
23 22 21 21 20 19 18 18 17
6 6 6 6 6 6 6 6 6
42 40 38 40 38 38 36 37 36
6
51 50 50
9 9 9 9 9 9 9 9 9
10 9 8 8 7 6 5 5 4
6 6 7
37 38 38
5 5 5
56 56 55
8 8 8 8 8 8 8 8 9
21 21 22 20 20 18 17 17 15
7 7 7 7 7 7 7 7 7
20 20 20 19 18 18 18 18 18
7 7 8 8 8 8 8 8 8
19 18 16 16 15 13 13 12 12
7 7 7
34 33 31
9 8 8 8 8 8 8 8 8
3 3 3 3 3 3 3 2 3
9 9 9 9 9 9 9 9 9
14 14 14 14 14 13 13 13 13
7 7 7 7 7 7 7 7 7
26 26 27 28 27 27 27 28 30
7 7 7 7 7 7 7 7 7
16 17 17 18 19 19 20 20 21
6 6 6 6 6 6 6 6 6
11 11 12 11 12 12 12 11 12
6
5 5 5
9 9 9 9 9 9 9 9 9
23 24 25 26 25 25 20 20 20
6 6 7
10 10 10
5 5 5
7 7 8
8 8 8 8 8 8 8 8 9
12 12 13 14 16 17 18 18 19
7 7 7 7 7 7 7 7 7
23 23 23 24 23 23 23 22 22
7 7 8 8 8 8 8 8 8
19 20 21 22 23 24 24 24 24
7 7 7
8 8 9
9 8 8 8 8 8 8 8 8
16 16 16 17 17 16 16 15 15
9 9 9 9 9 9 9 9 9
73 73 73 74 74 74 75 74 74
7 7 7 7 7 7 7 7 7
27 28 29 29 30 29 31 33 32
7 7 7 7 7 7 7 7 7
38 39 39 40 40 40 40 40 40
6 6 6 6 6 6 6 6 6
36 37 38 36 37 37 38 38 39
6
40 41 40
9 9 9
59 59 60
6 6 7
40 39 39
5 5 5
32 32 32
8 8 8 8 8 8 8 8 9
37 36 36 36 38 40 41 42 44
7 7 7 7 7 7 7 7 7
45 45 46 46 47 48 49 49 49
7 7 8 8 8 8 8 8 8
55 55 55 55 53 53 52 53 54
7 7 7
43 43 43
9 8 8 8 8 8 8 8 8
56 57 58 58 58 59 59 60 60
10 10 10 10 10 10 10 10 10
18 18 18 18 18 18 18 18 19
10 10 10 10 10 10 10 10 10
62 63 63 63 64 64 65 65 65
10 10 10 10 10 10 10 10 10
8 8 8 8 8 8 8 9 9
18 18 20 20 21 21 21 21 23
8 8 8 8 8 8 8 9 9
39.185921 39.335021 39.047487 39.199995 42.841428 43.036412 43.629226 43.035483 43.055402
8 8 8 8 8 8 8 9 9
8 9 9 9 9 9 9 9 9
18 19 20 20 21 21 21 22 23
8 9 9 9 9 9 9 9 9
54 54 54 55 55 56 58 58 58
8 9 9 9 9 9 9 9 9
10 10 10 10 10 10 10 10 10
4 4 3 3 3 3 3 3 3
8 8 8 8 8 8 8 9 9
17 16 13 13 11 12 12 11 10
8 9 9 9 9 9 9 9 9
14 13 12 11 10 10 10 9 8
1994 1995 1996 1997 1998 1999 2000 2001 2002
9 9 9 9 9 9 9 9 9
4 4 4 4 4 4 4 4 5
7 7 7 7 8 8 8 8 8
26 25 24 22 21 20 19 18 17
7 8 8 8 7 7 8 8 8
16 16 15 15 17 17 17 17 17
6 6 6 7 7 7 7 7 7
36 33 34 32 32 31 30 30 27
6 6 6 6 6 6 6 6 6
52 51 50 50 50 47 43 41 38
9 10 10 10 10 10 10 10 10
4 4 4 4 4 3 3 3 3
7 7 7 7 7 7 7 7 7
38 37 37 35 34 35 34 34 33
5 5 5 6 6 6 6 6 6
55 54 54 53 52 52 50 49 46
9 9 9 9 9 9 9 9 9
14 12 11 11 11 11 11 10 10
7 7 7 8 7 7 8 8 8
18 17 16 16 15 16 16 16 16
8 8 8 8 8 8 8 8 8
11 11 11 11 12 12 13 13 12
7 7 7 7 7 7 7 7 7
30 28 27 26 26 26 25 24 24
8 8 8 8 8 8 8 8 9
3 2 3 3 3 3 3 3 3
9 9 9 9 9 9 9 9 9
14 14 14 15 14 14 16 15 15
7 7 7 7 8 8 8 8 8
31 31 32 32 31 30 29 29 28
7 8 8 8 7 7 8 8 8
22 23 23 22 22 22 23 23 23
6 6 6 7 7 7 7 7 7
13 14 15 14 13 13 14 13 14
6 6 6 6 6 6 6 6 6
5 5 6 7 8 9 11 11 12
9 10 10 10 10 10 10 10 10
21 21 22 22 21 23 25 25 25
7 7 7 7 7 7 7 7 7
11 10 10 14 14 11 10 8 8
5 5 5 6 6 6 6 6 6
8 8 8 8 8 8 8 9 10
9 9 9 9 9 9 9 9 9
20 20 21 22 20 21 24 22 22
7 7 7 8 7 7 8 8 8
22 22 22 22 22 22 22 22 22
8 8 8 8 8 8 8 8 8
24 25 25 26 26 27 27 27 28
7 7 7 7 7 7 7 7 7
9 9 9 10 10 10 11 11 12
8 8 8 8 8 8 8 8 9
15 16 15 15 15 15 15 16 15
9 9 9 9 9 9 9 9 9
73 72 72 71 71 71 70 71 70
7 7 7 7 8 8 8 8 8
33 33 33 35 36 38 39 40 41
7 8 8 8 7 7 8 8 8
39 39 38 39 38 38 38 38 38
6 6 6 7 7 7 7 7 7
39 40 39 41 42 43 43 44 46
6 6 6 6 6 6 6 6 6
37 36 37 36 37 38 39 41 41
9 10 10 10 10 10 10 10 10
60 60 60 60 62 61 61 61 61
7 7 7 7 7 7 7 7 7
39 39 37 38 39 41 42 43 43
5 5 5 6 6 6 6 6 6
32 32 31 32 32 31 32 33 32
9 9 9 9 9 9 9 9 9
45 44 44 44 45 45 43 45 45
7 7 7 8 7 7 8 8 8
49 49 49 49 51 52 51 52 53
8 8 8 8 8 8 8 8 8
53 53 53 53 53 52 52 52 52
7 7 7 7 7 7 7 7 7
44 44 44 43 43 42 41 41 41
8 8 8 8 8 8 8 8 9
60 61 61 61 62 63 63 63 63
10 10 10 10 10 10 10 10 10
20 19 19 19 19 19 20 19 19
10 10 10 10 10 10 10 10 10
64 65 65 64 63 63 63 64 65
10 10 10 10 10 10 10 10 10
9 9 9 9 9 9 9 9 9
23 24 25 26 25 25 20 20 20
9 9 9 9 9 9 9 9 9
44.21177 44.806177 45.022835 44.769091 46.307459 46.486521 47.148623 48.508436 49.122267
9 9 9 9 9 9 9 9 9
9 9 9 9 9 9 10 10 10
22 24 24 23 22 21 20 20 19
9 9 9 9 9 9 10 10 10
59 58 58 60 61 63 64 65 65
9 9 9 9 9 9 10 10 10
10 10 10 10 10 10 10 10 10
3 3 3 2 2 2 2 2 2
9 9 9 9 9 9 9 9 9
10 9 8 8 7 6 5 5 4
9 9 9 9 9 9 10 10 10
8 8 7 7 6 6 6 5 5
2003 2004 2005 2006 2007 2008 2009 2010 2011
9 9 9 9 9 9 9 9 9
5 5 5 5 5 5 4 4 5
8 8 8 8 8 8 9 9 9
16 16 15 14 13 12 12 11 10
8 8 8 8 8 8 8 8 8
17 16 16 16 15 15 15 15 14
7 7 7 7 7 7 7 7 7
28 26 25 24 24 23 21 21 21
6 6 7 7 7 7 7 7 7
39 36 36 35 35 35 37 36 35
10 10 10 10 10 10 10 10 10
3 3 3 2 2 3 3 2 2
7 7 7 7 7 7 7 7 7
33 32 30 30 29 27 26 24 23
6 6 6 6 7 7 7 7 7
45 44 43 41 40 38 37 34 32
9 9 9 9 9 9 9 9 9
10 10 10 10 10 10 10 10 10
8 8 8 8 8 8 8 8 8
16 15 15 15 14 14 14 13 13
8 8 8 8 8 8 8 9 9
12 12 11 11 11 11 11 10 11
7 7 7 7 7 8 8 8 8
23 23 22 21 21 21 20 22 21
9 9 9 9 9 9 9 9 9
3 2 2 2 2 2 2 2 2
9 9 9 9 9 9 9 9 9
15 16 16 15 16 15 14 14 14
8 8 8 8 8 8 9 9 9
30 30 30 31 31 32 32 32 32
8 8 8 8 8 8 8 8 8
23 24 24 23 23 23 22 22 22
7 7 7 7 7 7 7 7 7
14 14 14 15 15 15 16 16 16
6 6 7 7 7 7 7 7 7
13 14 14 15 15 15 12 15 16
10 10 10 10 10 10 10 10 10
25 27 27 28 28 28 27 29 30
7 7 7 7 7 7 7 7 7
8 9 9 9 9 9 9 9 9
6 6 6 6 7 7 7 7 7
11 12 13 14 15 16 17 19 20
9 9 9 9 9 9 9 9 9
23 24 25 25 25 25 22 23 24
8 8 8 8 8 8 8 8 8
21 21 21 20 20 20 18 19 19
8 8 8 8 8 8 8 9 9
28 29 29 29 30 30 29 30 28
7 7 7 7 7 8 8 8 8
12 13 13 14 15 16 15 13 14
9 9 9 9 9 9 9 9 9
15 15 15 15 15 15 14 14 14
9 9 9 9 9 9 9 9 9
70 70 70 70 70 70 72 71 71
8 8 8 8 8 8 9 9 9
41 41 41 41 42 43 44 44 44
8 8 8 8 8 8 8 8 8
38 39 40 40 41 42 42 42 43
7 7 7 7 7 7 7 7 7
45 46 47 46 47 47 48 48 48
6 6 7 7 7 7 7 7 7
40 41 41 40 40 40 40 41 40
10 10 10 10 10 10 10 10 10
61 60 60 60 59 60 60 59 60
7 7 7 7 7 7 7 7 7
43 45 47 41 48 49 48 47 47
6 6 6 6 7 7 7 7 7
33 33 33 34 34 34 34 35 36
9 9 9 9 9 9 9 9 9
44 43 44 45 46 47 50 49 50
8 8 8 8 8 8 8 8 8
53 54 55 55 56 56 57 57 58
8 8 8 8 8 8 8 9 9
51 51 51 51 51 51 51 51 52
7 7 7 7 7 8 8 8 8
41 41 41 42 43 43 44 43 43
9 9 9 9 9 9 9 9 9
64 64 64 65 65 66 67 67 67
10 10 10 10 10 10 10 10 10
18 19 19 19 19 19 19 18 18
10 10 10 10 10 10 10 10 10
66 66 66 66 66 67 66 68 68
10 10 10 10 10 10 10 10 10
9 10 10 10 10 10 10 10 10
21 21 22 22 21 23 25 25 25
9 10 10 10 10 10 10 10 10
49.15518 49.260553 50.278486 50.75854 52.197099 51.650359 51.618438 53.083945 53.607233
9 10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10
19 19 19 19 19 19 20 19 20
10 10 10 10 10 10 10 10 10
66 67 68 68 69 69 69 71 70
10 10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10
2 2 2 2 2 2 2 2 2
9 10 10 10 10 10 10 10 10
4 4 4 4 4 3 3 3 3
10 10 10 10 10 10 10 10 10
4 4 4 4 3 3 3 3 3
2012 2013 2014 2015 2016 2017 2018 Figure 37. The share of manufa
9 9 9 9 9 9 9
4 5 5 5 5 6 6 Agriculture
9 9 9 9 9 9 9
10
8
10
8
9
8
9
8
8
8
8
8
8
8
Percent
14 14 14 14 14 14 14
7
20
7
20
7
19
7
18
7
17
7
17
8
17
90
7 7 7 7 7 7 7
34
10
32
10
30
10
28
10
27
10
25
10
24
10
80
2 2 2 2 2 2 2
7
22
8
21
8
20
8
20
8
19
8
18
8
17
70
7 7 7 7 7 7 7
31
9
29
9
27
9
27
9
25
9
24
9
23
9
60
9 9 9 9 8 8 8
8
12
8
11
8
11
8
10
8
9
8
9
8
9
50
9 9 9 9 9 9 9
10
8
10
8
10
8
9
8
8
8
9
8
9
8
40
21 20 20 19 18 18 17
9
2
9
2
9
3
9
2
9
2
9
2
9
2
30
20
9 9 9 9 9 9 9
14 14 13 12 12 12 12
9 9 9 9 9 9 9
10
32 31 31 30 29 29 29
8 8 8 8 8 8 8
22 22 22 22 22 21 21
7
16
7
16
7
16
7
17
7
17
7
17
8
17 0
7
16
7
17
7
17
7
17
7
17
7
17
7
17
5
10 10 10 10 10 10 10
29 29 29 29 29 29 29
7 8 8 8 8 8 8
10 9 9 9 9 9 9
7 7 7 7 7 7 7
20 20 20 21 21 22 23
9 9 9 9 9 9 9
23 23 23 23 23 23 23
8 8 8 8 8 8 8
19 20 20 20 20 20 20
9 9 9 9 9 9 9
28 28 28 27 27 27 27
8 8 8 8 8 8 8
14 14 15 15 16 17 18
9 9 9 9 9 9 9
14 14 14 13 13 13 13
9 9 9 9 9 9 9
72 71 72 72 73 73 73
9 9 9 9 9 9 9
45 46 48 50 51 51 52
8 8 8 8 8 8 8
43 44 44 45 45 46 46
7 7 7 7 7 7 8
50 50 52 52 53 53 54
7 7 7 7 7 7 7
40 41 42 42 42 42 42
10 10 10 10 10 10 10
60 60 60 61 61 60 61
7 8 8 8 8 8 8
48 48 49 49 48 47 47
7 7 7 7 7 7 7
37 39 38 39 39 40 40
9 9 9 9 9 9 9
51 51 52 52 53 53 54
8 8 8 8 8 8 8
58 58 59 59 60 60 60
9 9 9 9 9 9 9
53 53 54 55 56 56 57
8 8 8 8 8 8 8
44 44 44 44 44 45 45
9 9 9 9 9 9 9
68 68 68 69 69 69 69
10 10 10 10 10 10 10 10 10
18 19 19 20 20 21 18 20 20
10 10 10 10 10 10 10 10 10
69 69 68 68 68 68 71 69 70
10 10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10
25 27 27 28 28 28 27 29 30
10 10 10 10 10 10 10 10 10
53.871275 53.096982 53.878916 54.699183 55.078693 56.18724 55.998572 54.698357 54.64985
10 10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10
22 23 24 24 26 26 26 29 30
10 10 10 10 10 10 10 10 10
69 68 68 67 66 66 66 63 63
10 10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10
1 1 1 1 1 1 1 1 1
10 10 10 10 10 10 10 10 10
3 3 3 2 2 3 3 2 2
10 10 10 10 10 10 10 10 10
3 3 2 3 2 2 2 2 2
Figure 37. The share of manufacturing in GDP and employment has peaked at lower levels of GDP per capita in developing EAP c
Agriculture
Percent
90
80
70
60
50
40
30
20
10
0
5 6 7 8 9
Per capita GDP, log
10 10 10 10 10 10 10
20 20 20 20 20 21 21
10 10 10 10 10 10 10
70 71 70 70 71 70 70
10 10 10 10 10 10 10
10 10 10 10 10 10 10
29 29 29 29 29 29 29
10 10 10 10 10 10 10
55.073205 55.213603 55.644994 55.576506 55.358639 54.84779 55.691693
10 10 10 10 10 10 10
10 10 10 11 11 11 11
30 31 32 32 33 34 34
10 10 10 11 11 11 11
62 62 61 61 60 60 60
10 10 10 11 11 11 11
10 10 10 10 10 10 10
1 1 1 1 1 1 1
10 10 10 10 10 10 10
2 2 2 2 2 2 2
10 10 10 11 11 11 11
2 2 2 2 2 2 2
per capita in developing EAP countries than in the early East Asian industrializers
Manufacturing
Percent
40
35
30
25
20
15
10
5
9 10 11
0
5 6
P, log
turing
6 7 8 9 10
Per capita GDP, log
Services
Percent
80
70
60
50
40
30
20
10
0
10 11 5 6 7
Per
6 7 8 9 10 11
Per capita GDP, log
0 11
1970 1971 1972 1973 1974 1975
Agriculture BRA GDPPC 8 8 8 8 9 9
Agriculture BRA emp 43 42 41 40 38 37

Agriculture CHN GDPPC 6 6 6 6 6 6
Agriculture CHN emp 80 79 78 78 77 76
Agriculture IDN GDPPC 7 7 7 7 7 7
Agriculture IDN emp 70 68 68 67 65
Agriculture IND GDPPC 6 6 6 6 6 6
Agriculture IND emp 73 73 74 74 74 74
Agriculture KHM GDPPC
Agriculture KHM emp
Agriculture KOR GDPPC 8 8 8 8 8 8
Agriculture KOR emp 56 54 56 55 53 50
Agriculture LAO GDPPC
Agriculture LAO emp
Agriculture MMR GDPPC
Agriculture MMR emp
Agriculture MYS GDPPC 8 8 8 8 8
Agriculture MYS emp 45
Agriculture PHL GDPPC 7 7 7 7
Agriculture PHL emp 54 56 55 53
Agriculture THA GDPPC 7 7 7 7 7 7
Agriculture THA emp 74 73 72 71 70 69
Agriculture VNM GDPPC
Agriculture VNM emp
Agriculture ZAF GDPPC 9 9 9 9 9 9
Agriculture ZAF emp 37 36 36 35 34 34
ManufacturBRA GDPPC 8 8 8 8 9 9
ManufacturBRA emp 14 13 12 13 13 13
ManufacturCHN GDPPC 6 6 6 6 6 6
ManufacturCHN emp 11 12 13 13 13 14
ManufacturIDN GDPPC 7 7 7 7 7 7
ManufacturIDN emp 7 7 7 7 7
ManufacturIND GDPPC 6 6 6 6 6 6
ManufacturIND emp 10 10 10 10 10 10
ManufacturKHM GDPPC
ManufacturKHM emp
ManufacturKOR GDPPC 8 8 8 8 8 8
ManufacturKOR emp 14 14 14 16 18 19
ManufacturLAO GDPPC
ManufacturLAO emp
ManufacturMMR GDPPC
ManufacturMMR emp
ManufacturMYS GDPPC 8 8 8 8 8
ManufacturMYS emp 10
ManufacturPHL GDPPC 7 7 7 7
ManufacturPHL emp 12 12 12 13
ManufacturTHA GDPPC 7 7 7 7 7 7
ManufacturTHA emp 7 7 8 8 8 9
ManufacturVNM GDPPC
ManufacturVNM emp
ManufacturZAF GDPPC 9 9 9 9 9 9
ManufacturZAF emp 12 12 12 12 13 13
Service BRA GDPPC 8 8 8 8 9 9
Service BRA emp 33 36 39 39 40 41
Service CHN GDPPC 6 6 6 6 6 6
Service CHN emp 7 7 7 7 7 7
Service IDN GDPPC 7 7 7 7 7 7
Service IDN emp 22 24 23 23 25
Service IND GDPPC 6 6 6 6 6 6
Service IND emp
Service KHM GDPPC
Service KHM emp
Service KOR GDPPC
Service KOR emp
Service LAO GDPPC
Service LAO emp
Service MMR GDPPC
Service MMR emp
Service MYS GDPPC 8 8 8 8 8
Service MYS emp 38
Service PHL GDPPC 7 7 7 7
Service PHL emp 29 29 29 29
Service THA GDPPC 7 7 7 7 7 7
Service THA emp 17 17 18 19 19 20
Service VNM GDPPC
Service VNM emp
Service ZAF GDPPC 9 9 9 9 9 9
Service ZAF emp 35 36 36 36 36 38

wbg_ccodesector 1960 1961 1962 1963 1964 1965 1966
JPN Agriculture 32 30 29 27 25 24 23
JPN Constructio 7 7 7 7 8 8 8
JPN GDPPC 9 9 9 9 9 9 9
JPN Manufactur 21 21 22 23 23 23 23
JPN GDPPC 9 9 9 9 9 9 9
JPN Service 39 40 41 42 43 44 45
JPN GDPPC 9 9 9 9 9 9 9
KOR Agriculture 69 67 64 64
KOR Construction 3 2 3 3
KOR GDPPC 7 7 7 7 7 7 7
KOR Manufacturing 8 8 10 10
KOR GDPPC 7 7 7 7 7 7 7
KOR Service 26 28 29 30
KOR GDPPC 7 7 7 7 7 7 7
TWN Agriculture 49 48 45 44
TWN Construction 3 3 3 3
TWN GDPPC 7 7 7 7 7
TWN Manufacturing 14 15 16 16
TWN GDPPC 7 7 7 7 7
TWN Service 32 32 33 34
TWN GDPPC 7 7 7 7 7
JPN GDPPC 9 9 9 9 9 9 9
JPN Agriculture 32 30 29 27 25 24 23
KOR GDPPC 7 7 7 7 7 7 7
KOR Agriculture 69 67 64 64
TWN GDPPC 7 7 7 7 7
TWN Agriculture 49 48 45 44
1976 1977 1978 1979 1980 1981 1982 1983 1984
9 9 9 9 9 9 9 9 9
35 34 32 31 33 28 29 26 29
6 6 6 6 6 6 6 6 6
75 74 70 69 68 67 67 66 64
7 7 7 7 7 7 7 7 7
65 63 63 62 61 60 59 59 59
6 6 6 6 6 6 6 6 6
74 73 73 74 74 73 73 72 72
8 8 8 8 8 8 8 9 9
49 46 43 40 38 38 36 33 31
8 8 8 8 8 8 8 8 8
41 41 41 40 35 33 31 29 29
7 7 7 8 8 8 8 8 7
54 52 52 52 51 51 51 51 50
7 7 7 7 7 7 7 7 7
68 67 68 64 64 63 59 62 64
9 9 9 9 9 9 9 9 9
33 32 31 29 28 28 28 27 27
9 9 9 9 9 9 9 9 9
14 14 13 14 13 14 14 13 13
6 6 6 6 6 6 6 6 6
15 16 18 18 19 19 19 19 20
7 7 7 7 7 7 7 7 7
7 7 8 8 8 8 8 8 9
6 6 6 6 6 6 6 6 6
10 10 11 10 10 10 10 10 10
8 8 8 8 8 8 8 9 9
22 22 23 24 23 21 22 24 25
8 8 8 8 8 8 8 8 8
12 13 13 13 13 13 13 13 13
7 7 7 8 8 8 8 8 7
13 13 13 13 13 12 12 12 12
7 7 7 7 7 7 7 7 7
9 9 9 11 11 10 11 10 9
9 9 9 9 9 9 9 9 9
13 14 14 15 15 15 15 15 15
9 9 9 9 9 9 9 9 9
42 41 44 44 43 47 48 51 49
6 6 6 6 6 6 6 6 6
8 9 10 10 10 11 11 11 13
7 7 7 7 7 7 7 7 7
25 27 27 28 29 29 30 30 30
6 6 6 6 6 6 6 6 6
8 8 8 8 8 8 8 8 8
39 39 39 39 44 46 47 48 48
7 7 7 8 8 8 8 8 7
29 31 31 31 31 32 32 32 34
7 7 7 7 7 7 7 7 7
21 21 21 22 22 23 26 24 23
9 9 9 9 9 9 9 9 9
38 39 40 41 41 40 41 41 41
1967 1968 1969 1970 1971 1972 1973 1974 1975
22 21 20 19 18 17 16 15 15
8 7 7 8 8 9 9 9 9
9 9 10 10 10 10 10 10 10
24 24 25 25 24 24 25 25 23
9 9 10 10 10 10 10 10 10
46 46 47 48 49 50 50 51 52
9 9 10 10 10 10 10 10 10
61 58 57 56 54 56 55 53 50
3 4 4 3 4 4 4 4 5
7 7 8 8 8 8 8 8 8
12 13 14 14 14 14 16 18 19
7 7 8 8 8 8 8 8 8
30 31 32 34 36 33 32 31 32
7 7 8 8 8 8 8 8 8
41 39 38 35 34 32 29 30 29
4 4 5 5 6 5 5 6 6
7 7 8 8 8 8 8 8 8
18 18 19 20 22 24 26 26 27
7 7 8 8 8 8 8 8 8
35 36 36 37 37 37 38 37 36
7 7 8 8 8 8 8 8 8
9 9 10 10 10 10 10 10 10
22 21 20 19 18 17 16 15 15
7 7 8 8 8 8 8 8 8
61 58 57 56 54 56 55 53 50
7 7 8 8 8 8 8 8 8
41 39 38 35 34 32 29 30 29
1985 1986 1987 1988 1989 1990 1991 1992 1993
9 9 9 9 9 9 9 9 9
30 25 24 23 23 22 23 23 23
7 7 7 7 7 7 7 7 7
62 61 60 59 60 60 60 59 56
7 7 7 7 7 7 7 7 7
59 58 57 56 55 55 53 53 50
6 6 6 6 6 6 6 6 6
71 70 70 69 68 67 67 67 67
6
83 82 81
9 9 9 9 9 9 9 9 9
28 27 25 24 22 21 15 15 14
6 6 7
86 86 86
5 5 5
69 69 69
8 8 8 8 8 8 8 8 9
29 29 30 29 27 24 23 21 20
7 7 7 7 7 7 7 7 7
49 50 48 46 45 45 46 46 46
7 7 8 8 8 8 8 8 8
63 61 59 61 61 58 54 53 53
7 7 7
76 75 74
9 8 8 8 8 8 8 8 8
27 27 26 25 24 23 23 22 22
9 9 9 9 9 9 9 9 9
14 15 15 15 15 14 14 13 13
7 7 7 7 7 7 7 7 7
21 22 22 22 21 21 21 21 21
7 7 7 7 7 7 7 7 7
9 9 10 10 10 10 11 11 11
6 6 6 6 6 6 6 6 6
10 10 10 11 11 11 11 11 11
6
1 1 2
9 9 9 9 9 9 9 9 9
25 26 29 30 30 29 27 26 24
6 6 7
1 2 2
5 5 5
7 7 7
8 8 8 8 8 8 8 8 9
13 13 13 14 16 17 18 20 20
7 7 7 7 7 7 7 7 7
11 11 12 12 12 11 11 11 10
7 7 8 8 8 8 8 8 8
10 10 11 10 11 12 13 14 14
7 7 7
7 8 8
9 8 8 8 8 8 8 8 8
15 14 14 14 14 14 13 13 12
9 9 9 9 9 9 9 9 9
47 50 52 53 54 55 55 56 56
7 7 7 7 7 7 7 7 7
14 14 14 15 15 15 15 16 18
7 7 7 7 7 7 7 7 7
30 30 31 31 31 31 32 32 34
6 6 6 6 6 6 6 6 6
6
15 16 17
9 9 9
48 50 52
6 6 7
12 12 11
5 5 5
21 22 21
8 8 8 8 8 8 8 8 9
49 49 49 49 49 51 50 50 50
7 7 7 7 7 7 7 7 7
35 35 35 36 37 38 38 38 38
7 7 8 8 8 8 8 8 8
24 25 26 25 24 24 27 27 28
7 7 7
15 15 15
9 8 8 8 8 8 8 8 8
41 42 43 45 46 47 49 50 51
1976 1977 1978 1979 1980 1981 1982 1983 1984
14 14 14 13 13 12 12 11 11
9 9 9 10 10 10 9 9 9
10 10 10 10 10 10 10 10 10
23 22 22 22 22 22 22 22 23
10 10 10 10 10 10 10 10 10
53 53 54 54 55 55 56 57 57
10 10 10 10 10 10 10 10 10
49 46 43 40 38 38 36 33 31
4 5 6 7 7 7 6 6 7
8 8 8 8 8 8 8 9 9
22 22 23 24 23 21 22 24 25
8 8 8 8 8 8 8 9 9
30 32 34 36 39 40 43 44 45
8 8 8 8 8 8 8 9 9
28 26 24 21 19 18 18 18 17
6 6 7 8 8 8 8 7 7
8 9 9 9 9 9 9 9 9
28 29 30 31 32 31 31 31 33
8 9 9 9 9 9 9 9 9
36 37 37 39 40 41 42 42 42
8 9 9 9 9 9 9 9 9
10 10 10 10 10 10 10 10 10
14 14 14 13 13 12 12 11 11
8 8 8 8 8 8 8 9 9
49 46 43 40 38 38 36 33 31
8 9 9 9 9 9 9 9 9
28 26 24 21 19 18 18 18 17
1994 1995 1996 1997 1998 1999 2000 2001 2002
9 9 9 9 9 9 9 9 9
23 22 21 21 20 21 19 18 18
7 7 7 7 8 8 8 8 8
54 52 51 50 50 50 50 50 50
7 8 8 8 7 7 8 8 8
45 44 43 40 45 43 44 43 44
6 6 6 7 7 7 7 7 7
66 66 65 64 64 63 62 62 61
6 6 6 6 6 6 6 6 6
79 79 79 79 78 77 77 74 74
9 10 10 10 10 10 10 10 10
13 12 12 11 12 12 11 10 10
7 7 7 7 7 7 7 7 7
85 85 86 84 83 82 82 81 80
5 5 5 6 6 6 6 6 6
69 67 65 63 63 62 61 61 60
9 9 9 9 9 9 9 9 9
19 17 16 15 17 16 16 14 14
7 7 7 8 7 7 8 8 8
45 44 42 41 39 39 37 37 37
8 8 8 8 8 8 8 8 8
48 47 44 45 45 45 45 42 42
7 7 7 7 7 7 7 7 7
73 72 72 70 69 69 68 66 63
8 8 8 8 8 8 8 8 9
22 22 22 21 21 21 20 19 22
9 9 9 9 9 9 9 9 9
13 13 12 12 11 11 12 11 11
7 7 7 7 8 8 8 8 8
22 22 22 22 19 18 17 16 16
7 8 8 8 7 7 8 8 8
13 13 13 13 12 13 13 13 13
6 6 6 7 7 7 7 7 7
11 11 11 11 11 11 11 12 12
6 6 6 6 6 6 6 6 6
2 2 2 2 3 4 5 6 6
9 10 10 10 10 10 10 10 10
23 23 22 21 19 19 20 19 19
7 7 7 7 7 7 7 7 7
2 2 2 2 4 4 3 3 3
5 5 5 6 6 6 6 6 6
7 8 8 9 9 9 9 9 9
9 9 9 9 9 9 9 9 9
22 22 23 24 23 23 24 24 22
7 7 7 8 7 7 8 8 8
10 10 10 10 10 10 10 10 10
8 8 8 8 8 8 8 8 8
15 15 15 15 15 15 16 15 15
7 7 7 7 7 7 7 7 7
8 8 8 9 8 9 9 10 11
8 8 8 8 8 8 8 8 9
12 12 11 11 12 12 13 13 13
9 9 9 9 9 9 9 9 9
57 58 59 59 60 60 62 63 63
7 7 7 7 8 8 8 8 8
20 21 22 23 25 26 28 28 28
7 8 8 8 7 7 8 8 8
36 37 38 40 39 39 38 38 38
6 6 6 7 7 7 7 7 7
6 6 6 6 6 6 6 6 6
18 18 17 18 18 18 18 18 19
9 10 10 10 10 10 10 10 10
54 55 56 58 60 61 61 63 63
7 7 7 7 7 7 7 7 7
11 11 11 11 12 12 12 13 14
5 5 5 6 6 6 6 6 6
22 23 24 25 25 25 26 26 27
9 9 9 9 9 9 9 9 9
50 50 50 50 50 51 50 52 54
7 7 7 8 7 7 8 8 8
39 40 41 42 44 44 46 47 47
8 8 8 8 8 8 8 8 8
29 30 31 32 34 34 34 37 36
7 7 7 7 7 7 7 7 7
16 16 16 18 19 18 19 20 22
8 8 8 8 8 8 8 8 9
51 51 53 54 56 57 58 59 56
1985 1986 1987 1988 1989 1990 1991 1992 1993
11 10 10 10 9 9 8 8 8
9 9 9 9 10 10 10 10 10
10 10 10 10 10 10 10 10 10
23 23 22 23 23 23 23 23 22
10 10 10 10 10 10 10 10 10
57 58 58 58 58 58 58 59 60
10 10 10 10 10 10 10 10 10
28 27 25 24 22 21 15 15 14
7 6 6 7 7 8 8 9 9
9 9 9 9 9 9 9 9 9
25 26 29 30 30 29 27 26 24
9 9 9 9 9 9 9 9 9
48 48 48 48 50 51 48 50 52
9 9 9 9 9 9 9 9 9
17 16 15 13 12 12 12 12 11
7 6 6 7 7 8 8 9 10
9 9 9 9 9 9 10 10 10
32 33 34 33 33 31 30 29 28
9 9 9 9 9 9 10 10 10
43 43 44 45 47 48 48 49 50
9 9 9 9 9 9 10 10 10
10 10 10 10 10 10 10 10 10
11 10 10 10 9 9 8 8 8
9 9 9 9 9 9 9 9 9
28 27 25 24 22 21 15 15 14
9 9 9 9 9 9 10 10 10
17 16 15 13 12 12 12 12 11
2003 2004 2005 2006 2007 2008 2009 2010 2011
9 9 9 9 9 9 9 9 9
18 18 18 17 16 15 15 14 14
8 8 8 8 8 8 9 9 9
49 47 45 43 41 40 38 37 35
8 8 8 8 8 8 8 8 8
46 43 43 43 42 41 40 39 37
7 7 7 7 7 7 7 7 7
61 60 59 58 57 56 54 53 51
6 6 7 7 7 7 7 7 7
74 74 74 73 73 72 74 71 73
10 10 10 10 10 10 10 10 10
9 8 8 8 7 7 7 7 6
7 7 7 7 7 7 7 7 7
79 78 76 74 77 74 74 74 74
6 6 6 6 7 7 7 7 7
59 58 57 56 56 55 54 54 54
9 9 9 9 9 9 9 9 9
13 14 14 14 14 13 13 13 12
8 8 8 8 8 8 8 8 8
37 36 37 36 35 35 34 33 33
8 8 8 8 8 8 8 9 9
41 39 39 40 40 40 39 38 33
7 7 7 7 7 8 8 8 8
60 58 55 55 53 52 52 49 48
9 9 9 9 9 9 9 9 9
16 14 14 16 13 15 15 16 18
9 9 9 9 9 9 9 9 9
12 12 12 12 12 13 12 12 11
8 8 8 8 8 8 9 9 9
16 17 18 19 20 20 20 20 20
8 8 8 8 8 8 8 8 8
12 12 13 12 12 12 12 13 13
7 7 7 7 7 7 7 7 7
12 12 12 12 12 12 12 12 13
6 6 7 7 7 7 7 7 7
6 6 6 6 6 6 6 6 6
10 10 10 10 10 10 10 10 10
18 18 18 18 17 17 16 17 17
7 7 7 7 7 7 7 7 7
3 4 5 5 5 5 5 5 4
6 6 6 6 7 7 7 7 7
9 10 10 10 10 10 10 10 10
9 9 9 9 9 9 9 9 9
22 20 20 20 19 18 17 17 18
8 8 8 8 8 8 8 8 8
10 10 10 9 9 9 8 8 8
8 8 8 8 8 8 8 9 9
16 16 16 15 16 15 14 14 16
7 7 7 7 7 8 8 8 8
11 11 12 12 13 13 14 14 14
9 9 9 9 9 9 9 9 9
13 14 14 13 13 13 12 11 11
9 9 9 9 9 9 9 9 9
63 62 62 64 64 64 65 65 66
8 8 8 8 8 8 9 9 9
29 30 30 31 32 33 34 35 35
8 8 8 8 8 8 8 8 8
37 39 38 39 40 41 41 42 43
7 7 7 7 7 7 7 7 7
6 6 7 7 7 7 7 7 7
19 19 19 19 19 19 18 20 18
10 10 10 10 10 10 10 10 10
64 64 65 66 67 68 68 68 69
7 7 7 7 7 7 7 7 7
14 15 18 15 18 18 18 18
6 6 6 6 7 7 7 7 7
28 28 29 29 29 30 30 30 30
9 9 9 9 9 9 9 9 9
54 56 56 56 57 58 60 59 59
8 8 8 8 8 8 8 8 8
48 48 47 49 50 50 51 52 52
8 8 8 8 8 8 8 9 9
37 38 39 38 38 39 40 41 45
7 7 7 7 7 8 8 8 8
24 26 27 26 28 28 28 30 30
9 9 9 9 9 9 9 9 9
61 62 60 61 63 62 62 63 62
1994 1995 1996 1997 1998 1999 2000 2001 2002
7 7 7 7 6 6 6 6 5
10 10 10 10 10 10 10 10 9
10 10 10 10 10 10 10 10 10
21 20 20 20 19 19 19 19 18
10 10 10 10 10 10 10 10 10
60 61 62 62 63 64 65 65 66
10 10 10 10 10 10 10 10 10
13 12 12 11 12 12 11 10 10
9 9 10 10 8 7 7 7 8
9 10 10 10 10 10 10 10 10
23 23 22 21 19 19 20 19 19
9 10 10 10 10 10 10 10 10
54 55 56 58 60 61 61 63 63
9 10 10 10 10 10 10 10 10
11 10 10 9 9 8 8 8 8
10 11 10 9 9 9 9 8 8
10 10 10 10 10 10 10 10 10
27 26 26 28 28 28 28 28 27
10 10 10 10 10 10 10 10 10
51 52 53 52 53 54 55 56 56
10 10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10
7 7 7 7 6 6 6 6 5
9 10 10 10 10 10 10 10 10
13 12 12 11 12 12 11 10 10
10 10 10 10 10 10 10 10 10
11 10 10 9 9 8 8 8 8
2012 2013 2014 2015 2016 2017 2018
9 9 9 9 9 9 9
Agriculture
13
9
12
9
11
9
11
9
11
9
10
9
10
9 Percent
34 31 30 28 28 27 26
8 8 8 8 8 8 8
36
7
35
7
34
7
33
7
32
7
31
7
30
8
90
50 49 47 46 44 43 42
7
70
7
67
7
64
7
61
7
55
7
52
7
50
80
10 10 10 10 10 10 10
6
7
6
8
6
8
5
8
5
8
5
8
5
8
70
74 74 74 75 75 75 74
7
53
7
53
7
52
7
52
7
51
7
51
7
48
60
50
9 9 9 9 9 9 9
13 13 13 12 11 11 11
8 8 8 8 8 8 8
32
9
31
9
31
9
29
9
27
9
25
9
24
9 40
34 34 33 32 31 32 32
8
47
8
47
8
46
8
44
8
42
8
40
8
38 30
9 9 9 9 9 9 9
16
9
15
9
14
9
15
9
16
9
17
9
16
9 20
12 11 12 11 10 11 10
9
20
9
21
9
21
9
21
9
21
9
21
9
19
10
8 8 8 8 8 8 8
14 14 13 14 14 14 14
0
7
13
7
13
7
13
7
13
7
13
7
13
8
13 5
7 7 7 7 7 7 7
7 7 9 10 10 11 11
10 10 10 10 10 10 10
17 17 17 18 17 17 17
7 8 8 8 8 8 8
4 4 4 4 4 3 4 Manufacturin
7 7 7 7 7 7 7
Percent
10
9
11
9
11
9
11
9
11
9
10
9
11
9
Percent
16 17 17 17 17 17 17
8
8
8
8
8
8
8
8
8
8
8
9
8
9 40
9 9 9 9 9 9 9
16 16 17 17 17 16 17
8
14
8
14
8
14
8
15
8
17
8
17
8
18
35
9 9 9 9 9 9 9
11
9
11
9
10
9
10
9
9
9
10
9
9
9
30
66 67 67 68 70 70 71
9
35
9
35
9
36
9
37
9
38
9
40
9
41 25
8 8 8 8 8 8 8
20
43 44 44 45 46 47 48
7 7 7 7 7 7 8
7 7 7 7 7 7 7
20
10
22
10
23
10
25
10
29
10
31
10
31
10
15
69 70 70 69 70 70 70
7
18
8
18
8
18
8
18
8
18
8
18
8
19
10
7 7 7 7 7 7 7
31
9
31
9
31
9
32
9
33
9
33
9
34
9 5
59 59 60 60 61 61 62
8 8 8 8 8 8 8
53 53 54 55 56 56 57 0
9
43
9
42
9
43
9
44
9
45
9
46
9
45
5
8 8 8 8 8 8 8
31 32 32 33 33 34 36
9 9 9 9 9 9 9
63 64 65 63 63 63 64 Services
Percent
80
70
80
70
60
50
40
30
20
10
0
5
2003 2004 2005 2006 2007 2008 2009 2010 2011
5 5 5 5 5 5 5 5 5
9 9 9 9 8 8 8 8 8
10 10 10 10 10 10 10 10 10
18 17 17 17 17 17 16 16 16
10 10 10 10 10 10 10 10 10
67 68 68 69 69 69 70 71 71
10 10 10 10 10 10 10 10 10
9 8 8 8 7 7 7 7 6
8 8 8 8 8 8 7 7 7
10 10 10 10 10 10 10 10 10
18 18 18 18 17 17 16 17 17
10 10 10 10 10 10 10 10 10
64 64 65 66 67 68 68 68 69
10 10 10 10 10 10 10 10 10
7 7 6 5 5 5 5 5 5
7 8 8 8 8 8 8 8 8
10 10 10 10 10 10 10 10 10
27 28 28 28 28 28 27 27 28
10 10 10 10 10 10 10 10 10
57 57 58 58 58 58 59 59 59
10 10 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10
5 5 5 5 5 5 5 5 5
10 10 10 10 10 10 10 10 10
9 8 8 8 7 7 7 7 6
10 10 10 10 10 10 10 10 10
7 7 6 5 5 5 5 5 5
Agriculture
Percent
90
80
70
60
50
40
30
20
10
0
5 6 7 8 9
Per capita GDP, log
Manufacturing
Percent
Percent
40
35
30
25
20
15
10
5
0
5 6 7 8 9
Per capita GDP, log
Services
Percent
80
70
80
70
60
50
40
30
20
10
0
5 6 7 8 9
Per capita GDP, log
2012 2013 2014 2015 2016 2017 2018
5 4 4 4 4 4 4
8 8 8 8 7 7 7
10 10 10 10 10 10 10
16 15 15 15 15 15 15
10 10 10 10 10 10 10
71 72 72 73 73 73 73
10 10 10 10 10 10 10
6 6 6 5 5 5 5
7 7 7 7 7 7 8
10 10 10 10 10 10 10
17 17 17 18 17 17 17
10 10 10 10 10 10 10
69 70 70 69 70 70 70
10 10 10 10 10 10 10
5 5 5 5 5 5 5
8 8 8 8 8 8 8
10 10 10 11 11 11 11
27 27 27 27 27 27 27
10 10 10 11 11 11 11
59 59 59 59 59 59 59
10 10 10 11 11 11 11
10 10 10 10 10 10 10
5 4 4 4 4 4 4
10 10 10 10 10 10 10
6 6 6 5 5 5 5
10 10 10 11 11 11 11
5 5 5 5 5 5 5
9 10 11
P, log
9 10 11
P, log
9 10 11
P, log
China + ASEAN4 Agriculture -14 -1 49 -11 -1
Business 1 1 2 2 1
Finance 0 2 1 0 1
Governmen 2 0 8 1 0
Mining 0 3 1 0 2
Other 1 0 3 0 0
Trade 5 0 14 4 0
Transport 1 0 3 0 0
Utilities 0 1 1 0 1
Japan, Korea, Taiwan Agriculture -6 -1 13 -2 -1

Business 4 0 4 3 0
Constructio 0 0 8 -1 -1
Finance 1 1 3 0 0
Governmen 3 0 11 3 0
Manufactur -6 0 27 -2 0
Mining 0 1 0 0 1
Mining 2 0 5 0 -1
Trade 2 0 22 -2 0
Transport 0 0 5 0 0
Utilities 0 2 1 0 1
Cambodia, Vietnam, MAgriculture -14 -1 77 -18 -1

Business 1 1 1 1 1
Finance 0 1 0 1 1
Governmen 1 0 5 0 0
Mining 0 2 0 0 3
Mining 1 -1 2 0 0
Trade 4 1 7 6 0
Transport 1 1 2 1 1
Utilities 0 2 0 0 2
3 4 Business 1 1 1
1 2 Governmen 1 0 8
9 11 Manufactur 4 1 10
16 17 Mining 0 2 1
1 1
4 4 Trade 4 0 10
0 1 Transport 1 0 2
4 4 #DIV/0! #DIV/0! #DIV/0!
1 1 #DIV/0! #DIV/0! #DIV/0!
8 11 Business 3 1 4
3 3 Governmen 0 0 8
14 18 Manufactur 3 0 24
21 19 Mining 0 1 1
0 0
7 6 Trade 5 0 18
1 2 Transport 0 0 5
5 5 #DIV/0! #DIV/0! #DIV/0!
1 1 #DIV/0! #DIV/0! #DIV/0!
63 45
2 2
3 7
0 1
6 6
9 13
0 0
3 3
0 0
11 17
3 4
0 0
China, Thailand, Malaysia, Indonesia, 19
3
-1
-2
-15 -10 -5 0
Japan, Korea, rep, Taiwan, China, 1976

3
ivity
Japan, Korea, rep, Taiwan, China, 1976
3
-1
-2
-20 -15 -10 -5 0
Indonesia, 1976-1990 China, Tha
3

2
-1
-2
0 5 10 -15 -10
ployment share
n, China, 1976-1990 Japan, K

3
ivity
n, China, 1976-1990 Japan, K
3

2
-1
-2
5 0 5 10 -20 -15
loyment share
Vietnam
4
al productivity
3
Log of sectoral productivity / total productivi
-1
0
1
2
3
-25
-20
China, Thailand, Malaysia, Indonesia, 1990-2004
15 -10 -5 0 5
Japan, Korea, rep, Taiwan, China, 1990-2004

Japan, Korea, rep, Taiwan, China, 1990-2004
20 -15 -10 -5 0 5
Vietnam, Cambodia, Myanmar, 1990-2004

4
3
3
1
25 -20 -15 -10 -5 0 5
990-2004 China, Thailand, Malay
3

2
-1
-2
5 10 -20 -15 -10
Change in
90-2004 Japan, Korea, rep, Ta

3
ivity
90-2004 Japan, Korea, rep, Ta
3

2
-1
-2
5 10 -20 -15 -10
Change in
0-2004 Vietnam, Cambodia,

4
al productivity
3
0
5
10
Log of sectoral productivity / total productivi
-1
0
1
2
3
-20
-15
-10
Change in
hailand, Malaysia, Indonesia, 2004-2018
-10 -5 0 5 10
Korea, rep, Taiwan, China, 2004-2018

Korea, rep, Taiwan, China, 2004-2018
-10 -5 0 5 10
am, Cambodia, Myanmar, 2004-2018

-10 -5 0 5 10
10
10
10
year AgricultureManufacturServices withinprodwithinprodB/w AgricuB/w Agricul
2018 EAP Within 0 0 0 0 0 0 0
Between 0 0 0 0
2018 Other EMDWithin 0 0 0 0 0 0 0

Between 0 0 0 0
2018 Advanced AWithin 0 0 0 0 0 0 0

Between 0 0 0 0
Annualize
acrpro23_Aacrpro23_AgrTransporAgricultureManufacturServices withinprodwithinprodB/w AgricuB/w Agricul
1.544693 1.527855 1.630712 0.40236 0.785904 0.237128 1.327329
0.237128 1.327329 0.459652 0.910848 0 0
0.705818 0.309363 0.537121 0.203727 0.081013 -0.03622 0.742519

-0.03622 0.742519 0.169982 0.592414 0 0
0.12381 1.464876 0.941526 0.421752 0.370291 -0.352963 0.471249

-0.352963 0.471249 -0.023425 0.484885 0 0
Percentage point
Agriculture Man
5
4
3
2
1
0
-1
in
in
0
-1
Within
Between
EAP
Within
Other
acrpro23_AgrTrade
ture Manufacturing Services

in
in
n
Within
Between
Other EMDE
Within
Asia
Between
Advanced
ecommerce_sh
lo_0 hi_0 x E-commerce
ci A. Ecommerce
-0.592013 -0.225565 -8 -0.408789 0.183224
-0.56077 -0.19458 -7 -0.377675 0.183095
-0.528492 -0.164155 -6 -0.346324 0.182169
-0.463748 -0.111491 -5 -0.28762 0.176128
-0.369742 -0.044255 -4 -0.206998 0.162744

-0.114098 -0.028877 -3 -0.071488 0.042611
-0.058998 -0.014807 -2 -0.036903 0.022095
-1
-0.000458
0.020408
0.018146
0.055951
0 0.008844
1 0.038179
0.009302
0.017772
Percen
0.037699 0.100817 2 0.069258 0.031559
0.053919
0.075865
0.117061
0.162471
3 0.08549
4 0.119168
0.031571
0.043303
3
0.097187 0.218839 5 0.158013 0.060826
0.105983 0.318438 6 0.212211 0.106228
0.14539 0.468928 7 0.307159 0.161769
0.190088 0.726223 8 0.458156 0.268067
0.32852
0.404873
0.875653
0.977413
9 0.602087
10 0.691143
0.273567
0.28627 2
0.481557 1.118361 11 0.799959 0.318402
0.563297 1.196664 12 0.879981 0.316683
0.587122 1.251662 13 0.919392 0.33227
0.608281 1.291687 14 0.949984 0.341703
0.634205
0.671499
1.35282
1.41405
15 0.993512
16 1.042775
0.359307
0.371276 1
0.697354 1.444893 17 1.071124 0.37377
0.714471 1.481378 18 1.097925 0.383454
0.73586 1.528143 19 1.132001 0.396141
0.788456 1.598436 20 1.193446 0.40499
0.845509
0.885457
1.69208
1.760898
21 1.268795
22 1.323177
0.423287
0.43772 0
0.939779 1.812691 23 1.376235 0.436456
0.97963 1.893579 24 1.436604 0.456974
-1
-8
-1
-8
Percent of firms
3
-1
-8 -5 -2 1 4 7 1 0 13 16 1
Event Weeks
-1
-8 -5 -2 1 4 7 1 0 13 16 1
Event Weeks
13 16 19 22
13 16 19 22
Economy Avg. VA Avg. Website Web (%) Column1 Figure 3.15
Turkey 23493.17 63.6907 0.636907 63.6907
Thailand 8684.045 7.41 0.0741 7.41
Sweden 80934.52 94.2538 0.942538 94.2538
Spain 45542.05 77.226 0.77226 77.226
Slovenia 34392.57 93.702 0.93702 93.702
Romania 14083.18 43.6652 0.436652 43.6652
Portugal 36165.13 67.4316 0.674316 67.4316
Poland 28537.93 61.1811 0.611811 61.1811
Philippines 6131.014 18.96 0.1896 18.96
Paraguay 6329.305 7.49 0.0749 7.49
Norway 74534.15 68.0574 0.680574 68.0574
Netherlands 62423.96 89.4422 0.894422 89.4422
Mauritius 14963.75 63.45 0.6345 63.45
Malta 34676.84 83.3762 0.833762 83.3762
Malaysia 16073.15 23.7 0.237 23.7
Malawi 599.2904 43.6 0.436 43.6
Madagascar 1652.766 56.1 0.561 56.1
Lithuania 27936.51 78.7603 0.787603 78.7603
Lebanon 19798.5 59.2 0.592 59.2
Latvia 25648.78 65.3381 0.653381 65.3381
Kenya 1539.858 47.3 0.473 47.3
Kazakhstan 22921.71 36.9 0.369 36.9
Jordan 10989.94 76 0.76 76
Japan 54398.95 91.97 0.9197 91.97
Jamaica 8200.184 56.9 0.569 56.9
Italy 55568.25 70.1699 0.701699 70.1699
Israel 54505.97 56.3 0.563 56.3
Iraq 9900.825 14.2 0.142 14.2
Indonesia 5084.628 18.6 0.186 18.6 Value Added per Worker
India 4383.147 40 0.4 40 Proportion of Businesses with a Website
Iceland 52720.46 84.8022 0.848022 84.8022 Source: ILO, UNCTAD, WB Enterprise Surve
Hungary 16954.81 68.6621 0.686621 68.6621
Honduras 3793.497 34.6 0.346 34.6
Guinea-Bissau 2125.379 3.7 0.037 3.7
Guinea 2381.565 8.5 0.085 8.5
Guatemala 10438.63 64 0.64 64
Greece 28566.81 67.3311 0.673311 67.3311
Ghana 2615.438 25.1 0.251 25.1
Germany 47163.16 90.2802 0.902802 90.2802
Georgia 10217.59 61.9 0.619 61.9
France 63713.1 69.0718 0.690718 69.0718
Finland 59035.52 98.259 0.98259 98.259
Ethiopia 3520.25 21.8 0.218 21.8
Estonia 26370.91 84.6267 0.846267 84.6267
El Salvador 4445.024 41 0.41 41
Egypt 13004.99 41.44 0.4144 41.44
Ecuador 6235.646 80.6 0.806 80.6
Dominican Re 9773.519 38.3 0.383 38.3
Djibouti 8600.934 36.6 0.366 36.6
Denmark 72583.63 93.7128 0.937128 93.7128
Czechia 27452.71 74.73645 0.7473645 74.73645
Cyprus 22723.01 69.8671 0.698671 69.8671
Croatia 23602.59 73.6756 0.736756 73.6756
Costa Rica 11850.98 51.3 0.513 51.3
Colombia 5592.118 61.32 0.6132 61.32
Chile 13769.12 73.9 0.739 73.9
Cameroon 3200.709 20.7 0.207 20.7
Cambodia 1730.245 40.6 0.406 40.6
Burundi 1936.999 16.6 0.166 16.6
Burkina Faso 880.9379 7.3 0.073 7.3
Bulgaria 10692.81 42.8377 0.428377 42.8377
Brazil 10302.55 41.13 0.4113 41.13
Botswana 27068.42 32.2 0.322 32.2
Bosnia and He 14960.59 50.3 0.503 50.3
Bhutan 6322.895 53.7 0.537 53.7
Belgium 75849.83 85.8036 0.858036 85.8036
Belarus 8929.857 65.1 0.651 65.1
Bangladesh 3095.11 29.6 0.296 29.6
Azerbaijan 8746.591 11.44 0.1144 11.44
Austria 67992.54 85.3214 0.853214 85.3214
Armenia 8987.479 70.1 0.701 70.1
Argentina 24997.39 56.8 0.568 56.8
Angola 11294.25 22.5 0.225 22.5
Albania 8190.6 62.3 0.623 62.3
Afghanistan 1744.71 25.5 0.255 25.5
90,000
80,000
Value Added per Worker (US$)

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
0 10 20 30 4
usinesses with a Website
CTAD, WB Enterprise Surveys, website data from most recent available year (2014 onward)
Share of busines
10 20 30 40 50 60 70 80 90 100
hare of businesses with a website (%)
3-yr MAs reform index trade1
year year China Indonesia Malaysia Philippines Thailand Vietnam China
1973 1973
1974 1974
1975 1975 0.3692647
1976 1976 0.25894 0.3692647
1977 1977 0.2369103 0.3692647
1978 1978 0.3798365 0.4649473 0.2369103 0.3692647
1979 1979 0.3798365 0.4723548 0.2416722 0.3729684
1980 1980 0.3798365 0.4703571 0.2501378 0.3803758
1981 1981 0.3798365 0.4457208 0.2623071 0.3877832
1982 1982 0.3798365 0.4231679 0.2878507 0.3914869
1983 1983 0.3946514 0.41002 0.3133878 0.3914869
1984 1984 0.4131699 0.4241403 0.337451 0.3914869
1985 1985 0.4353921 0.4250663 0.343296 0.3914869
1986 1986 0.4423905 0.4259922 0.3539711 0.3914869
1987 1987 0.4456851 0.4296959 0.3623956 0.3892988
1988 1988 0.4489799 0.4700274 0.3704153 0.3870716 0.2013606
1989 1989 0.1241664 0.4577431 0.5241708 0.3780924 0.390517 0.1733741
1990 1990 0.1366414 0.4712712 0.5634995 0.3906347 0.4123542 0.2172307
1991 1991 0.1499311 0.4847992 0.5775615 0.4057472 0.4661098 0.2651609
1992 1992 0.1534535 0.4932677 0.5928909 0.4522694 0.525304 0.2642542
1993 1993 0.1547614 0.5053548 0.6093813 0.4962509 0.5665833 0.2707938
1994 1994 0.1581693 0.5137381 0.6256218 0.5580491 0.5815389 0.2878334
1995 1995 0.1854661 0.5331619 0.6246996 0.590571 0.5996243 0.3055834

1996 1996 0.219674 0.5469967 0.6169589 0.6238449 0.6194209 0.2981422 0.3578889
1997 1997 0.2584634 0.5553814 0.6089403 0.6417779 0.6003287 0.2923943 0.4145833
1998 1998 0.2772208 0.5514145 0.5927964 0.6486149 0.5669953 0.313922 0.4713333
1999 1999 0.2914875 0.5472848 0.5942969 0.6529076 0.5278254 0.3252054 0.4871111
2000 2000 0.2990393 0.555183 0.5877641 0.6576168 0.5359069 0.3364887 0.4878334
2001 2001 0.3034375 0.5571089 0.6000401 0.6854705 0.5499946 0.3402368 0.4913056
2002 2002 0.3255309 0.55632 0.6059012 0.7137242 0.5711459 0.3491165 0.5038889
2003 2003 0.3482798 0.5549886 0.6238493 0.737452 0.5777134 0.3684317 0.51975
2004 2004 0.3783639 0.560896 0.6367623 0.7384353 0.5797245 0.3849766 0.53525
2005 2005 0.3892824 0.5627368 0.6509927 0.7422224 0.5807922 0.4056677 0.5528055
2006 2006 0.4118158 0.5778654 0.6658342 0.7492909 0.5823588 0.4158566 0.56825
2007 2007 0.4306695 0.596881 0.6773776 0.7578287 0.5920348 0.4341344 0.6023333
2008 2008 0.4530469 0.6193355 0.6869988 0.7664388 0.6133088 0.4466455 0.6250278
2009 2009 0.4717984 0.6235114 0.7043755 0.7696859 0.6367107 0.4629492 0.6481111
2010 2010 0.4847963 0.627604 0.72193 0.7697914 0.6538226 0.4751344 0.6609445
2011 2011 0.4919259 0.6323522 0.7422337 0.7749432 0.6588197 0.484 0.6734444
2012 2012 0.4891335 0.6397429 0.7504004 0.7817377 0.6616709 0.4892341 0.6780009
2013 2013 0.4920547 0.6433522 0.758256 0.7993618 0.6824384 0.4923731 0.692607
2014 2014 0.5067769 0.6390435 0.758399 0.809232 0.7091373 0.5153261 0.7245515
2015 2015 0.7490185
2016 2016 0.752631
2017 2017 0.7286078
2018 2018 0.7186449
2019 2019 0.7149224
2020 2020 0.7212762
2021 2021
2022 2022
extfin1
Indonesia Malaysia Philippines Thailand Vietnam China Indonesia Malaysia Philippines
0.4503472 0 0.625 0.75 0.25
0.2761386 0.4503472 0 0.625 0.7083333 0.25
0.2657219 0.4503472 0 0.625 0.625 0.25
0.6429401 0.658437 0.2657219 0.4503472 0 0.625 0.625 0.25
0.6429401 0.658437 0.2657219 0.4503472 0.0416667 0.625 0.625 0.25
0.6429401 0.5743746 0.2657219 0.4503472 0.0833333 0.625 0.625 0.25
0.6429401 0.4903123 0.2657219 0.4503472 0.125 0.625 0.5833333 0.25
0.6429401 0.4166667 0.319366 0.4503472 0.125 0.625 0.5416667 0.25
0.6429401 0.4270833 0.3729776 0.4503472 0.125 0.625 0.5 0.25
0.6429401 0.4375 0.4377381 0.4503472 0.125 0.625 0.5416667 0.25
0.6429401 0.4375 0.4484444 0.4503472 0.125 0.625 0.5833333 0.25
0.6429401 0.4375 0.4594915 0.4503472 0.125 0.625 0.625 0.25
0.6429401 0.4375 0.4592864 0.4394068 0.125 0.625 0.625 0.25
0.6429401 0.5650833 0.4570565 0.428271 0.125 0.625 0.625 0.25
0.6682379 0.6926666 0.4544904 0.4084608 0.125 0.625 0.625 0.25
0.6988412 0.82025 0.47625 0.4204245 0.125 0.625 0.625 0.25
0.7294444 0.8215 0.5108611 0.4610278 0.125 0.625 0.625 0.25
0.73475 0.82275 0.6184722 0.5103055 0.125 0.625 0.625 0.375
0.735 0.8298056 0.6948611 0.5301944 0.125 0.6666667 0.625 0.5
0.73525 0.8356111 0.7631111 0.5216389 0.125 0.7083333 0.625 0.6666667
0.7430833 0.831 0.7623611 0.5753333 0.125 0.75 0.625 0.7083333

0.7596945 0.8293333 0.7838889 0.6375833 0.5405 0.125 0.75 0.625 0.75
0.7490556 0.8262778 0.8074167 0.6581666 0.5405 0.125 0.75 0.625 0.75
0.7659444 0.8361667 0.8230833 0.6165 0.5509167 0.125 0.7083333 0.5 0.75
0.7684444 0.8370556 0.8260278 0.5271316 0.5656667 0.125 0.6666667 0.4166667 0.75
0.8033055 0.8394445 0.8310556 0.5490205 0.5804167 0.125 0.625 0.2916667 0.75
0.8083056 0.8406389 0.8406944 0.5771316 0.5806389 0.125 0.5833333 0.3333333 0.75
0.81825 0.8421667 0.8523333 0.6590782 0.588 0.125 0.5416667 0.3333333 0.75
0.8246389 0.8439444 0.8598611 0.668106 0.5972778 0.125 0.5 0.375 0.75
0.8255556 0.8436944 0.8647777 0.6781616 0.6112222 0.125 0.5 0.375 0.75
0.8061389 0.854 0.8651944 0.6835 0.6366389 0.125 0.5 0.375 0.75
0.8163055 0.8673611 0.8635 0.6913334 0.6598056 0.1666667 0.5416667 0.375 0.75
0.8273889 0.88275 0.8638611 0.6934167 0.68175 0.2083333 0.5833333 0.375 0.75
0.8556666 0.8885278 0.8645834 0.6933056 0.7026389 0.2916667 0.625 0.375 0.75
0.8580278 0.8914167 0.8755278 0.7038333 0.7239723 0.375 0.625 0.4166667 0.75
0.8599722 0.8951944 0.8760556 0.7239166 0.7478611 0.4583333 0.625 0.4583333 0.75
0.8651944 0.8948611 0.8786667 0.7436111 0.7498611 0.5 0.625 0.5416667 0.7916667
0.8651111 0.8940278 0.8709722 0.7525765 0.7522222 0.5 0.625 0.5833333 0.8333333
0.8646389 0.8916389 0.8942778 0.7492709 0.7538611 0.5 0.625 0.625 0.9166667
0.8616142 0.8923541 0.9204806 0.7571042 0.7765278 0.5416667 0.625 0.625 0.9583333
0.8589903 0.896422 0.9493961 0.7575034 0.8010216 0.5833333 0.625 0.625 1
0.8550222 0.900211 0.9575902 0.7610568 0.8241698 0.5833333 0.625 0.625 1
0.8533708 0.9044962 0.9603585 0.756577 0.8262902 0.5416667 0.625 0.625 0.9166667
0.8514018 0.8950561 0.9607872 0.7596239 0.8263201 0.5 0.625 0.625 0.8333333
0.8508882 0.8853001 0.9612445 0.7599009 0.826171 0.5 0.625 0.625 0.75
0.8508882 0.8746249 0.9617589 0.758322 0.8263499

domfin1 prdm1
Thailand Vietnam China Indonesia Malaysia Philippines Thailand Vietnam China
0.375 0.2083333 0 0.2407408 0.0555556 0.1111111 0
0.375 0.1666667 0 0.2037037 0.0555556 0.1111111 0
0.375 0.125 0 0.1666667 0.0555556 0.1111111 0
0.375 0.125 0 0.2037037 0.0555556 0.1111111 0
0.375 0.125 0 0.2407408 0.0555556 0.1296296 0
0.375 0.125 0 0.3148148 0.0740741 0.1666667 0
0.375 0.125 0 0.3518519 0.1111111 0.2037037 0
0.375 0.125 0 0.3888889 0.1851852 0.2222222 0
0.375 0.125 0 0.0740741 0.3888889 0.2592593 0.2222222 0
0.375 0.125 0 0.1666667 0.4074074 0.3148148 0.2222222 0
0.375 0.125 0.0185185 0.2777778 0.3703704 0.3333333 0.2222222 0
0.375 0.125 0.0370371 0.3148148 0.3333333 0.3518518 0.2222222 0
0.375 0.125 0.0555556 0.3333333 0.3518519 0.3703704 0.2222222 0
0.375 0.125 0.0555556 0.3518518 0.4259259 0.3888889 0.2222222 0
0.375 0.125 0.0555556 0.3703704 0.5740741 0.4074074 0.2592592 0
0.4166667 0.125 0.0740741 0.4074074 0.6481481 0.4259259 0.3148148 0
0.5416667 0.125 0.0925926 0.4444444 0.7222222 0.4444444 0.3703704 0
0.6666667 0.125 0.1111111 0.4814815 0.7222222 0.4444444 0.4444445 0.1111111 0
0.75 0.1666667 0.1111111 0.5 0.7222222 0.4629629 0.5000001 0.1111111 0
0.75 0.2083333 0.1111111 0.5 0.7222222 0.537037 0.5555556 0.1111111 0
0.75 0.25 0.1296296 0.5 0.7222222 0.6111111 0.5740741 0.1111111 0

0.75 0.25 0.1481482 0.5185185 0.6851852 0.6666667 0.5925926 0.1666667 0
0.625 0.25 0.1851852 0.5370371 0.6481481 0.6851852 0.6111111 0.2222222 0
0.5 0.2916667 0.2222222 0.5555556 0.6111111 0.7037037 0.6111111 0.2777778 0
0.375 0.3333333 0.2777778 0.5740741 0.6296296 0.7222222 0.6296296 0.2777778 0
0.375 0.375 0.3148148 0.5925926 0.6481482 0.7407407 0.6481482 0.2777778 0
0.375 0.375 0.3333333 0.6111111 0.6666667 0.7592593 0.6666667 0.2962963 0
0.375 0.375 0.3518518 0.6111111 0.6666667 0.7777778 0.6666667 0.3333333 0.0793651
0.375 0.375 0.3703704 0.6296296 0.6851852 0.7777778 0.6666667 0.3888889 0.1587302
0.375 0.375 0.4259259 0.6481482 0.7222222 0.7777778 0.6666667 0.4259259 0.2380952
0.375 0.375 0.462963 0.6666667 0.7592593 0.7962963 0.6666667 0.4444444 0.2380952
0.375 0.375 0.5185185 0.6666667 0.7962963 0.8333333 0.6666667 0.4444444 0.2380952
0.375 0.4166667 0.5370371 0.6851852 0.8148148 0.8518518 0.6851852 0.4444444 0.2380952
0.4166667 0.4583333 0.5555556 0.7037037 0.8333333 0.8703704 0.7222222 0.4444444 0.2380952
0.4583333 0.5 0.5555556 0.7222222 0.8518518 0.8518518 0.7592593 0.4629629 0.2380952
0.5 0.5 0.5370371 0.7407407 0.8703704 0.8518518 0.7592593 0.5 0.2380952
0.5 0.5 0.5185185 0.7592592 0.8888889 0.8333333 0.7407407 0.5185185 0.2380952
0.5 0.5 0.5 0.7962963 0.8888889 0.8333333 0.7222222 0.5185185 0.2380952
0.5833333 0.5 0.5 0.8148148 0.8888889 0.8148148 0.7222222 0.5 0.2380952
0.6666667 0.5833333 0.5 0.7962963 0.8888889 0.7962963 0.7407407 0.5 0.2380952
0.75 0.6666667 0.537037 0.7592593 0.8888889 0.7962963 0.7592593 0.2857143
0.75 0.75 0.5740741 0.7222222 0.8888889 0.8148148 0.7777778 0.3333333
0.75 0.75 0.6111111 0.7222222 0.8888889 0.8333333 0.7777778 0.3809524
0.75 0.75 0.6481481 0.7222222 0.8888889 0.8518519 0.7777778 0.3809524
0.75 0.75 0.6851852 0.7222222 0.8888889 0.8703704 0.7777778 0.3809524
0.7037037 0.7222222 0.8888889 0.8703704 0.7777778 0.3809524
0.6851852 0.7222222 0.8888889 0.8518519 0.7777778

0.6666667 0.7222222 0.8888889 0.8333333 0.7777778
labor1
Indonesia Malaysia Philippines Thailand Vietnam China Indonesia Malaysia Philippines
0 0 0 0 0 0.6312426 0.8375961 0.8127373
0 0 0 0 0 0.6312426 0.8375961 0.7130055
0 0 0 0 0 0.6312426 0.8375961 0.6132738
0 0 0 0 0 0.6312426 0.8375961 0.6132738
0 0 0.0238095 0 0 0.6312426 0.8375961 0.6132738
0 0 0.047619 0 0 0.6312426 0.8375961 0.6132738
0 0 0.0714286 0 0 0.6312426 0.8031066 0.6132738
0 0 0.0714286 0 0 0.6312426 0.7686171 0.6132738
0 0 0.0714286 0 0 0.6312426 0.7341276 0.6132738
0 0 0.0714286 0 0 0.6312426 0.7341276 0.6132738
0 0 0.0714286 0 0 0.6312426 0.7341276 0.6132738
0 0 0.0952381 0 0 0.6291975 0.7341276 0.6132738
0 0 0.1190476 0 0 0.6271524 0.7341276 0.6132738
0 0 0.1428571 0 0 0.6251073 0.7341276 0.6132738
0 0 0.1706349 0 0 0.2669021 0.6251073 0.7291135 0.6079292
0 0 0.1984127 0 0 0.2669021 0.6251073 0.7240993 0.6025847
0 0 0.2261905 0.047619 0 0.2669021 0.6251073 0.7190852 0.5972401
0 0.0753968 0.2261905 0.0952381 0 0.2669021 0.6251073 0.7190852 0.5972401
0 0.1507937 0.2261905 0.1428571 0 0.2669021 0.6251073 0.7190852 0.5972401
0 0.2261905 0.2261905 0.1706349 0 0.2669021 0.6251073 0.7190852 0.5972401
0.047619 0.2261905 0.2738095 0.1984127 0 0.3671176 0.6251073 0.7190852 0.5972401

0.0952381 0.2261905 0.3214286 0.2261905 0 0.467333 0.6115322 0.7190852 0.5972401
0.1428571 0.2261905 0.3690476 0.2261905 0 0.5675485 0.597957 0.7190852 0.5972401
0.1428571 0.297619 0.3690476 0.2261905 0 0.5675485 0.5843818 0.7190852 0.5972401
0.1428571 0.3690476 0.3690476 0.2261905 0 0.5675485 0.5843818 0.7190852 0.5972401
0.1706349 0.4404762 0.3690476 0.2261905 0 0.5675485 0.5843818 0.7190852 0.5972401
0.1984127 0.4404762 0.4801587 0.25 0 0.5675485 0.5843818 0.7190852 0.5972401
0.2261905 0.468254 0.5912699 0.2738095 0 0.5675485 0.5843818 0.7190852 0.5972401
0.2738095 0.4960317 0.702381 0.297619 0.047619 0.5675485 0.5468649 0.7190852 0.5972401
0.3214286 0.5238095 0.702381 0.297619 0.0952381 0.5675485 0.5093479 0.7190852 0.5972401
0.3690476 0.547619 0.702381 0.297619 0.1706349 0.5675485 0.471831 0.7190852 0.5972401
0.3928571 0.5714286 0.702381 0.297619 0.1984127 0.5675485 0.471831 0.7190852 0.5972401
0.4166667 0.5952381 0.7261904 0.3253968 0.2261905 0.5675485 0.471831 0.7190852 0.5972401
0.4404762 0.6190476 0.75 0.3531746 0.2261905 0.5548894 0.471831 0.7190852 0.5972401
0.4404762 0.6428571 0.7738095 0.3809524 0.2261905 0.5422304 0.471831 0.7190852 0.5972401
0.4404762 0.6666667 0.7738095 0.4047619 0.2261905 0.5295713 0.471831 0.7190852 0.5972401
0.4404762 0.6666667 0.7738095 0.4285714 0.25 0.5295713 0.471831 0.7190852 0.5972401
0.4404762 0.6666667 0.7738095 0.452381 0.2738095 0.5295713 0.471831 0.7190852 0.5972401
0.4404762 0.6666667 0.7738095 0.4761905 0.297619 0.5295713 0.471831 0.7190852 0.5972401
0.4404762 0.6666667 0.7738095 0.5 0.297619 0.5295713 0.471831 0.7190852 0.5972401
0.4642857 0.6666667 0.7738096 0.5238096 0.297619
0.4880952 0.6666667 0.7738096 0.5238096 0.3253968
0.5119048 0.6666667 0.7738096 0.5238096 0.3531746
0.5119048 0.6666667 0.7738096 0.5238096 0.3809524
0.5119048 0.6666667 0.7738096 0.5238096 0.3809524
0.5119048 0.6666667 0.7738096 0.5238096 0.3809524

3rd polynomial
Thailand Vietnam
0.909865 0.6843624
0.909865 0.6843624 Structural reform in

0.909865 0.6843624 Ch
0.909865 0.6843624
1 Po
0.909865 0.6843624
0.909865 0.6843624
0.909865 0.6843624 0.8

0.909865 0.6843624
0.909865 0.6843624
0.909865 0.6843624
0.6
0.909865 0.6843624
0.909865 0.6843624
0.4
0.909865 0.6843624
0.909865 0.6843624
0.909865 0.6843624 0.2

0.909865 0.6843624
0.909865 0.6625522
0
0.909865 0.6684763
1975 1980 1985
0.909865 0.6744004
0.909865 0.7021347
0.9003017 0.6178395
0.8907384 0.5335443
0.8811751 0.4492491
0.8811751 0.4492491
0.8811751 0.4492491
0.8811751 0.4492491 Domestic finance r

0.8811751 0.4492491 C
0.8811751 0.4492491
1 P
0.8811751 0.4333728
0.8811751 0.4174966
0.8811751 0.4016203 0.8

0.8811751 0.4016203
0.8811751 0.4016203
0.8811751 0.4016203
0.6
0.8811751 0.4016203
0.8811751 0.4016203
0.4
0.8811751 0.4016203
0.8811751 0.4016203
0.8811751 0.4103854 0.2

0.8811751 0.4191505
0
1975 1980 19
3rd polynomial fits -- 3 MA series
ctural reform index

China Power (China)
1 Power (China) Moving average (China)
0
975 1980 1985 1990 1995 2000 2005 2010 2015 2020
mestic finance reform
China Power (China)
1 Power (China) Moving average (China)
0.8
0.6
0.4
0.2
0
1975 1980 1985 1990 1995 2000 2005 2010 2015 202
) Trade reform
China
ge (China) Indonesia
1.2
0.8
0.6
0.4
0.2
10 2015 2020 0
1975 1980 1985 1990 1995 2
Product market reform
na) 1 Chi
rage (China) Pow
0.8
0.6
0.4
0.2
010 2015 2020 0

1975 1980 1985 1990 1995
China Moving average (China)
Indonesia Moving average (Indonesia)
1990 1995 2000 2005 2010 2015 2020

reform
China
Power (China)
985 1990 1995 2000 2005 2010 2015 2020

0
Capital Domestic
Account deveap Trade deveap Finances
Cambodia 1 1 Mongolia 0.8939167 1 Malaysia 0.8888889
Micronesia 1 1 Malaysia 0.82725 1 Philippines 0.8333333
Mongolia 0.8364982 1 Philippines
0.8239167 1 Thailand 0.7777778
Philippines 0.4469713 1 Indonesia 0.8078333 1 Cambodia 0.7222222
Indonesia 0.4170004 1 Thailand 0.7900833 1 Indonesia 0.7222222
Malaysia 0.4170004 1 Cambodia 0.78875 1 China 0.6666667
Thailand 0.4170004 1 Lao PDR 0.7723333 1 Lao PDR 0.6666667
Vietnam 0.4170004 1 Vietnam 0.7331667 1 Vietnam 0.5
China 0.1635018 1 Fiji 0.7319167 1 Fiji
Fiji 0.1635018 1 Myanmar 0.6956667 1 Micronesia
Lao PDR 0.1635018 1 China 0.6559167 1 Mongolia
Myanmar 0.1635018 1 1 Myanmar
Tonga 0.1635018 1 Singapore 0.9373333 1 Tonga
1 United Stat 0.9091667 1
Japan 1 0 Japan 0.8385833 0 United Stat 1
Singapore 1 0 0 Japan 0.8888889
United Stat 1 0 0 Singapore 0.8888889
Overall Indedeveap
Philippines 0.8103532 1
Cambodia 0.809213 1
Malaysia 0.7942685 1
Thailand 0.6972236 1
Lao PDR 0.6503016 1
Mongolia 0.6314821 1
Myanmar 0.6037857 1
Fiji 0.5921488 1
China 0.5678452 1
Vietnam 0.5380397 1
1
Japan 0.8297923 0
Product External
deveap Market deveap Finances deveap
1 Cambodia 0.9166667 1 Cambodia 1 1 1
1 Philippines
0.7738095 1 Micronesia 1 1 1
1 Malaysia 0.6666667 1 Mongolia 0.8364982 1 1
1 Thailand 0.5238095 1 Philippines 0.75 1 1
1 Indonesia 0.5119048 1 Thailand 0.75 1 1
1 Lao PDR 0.5119048 1 Vietnam 0.75 1 1
1 Myanmar 0.5119048 1 Indonesia 0.625 1 1
1 Fiji 0.452381 1 Malaysia 0.625 1 1
1 China 0.3809524 1 China 0.5 1 1
1 Vietnam 0.3809524 1 Fiji 0.1635018 1 1
1 Mongolia 0.3690476 1 Lao PDR 0.1635018 1 1
1 Micronesia 1 Myanmar 0.1635018 1 1
1 Tonga 1 Tonga 0.1635018 1 1
1 1 1 1
0 United Stat 0.8333333 0 Japan 0 1
0 Japan 0.7619048 0 Singapore 0 1
0 Singapore 0.7619048 0 United States 0 1
0.2
0.4
0.6
0.8
0
1
Philippines
Cambodia
Reform Index
Malaysia
A. Overall reform index
Thailand
Indonesia
Lao PDR
Mongolia
Myanmar
Fiji
China
0
1
0.2
0.4
0.6
0.8
Malaysia Phil
C. Domestic Finances
Ca
Reform Index
Philippines
M
Thailand T
Cambodia In
Indonesia L
M
China
M
Lao PDR
Vietnam
Mongolia
Myanmar
Fiji
China
Vietnam
United States
Singapore
Japan
M
China
M
Lao PDR
Vietnam
United States
United
Japan Sin
Singapore
0
0.2
0.4
0.6
0.8
1
B. Trade
Mongolia
Malaysia Reform Index
Philippines
Indonesia
Thailand
Cambodia
Lao PDR
Vietnam
Fiji
0
0.2
0.4
0.6
0.8
1
Cambodia
Philippines Reform Index
D. Product Market
Malaysia
Ph
Thailand
I
Indonesia
Lao PDR
C
Myanmar
Fiji
China
Vietnam
Lao PDR
Vietnam
Fiji
Myanmar
China
Singapore
United States
Japan
Myanmar
Fiji
China
Vietnam
Mongolia
United States
Si
Japan
Unite
Singapore
one deveap country
1 1China
1 1Malaysia
1 1Vietnam
1 1Thailand
1 1Indonesia
1 1
1 0Japan
1 0United States
1 0Singapore
1 0Australia
1 0Korea
deveap
1
1
1
1
1
1
0
0
0
Overall Index deveap country
0.753 1China
0.691 1Vietnam
0.683 1Malaysia
0.611 1Indonesia
0.508 1Thailand
1
0.872 0Japan
0.817 0Singapore
0.771 0United States
0.831 0Australia
0.805 0Korea
Construction deveap country
0.787 1Malaysia
0.723 1China
0.709 1Vietnam
0.613 1Indonesia
0.605 1Thailand
1
0.9 0Japan
0.787 0Singapore
0.781 0United States
0.815 0Australia
0.845 0Korea
Financial Services deveap
0.761 1
0.664 1
0.594 1
0.534 1
0.51 1
1
0.839 0
0.765 0
0.7585 0
0.821 0
0.8635 0
country ICT deveap
Malaysia 0.7435 1
Vietnam 0.73225 1
Indonesia 0.692 1
Thailand 0.65775 1
China 0.5215 1
1
Japan 0.8755 0
Singapore 0.73275 0
Australia 0.81975 0
Korea 0.8165 0
0.2
0.4
0.6
0.8
0
1
Index
China
Distribution
ietnam
hailand
alaysia
donesia
Japan
0
China
Vietnam
0.2
0.4
0.6
0.8
0
1
Index
a Thailand
Construction Malaysia
ia Indonesia
ia
d Japan
0.2
0.2
0.4
0.6
0.8
0
1
#REF!
Index
China
a
Vietnam
a
Malaysia
Indonesia
a
Thailand
0.2
Malaysia
China
Vietnam
Indonesia
country Logistics deveap
Malaysia 0.72566667 1
Vietnam 0.70516667 1
China 0.69866667 1
Thailand 0.58216667 1
1
Japan 0.8495 0
Australia 0.79083333 0
Korea 0.81266667 0
donesia
Japan
States
gapore
ia Indonesia
ia
d Japan
United States
n Singapore
s
a
Malaysia
Indonesia
a
Thailand
d
Japan
n
Singapore
e
United States
s
China
Vietnam
Indonesia
Thailand
Japan
Singapore
United States
country
Vietnam
China
Malaysia
Indonesia
Thailand
United States
Japan
Singapore
Australia
Korea
0.2
0.4
0.6
0.8
0
1
Index
China
Malaysia
Transportation
Vietnam
Indonesia
Thailand
s
Telecom
0
China
0.2
0.4
0.6
0.8
0
1
Index
Malaysia
Vietnam
Indonesia
Thailand
United States
s 0.2
0.4
0.2
0.4
0.6
0.8
0
1
Index
Professional Services Thailand
am
Malaysia
ina
Indonesia
sia
China
sia
Vietnam
nd
United States
0.2
Vietnam
China
Malaysia
Indonesia
Thailand
Professional Services deveap
0.67525 1
0.62075 1
0.61625 1
0.4655 1
0.35825 1
1
0.81275 0
0.776 0
0.73 0
0.83725 0
0.54675 0
2
4
6
8
0
1
ex
China
rtation
Malaysia
Vietnam
Indonesia
Thailand
Japan
Singapore
ted States
0
China
0.2
0.4
0.6
0.8
0
1
Index
Malaysia
Vietnam
Indonesia
Thailand
Japan
Singapore
United States
0.2
0.4
0.2
0.4
0.6
0.8
0
1
Index
Thailand
onal Services
am
Malaysia
ina
Indonesia
sia
China
sia
Vietnam
nd
United States
tes
0.2
Vietnam
China
Malaysia
Indonesia
Thailand
United States
country Telecom deveap
Thailand 0.618 1
Malaysia 0.593 1
Indonesia 0.361 1
China 0.333 1
Vietnam 0.284 1
1
Japan 0.766 0
Singapore 0.724 0
Australia 0.802 0
Korea 0.669 0
Singapore
ted States
Singapore
United States
United States
tes
Japan
an
Singapore
re
United States
Japan
Singapore
country Transportation deve
China 0.71525 1
Malaysia 0.62925 1
Vietnam 0.6215 1
Indonesia 0.534 1
Thailand 0.368 1
1
Japan 0.78975 0
Singapore 0.701 0
Australia 0.7915
Korea 0.51125
country Distribution
China 0.82
Vietnam 0.71
Thailand 0.669
Malaysia 0.663
Indonesia 0.342
Japan 0.905
United States 0.866
Singapore 0.806
Goods trade
China Indonesia Malaysia Philippines Thailand Vietnam Cambodia Lao PDR
2009 13 8 1 0 1 3 0 0
2010 8 9 3 2 1 2 0 0
2011 22 7 2 1 3 1 0 0
2012 7 14 1 0 2 4 0 0
2013 11 11 2 0 5 12 0 0
2014 13 25 7 2 1 7 0 0
2015 10 34 3 1 2 5 0 0
2016 13 18 9 0 5 3 1 0
2017 23 20 10 0 3 4 0 0
2018 32 26 7 1 4 0 0 0
2019 25 17 4 3 0 3 0 0
2020 22 28 8 7 15 10 5 1
2021 28 15 12 8 12 9 0 0
2022 12 30 10 21 12 7 0 0
Liberalizing
2009 1 3 2 0 1 1 0
2010 3 1 0 3 0 1 0
2011 10 2 0 1 0 2 0
2012 6 1 0 0 1 0 0
2013 3 4 3 0 0 5 0
2014 5 5 1 0 0 2 0
2015 5 14 1 0 0 1 0
2016 7 23 6 0 0 2 0
2017 8 11 10 0 0 1 0
2018 21 27 3 0 1 0 0
2019 22 4 4 0 1 0 0
2020 26 21 10 5 10 7 2
2021 12 10 4 10 4 6 0
2022 5 13 11 11 7 5 0
Restriction - liberalizing
2009 12 5 -1 0 0 2 0 0
2010 5 8 3 -1 1 1 0 0
2011 12 5 2 0 3 -1 0 0
2012 1 13 1 0 1 4 0 0
2013 8 7 -1 0 5 7 0 0
2014 8 20 6 2 1 5 0 0
2015 5 20 2 1 2 4 0 0
2016 6 -5 3 0 5 1 1 0
2017 15 9 0 0 3 3 0 0
2018 11 -1 4 1 3 0 0 0
2019 3 13 0 3 -1 3 0 0
2020 -4 7 -2 2 5 3 5 -1
2021 16 5 8 -2 8 3 0 0
2022 7 17 -1 10 5 2 0 0
Trade restrictions imposed (Goods trade
China Indonesia M
Thailand Vietnam C
120 Myanmar Mongolia
100
80
60
40
20
0
0 9 1 1 1 3 1 5 1 7
20 20 20 20 20
20 20 20 20 20
Restrictions - liberalization
China Indonesia Malaysi

50 Vietnam Cambodia Lao PD
40
30
20
10
0
-10
0 9 1 1 1 3 1 5 1 7
2 0 2 0 2 0 2 0 2 0
Liberalizing measures
China Indonesia Malaysia

120 Vietnam Cambodia Lao PDR
100
80
60
40
20
0
0 9 1 1 1 3 1 5 1 7
2 0 2 0 2 0 2 0 2 0
Services trade
Myanmar Mongolia China Indonesia Malaysia Philippines Thailand
0 1 0 0 0 0 0
0 0 0 1 0 0 0
0 0 1 0 0 0 0
1 0 1 0 0 0 0
0 0 0 0 0 0 0
1 0 2 1 1 0 0
0 1 1 2 0 0 0
0 0 1 0 1 0 0
0 0 11 4 0 0 0
0 1 24 1 0 0 1
0 0 20 2 0 0 0
7 0 11 28 8 3 6
0 0 5 12 7 4 10
1 0 4 8 1 6 1

0 1 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 1 0
0 0 0 0 0
0 0 2 0 0
3 1 4 1 0
0 0 2 1 0
2 1 2 2 0
0 0 2 1 1
0 0 0 0 0

0 0 0 0 0 0 0
0 0 0 1 0 0 0
0 0 1 0 0 0 0
1 0 1 0 0 0 0
0 0 0 0 0 0 0
1 0 2 1 1 0 0
0 1 1 1 0 0 0
0 0 1 0 1 0 0
0 0 9 4 0 0 0
-3 0 20 0 0 0 1
0 0 18 1 0 0 0
5 -1 9 26 8 3 6
0 0 3 11 7 4 9
1 0 4 8 1 6 1
d (Goods trade)
ndonesia Malaysia Philippines

Vietnam Cambodia Lao PDR
70
Mongolia
60
50
40
30
20
10
0
5 7 9 1 0 9
1 1 1 2 20
20 20 20 20
20 20 20 20
esia Malaysia Philippines Thailand

bodia Lao PDR Myanmar Mongolia 60
50
40
30
20
10
0
-10
1 5 1 7 1 9 2 1 0 9
2 0 2 0 2 0 2 0 2 0
esia Malaysia Philippines Thailand
odia Lao PDR Myanmar Mongolia 70
60
50
40
30
20
10
0
1 5 1 7 1 9 2 1 0 9
2 0 2 0 2 0 2 0 2 0
Investment
Vietnam Cambodia Lao PDR Myanmar Mongolia China Indonesia
0 0 2 0
0 0 2 1
0 0 4 0
0 0 3 2
0 0 1 0
0 0 1 4
0 0 1 5
0 0 0 5
0 0 1 6
0 0 5 2
0 0 1 3
1 1 2 1
2 0 7 12
1 0 3 4

0 2 0
0 1 1
0 2 0
0 1 0
0 4 0
0 4 2
0 6 4
0 0 3
0 7 1
1 16 1
0 12 0
0 6 3
0 1 16
0 3 0

0 0 0 0 0 0 0
0 0 0 0 0 1 0
0 0 0 0 0 2 0
0 0 0 0 0 2 2
0 0 0 0 0 -3 0
0 0 0 0 0 -3 2
0 0 0 0 0 -5 1
0 0 0 0 0 0 2
0 0 0 0 0 -6 5
-1 0 0 0 0 -11 1
0 0 0 0 0 -11 3
1 1 0 0 0 -4 -2
2 0 0 0 0 6 -4
1 0 0 0 0 0 4
Trade restrictions imposed (Services trade)
China Indonesia Malaysia Philippine

70 Vietnam Cambodia
60
50
40
30
20
10
0
0 9 1 1 1 3 1 5 1 7 1 9
20 20 20 20 20 20
Vietnam Cambodia
60
50
40
30
20
10
0
-10
0 9 1 1 1 3 1 5 1 7 1 9
2 0 2 0 2 0 2 0 2 0 2 0
Vietnam
70
60
50
40
30
20
10
0
0 9 1 1 1 3 1 5 1 7 1 9
2 0 2 0 2 0 2 0 2 0 2 0
Malaysia Philippines Thailand Vietnam Lao PDR Myanmar Mongolia
0 0 0 0 0
0 1 0 0 0
0 0 1 0 0
0 0 0 1 0
0 0 1 0 1
0 0 5 1 0
0 0 2 0 0
0 0 0 0 0
0 0 1 0 0
2 0 0 2 0
0 0 0 3 0
1 0 0 0 0
0 1 2 0 0
1 0 0 0 0

1 0 0 1 0 0
0 0 0 0 0 0
0 1 0 0 0 0
0 0 0 0 0 0
0 0 0 1 0 0
0 0 0 2 0 0
0 0 0 1 0 0
0 0 1 1 0 0
0 0 0 0 0 0
0 0 0 1 0 1
0 0 1 0 0 0
2 1 1 1 1 0
0 0 7 3 0 0
1 2 4 0 0 0

-1 0 0 -1 0 0 0
0 0 1 0 0 0 0
0 -1 0 1 0 0 0
0 0 0 0 0 1 0
0 0 0 0 0 0 1
0 0 0 3 0 1 0
0 0 0 1 0 0 0
0 0 -1 -1 0 0 0
0 0 0 1 0 0 0
2 0 0 -1 0 1 0
0 0 -1 0 0 3 0
-1 -1 -1 -1 -1 0 0
0 0 -6 -1 0 0 0
0 -2 -4 0 0 0 0
s trade) FDI restrictions impos
sia Philippines Thailand China In

30 Vietnam L
25
20
15
10
5
0
1 7 1 9 2 1 9 1 3
0 1 1
20 20 2 0 2 0 2 0
20 20 20
sia Philippines Thailand

China
10 Vietnam
-5
-10
-15
9 1
17 19 21 20
0
20
1 0 1
20 20 2
ysia Philippines Thailand China In
Vietnam La
30
25
20
15
10
5
0
0 9 1 1 1 3
1 7 1 9 2 1 2 0 2 0 2 0
0 2 0 2 0
ictions imposed
China Indonesia Malaysia Philippines Thailan

Vietnam Lao PDR Myanmar Mongolia
1 1 1 3 1 5 1 7 1 9 2 1
2 0 2 0 2 0 2 0 2 0 2 0
20 20 20 20 20 20
China Indonesia Malaysia Philippines Thaila

Vietnam Lao PDR Myanmar Mongolia
1 1 1 3 1 5 1 7 1 9 2 1
20 20 20 20 20 20
China Indonesia Malaysia Philippines Thailan
Vietnam Lao PDR Myanmar
1 1 1 3 1 5 1 7 1 9 2 1
2 0 2 0 2 0 2 0 2 0 2 0
pines Thailand
olia
2 1
2 0
20
ppines Thailand
golia
2 1
20
ines Thailand
2 1
2 0
year ASEAN4 ASEAN5 ASEAN5_plusCHN
1970 0.43 0.34 0.34
1971 0.43 0.34 0.34
1972 0.43 0.38 0.38
1973 0.44 0.35 0.35
1974 0.46 0.40 0.40
1975 0.47 0.47 0.47
1976 0.49 0.49 0.49
1977 0.44 0.44 0.44
1978 0.50 0.50 0.50
1979 0.50 0.50 0.50
1980 0.50 0.40 0.40
1981 0.50 0.40 0.40
1982 0.65 0.52 0.52
1983 0.65 0.52 0.52
1984 0.65 0.52 0.46
1985 0.71 0.57 0.50
1986 0.65 0.52 0.46
1987 0.65 0.52 0.43
1988 0.65 0.52 0.43
1989 0.65 0.52 0.43
1990 0.65 0.52 0.43
1991 0.65 0.52 0.43
1992 0.72 0.57 0.48
1993 0.65 0.55 0.48
1994 0.65 0.55 0.48
1995 0.71 0.60 0.53
1996 0.62 0.52 0.46
1997 0.59 0.50 0.44
1998 0.51 0.44 0.40
1999 0.53 0.45 0.40
2000 0.50 0.43 0.38
2001 0.50 0.43 0.38
2002 0.50 0.43 0.38
2003 0.50 0.43 0.38
2004 0.50 0.43 0.38
2005 0.50 0.43 0.38
2006 0.50 0.43 0.38
2007 0.43 0.38 0.34
2008 0.57 0.54 0.47
2009 0.43 0.43 0.38
2010 0.30 0.32 0.30
2011 0.23 0.26 0.25
2012 0.23 0.26 0.25
2013 0.23 0.26 0.25
2014 0.36 0.37 0.34
2015 0.36 0.37 0.34
2016 0.36 0.37 0.34
2017 0.36 0.37 0.34
2018 0.36 0.37 0.34
2019 0.42 0.42 0.38
2020 0.42 0.42 0.38
EAPCE EAPCE_lessCHN smallASEAN smallASEAN_plusVNM
0.35 0.35 0.36 0.24
0.35 0.35 0.36 0.24
0.37 0.37 0.36 0.29
0.31 0.31 0.24 0.18
0.30 0.30 0.13 0.14
0.35 0.35 0.17 0.17
0.39 0.39 0.16 0.16
0.36 0.36 0.16 0.16
0.39 0.39 0.16 0.16
0.40 0.40 0.16 0.16
0.35 0.35 0.16 0.08
0.32 0.32 0.08 0.05
0.40 0.40 0.16 0.11
0.38 0.38 0.08 0.05
0.36 0.38 0.08 0.05
0.43 0.45 0.08 0.05
0.40 0.42 0.08 0.05
0.38 0.42 0.08 0.05
0.36 0.40 0.08 0.05
0.37 0.40 0.08 0.05
0.41 0.44 0.08 0.05
0.41 0.44 0.08 0.05
0.45 0.48 0.08 0.05
0.50 0.52 0.08 0.11
0.48 0.50 0.08 0.11
0.48 0.50 0.23 0.21
0.44 0.45 0.28 0.26
0.43 0.45 0.24 0.22
0.41 0.42 0.24 0.22
0.40 0.41 0.24 0.22
0.38 0.39 0.24 0.22
0.37 0.39 0.32 0.29
0.38 0.39 0.33 0.30
0.38 0.39 0.32 0.29
0.38 0.39 0.34 0.30
0.40 0.42 0.35 0.32
0.39 0.41 0.40 0.35
0.38 0.40 0.40 0.35
0.45 0.47 0.41 0.41
0.42 0.43 0.38 0.39
0.39 0.41 0.40 0.40
0.38 0.40 0.41 0.41
0.39 0.40 0.43 0.43
0.39 0.40 0.43 0.43
0.42 0.44 0.43 0.43
0.44 0.45 0.50 0.48
0.42 0.44 0.50 0.48
0.42 0.44 0.50 0.48
0.39 0.41 0.50 0.48
0.41 0.42 0.50 0.48
0.45 0.47 0.54 0.52
Chinn-Ito capital openess index
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
ASEAN-4 Small ASEAN + Vietnam
0.43 0.24
0.43 0.24
0.43 0.29
0.44 0.18
0.46 0.14
0.47 0.17
0.49 0.16
0.44 0.16
0.50 0.16
0.50 0.16
0.50 0.08 Capital A
0.50 0.05
0.65 0.11 1.0
0.65 0.05
0.65 0.05
0.71 0.05
0.65 0.05
0.65 0.05 0.8
0.65 0.05
0.65 0.05
0.65 0.05
0.65 0.05
0.72 0.05 0.6
0.65 0.11
0.65 0.11
0.71 0.21
0.62 0.26
0.59 0.22 0.4
0.51 0.22
0.53 0.22
0.50 0.22
0.50 0.29
0.50 0.30 0.2
0.50 0.29
0.50 0.30
0.50 0.32
0.50 0.35
0.43 0.35 0.0
0.57 0.41
70
19 1
0.43 0.39
0.30 0.40
0.23 0.41
0.23 0.43
0.23 0.43
0.36 0.43
0.36 0.48
0.36 0.48
0.36 0.48
0.36 0.48
0.42 0.48
0.42 0.52
Capital Account Openess Index
1.0 ASEAN-4
Small ASEAN + Vietna
0.8
0.6
0.4
0.2
0.0
70 74 78 82 86 90 94 98 02 06 10 14
19 19 19 19 19 19 19 19 20 20 20 20 20
-4
SEAN + Vietnam
0 6 10 14 18
20 20 20 20
Change in country share of US imports
Agriculture Electronics Metals Minerals Others
VNM 0.0125057 0.9761738 0.0604852 0.0058562 0.9472957

TWN 0.0124083 0.3216323 0.0788393 0.0102416 0.616174
KOR 0.0116266 0.1491736 0.0757612 0.0438759 0.3522682
THA 0.0296248 0.1980961 0.0521524 -0.0000531 0.3357277
IND 0.0131939 0.10302 0.0926445 -0.0065131 0.3067687
IDN 0.0705623 0.080767 -0.008458 -0.0390901 0.1724991
MEX 0.2111682 -0.065985 0.1511795 0.1926944 -0.178637
KHM 0.059235 0.034331 0.0009176 -0.000000199 0.0985952
MYS -0.003065 -0.054808 0.0147917 0.021785 0.1814277
PHL 0.0021002 0.0370399 -0.002967 -0.0004926 -0.023303

EUR 0.0666981 0.0354136 -0.016342 0.0570399 -0.207163
HKG -0.001955 -0.021365 -0.003772 0.0001511 -0.065293
JPN 0.0132063 -0.085966 -0.037431 0.0045563 -0.970641
CHN -0.258923 -1.67482 -0.103338 -0.0285718 -1.789334
Figure 44. Exports of some EAP economies to the US and China increased after they imposed trade
A. Changes in share of US imports, 2018-2022
Percentage point
3 Agriculture Electronics
2 Textiles Others
1
0
-5
-4
-3
-2
-1
0
1
VNM
TWN
KOR
THA
IND
IDN
MEX
KHM
MYS
f US imports
Textiles Total AgricultureElectronicsMetals
0.1072228 0.3515899 IDN 0.119992 -0.011143 0.802821

-0.0005283 0.1731278 MYS 0.025741 -0.121377 0.155653
-0.00000858 0.1054495 TWN -0.034334 1.510261 -0.069733
0.0001092 0.1026095 VNM 0.059626 0.340885 0.016979
0.0501184 0.0932054 KHM 0.009352 0.000645 -0.00366
0.0027291 0.0465015 MEX -0.015486 0.002276 -0.02096
-0.0332456 0.0461958 THA 0.209937 0.040657 0.068142
0.0474925 0.0400952 PHL -0.005894 -0.06036 0.007345
-0.0051403 0.025832 HKG 0.008988 -0.013364 -0.081183
IND 0.085904 0.006788 -0.040151
-0.0075525 0.0008042
-0.0104799 -0.012472 USA 0.611318 -0.282197 -0.040125
-0.0045491 -0.016131 EUR 0.006569 -0.063507 -0.242262
-0.0020399 -0.179719 JPN 0.009181 -0.286031 -0.100714
-0.4746886 -0.721613 KOR -0.001966 -0.647538 -0.053115
ed after they imposed trade restrictions on each other
lectronics Metals Minerals

thers
MEX
KHM
MYS
PHL
EUR
HKG
JPN
CHN
Minerals Others Textiles Total
0.277582 0.03111 -0.022835 0.199588

0.774964 0.135297 -0.00221 0.161345
-0.013943 -0.827318 -0.06146 0.083912
-0.027262 -0.234595 -0.037932 0.019617
0.000857 -0.001081 -0.005311 0.000134
0.00436 0.009966 -0.00167 -0.003586
-0.045071 -0.284991 -0.012521 -0.003974
0.037949 -0.108692 -0.001587 -0.021873
-0.003376 -0.038817 -0.005245 -0.022166
-0.061255 -0.163336 -0.075001 -0.041175
0.226534 -1.628154 0.052874 -0.176625

-0.048318 -1.160875 0.003992 -0.250734
-0.037224 -1.393526 -0.049963 -0.309713
-0.362373 -1.292282 -0.040841 -0.399686
B. Changes in share of China imports, 2018-2022
Percentage point
3 Agriculture Electronics
Minerals Textiles
2
1
0
-5
-4
-3
-2
-1
0
1
IDN
MYS
TWN
VNM
KHM
MEX
THA
PHL
HKG
IND
Electronics Metals
Textiles Others
PHL
HKG
IND
USA
EUR
JPN
KOR
Indonesia
Total USA China EU Japan ASEAN
Jan-17 13816026 1496588.25 1809210.4008 1355859.9704 1191687.1 3131363.1854
Feb-17 13964051 1498579.15 1850006.0583 1380129.9094 1275087.9789 3172232.5289
Mar-17 13886027 1482111.89 1821002.6657 1379684.9854 1270645.1991 3144691.7623
Apr-17 14032935 1498534.71 1805914.8941 1388081.5555 1439204.5028 3201884.4954
May-17 13185404 1402661.98 1656433.0809 1333417.3148 1395894.8219 3006170.3046
Jun-17 13165586 1409098.52 1662784.0199 1327981.6357 1454394.4037 3043549.106
Jul-17 13385837 1406382.1 1765510.1766 1334870.188 1412423.4998 3076920.3542
Aug-17 14285981 1507426.33 1977043.3261 1364657.6853 1483358.5899 3320373.8089
Sep-17 14615192 1516714.73 2141445.2506 1385092.4394 1497621.5577 3405157.0484
Oct-17 14767170 1537577.95 2181266.656 1387358.8158 1506709.7389 3502614.3183
Nov-17 14826048 1514798.71 2216477.6535 1362695.6779 1515775.6718 3473775.6409
Dec-17 14939763 1540131.87 2234996.7864 1345784.1626 1532273.3713 3496228.1137
Jan-18 14942538 1491854.8 2380285.1224 1370533.3266 1558387.7468 3470567.4413
Feb-18 15152702 1537033.73 2453086.6659 1434378.7553 1558595.3003 3491326.3195
Mar-18 15177894 1535786.33 2367476.5307 1442148.0354 1600870.7163 3525779.0262
Apr-18 15481673 1629479.71 2335273.2871 1526825.4776 1658999.76 3564622.9625
May-18 14815499 1510212.81 2293220.6787 1453459.4869 1674336.7007 3478184.9437
Jun-18 15226531 1549419.6 2418737.4068 1463858.7916 1678032.5899 3548551.7095
Jul-18 15058434 1497492.7 2341329.7503 1386549.7177 1647428.2641 3500089.9491
Aug-18 15667560 1598730.22 2271505.739 1449210.4111 1608473.8575 3603479.2578
Sep-18 15366549 1582095.26 2162001.3071 1433859.3116 1507489.0178 3636911.5515
Oct-18 15045094 1544578.06 2091769.1415 1398735.1233 1496543.2708 3612683.0134
Nov-18 14595242 1506775.68 2003189.4269 1353744.4587 1437191.1938 3563117.2719
Dec-18 14238701 1469382.97 1996860.8127 1372386.5011 1437404.7045 3353410.9737
Jan-19 14000026 1439854.34 1974110.8039 1310533.0614 1314387.7713 3309782.7836
Feb-19 14030826 1437837.24 2053206.2333 1260077.2502 1297251.8097 3332170.5615
Mar-19 13901732 1436444.88 2105069.9093 1201951.6556 1247384.1715 3357037.2701
Apr-19 14164015 1555575.78 2312505.1387 1263477.2715 1321091.7971 3425584.7816
May-19 13700949 1446777.25 2314572.1876 1222807.027 1316722.756 3411529.6657
Jun-19 13941390 1463923.41 2395045.232 1208854.5932 1330647.5013 3471504.7841
Jul-19 13676032 1378763.27 2308295.7029 1113297.2672 1247201.0526 3485571.349
Aug-19 14317613 1510415.01 2468725.9566 1146691.9414 1244440.3631 3589687.3367
Sep-19 14225651 1510467.33 2472047.2626 1143623.9751 1260042.0784 3614403.3188
Oct-19 14121850 1507569.24 2485513.7884 1168223.1511 1239853.0806 3525712.6799
Nov-19 14089829 1544293.16 2439114.5548 1204587.1637 1247785.7151 3426174.5325
Dec-19 13978120 1562254.61 2401291.337 1212760.0567 1206220.7791 3320973.622
Jan-20 14577990 1639615.63 2395564.8322 1251400.1814 1225519.4434 3519111.5621
Feb-20 14246691 1599929.65 2252651.7574 1244482.5806 1195395.9257 3437566.9663
Mar-20 13741185 1508460.97 2253092.3791 1208759.2721 1166313.1515 3197715.1838
Apr-20 12132572 1337205.97 2321534.2945 1099244.1146 1094129.6578 2585731.1941
May-20 11833388 1309989.96 2537481.1584 1078431.3633 1066623.1483 2404904.9231
Jun-20 12133259 1389671.37 2659870.9223 1078469.4027 1046400.1285 2486917.9235
Jul-20 12847196 1495296.62 2634716.752 1144428.4787 1046171.2699 2744173.5482
Aug-20 13382039 1594678.51 2647791.0647 1143433.3484 1049742.6499 2934256.7422
Sep-20 13523264 1624727.41 2592308.0835 1186784.884 1069749.6706 3056683.1456
Oct-20 14272767 1653309.2 2801654.5427 1215405.7082 1136788.8832 3226715.7569
Nov-20 15011068 1679793.7 3033512.213 1275793.9901 1174601.4466 3387100.3509
Dec-20 15682961 1677133.1 3333392.3557 1282062.0278 1241008.7244 3598026.6862
Jan-21 16351703 1791005.16 3548517.5116 1306306.5554 1264131.7331 3720017.0279
Feb-21 16737465 1846955.74 3650502.532 1350723.8688 1305544.7928 3755123.5345
Mar-21 17838963 1988503.95 3825333.2436 1438476.6929 1338581.7275 3878436.6875
Apr-21 17972321 2008391.63 3891327.2479 1510290.8828 1354559.3114 3921365.3656
May-21 18568235 2087569.06 4159273.9779 1566956.095 1396959.7077 4116867.6396
Jun-21 18500115 2081664.85 4262462.4243 1629854.8106 1344396.0337 4002531.8569
Jul-21 19664602 2121254.15 4541904.2438 1709703.3809 1476845.2212 3996370.6778
Aug-21 20214558 2180292.46 4595208.2667 1758748.4157 1519896.0243 3890998.6603
Sep-21 21090928 2284676.92 4946903.1463 1731093.7071 1622130.754 3974067.2642
Oct-21 21621973 2421672.25 5065924.8997 1818191.6628 1613533.8957 4309200.3313
Nov-21 21938522 2467074.94 5194081.9768 1809687.6973 1637700.7908 4432497.4692
Dec-21 21350713 2520012.94 4744281.6192 1879919.2721 1653499.4123 4381076.6023
Jan-22 21445693 2506491.69 4599714.4922 1805287.3901 1686308.0217 4291225.5474
Feb-22 22544057 2556386.37 4740129.2113 1837614.6725 1765052.0567 4592386.0678
Mar-22 25249661 2596502.47 5266475.3557 1978163.3722 2022774.541 5346992.229
Apr-22 25069732 2552849.7 5441345.1627 1909066.6258 2101856.8232 5519279.9167
May-22 25704100 2510691 5414259.3687 1933341.5503 2182831.9831 5766544.8681
Jun-22 24772825 2442035.54 5316813.5363 1821838.3842 2077615.0755 5485819.721
Jul-22 26216616 2465600.83 5632184.2753 1947880.4326 2147546.3097 5579111.7172
Aug-22 25520144 2332488.31 5931839.413 1967374.0971 2141261.8142 5272896.0802
Sep-22 25209785 2219866.8 6059778.115 1962666.2015 2158374.2264 5068266.3134
Oct-22 24209240 2100363.41 5891636.6217 1886640.4882 2065437.184 4854468.941
Nov-22 23643900 2039324.48 5721372.1692 1787868.1857 2037728.8736 4797326.5536
Dec-22 23338428 #N/A 5735600.4863 1720592.9732 1998886.0658 4813813.1765
Vietnam
Others Total USA China EU Japan ASEAN
4831316.905 16078450 3176535.5 2287297.5 2884423.5 1357707.5 1717154
4788015.853 16223400 3181417.67 2319010.3333 2916412.3333 1352446 1699919
4787890.6886 17494066.6666667 3354081 2338318.3333 2968497.3333 1343616 1724831
4699314.4204 17460666.6666667 3554124.67 2429596.6667 3206391.3333 1376962 1750391
4390826.1168 17922000 3674100.67 2519686.6667 3277843 1441210.6667 1822250
4267778.0279 17751633.3333333 3535479.67 2673908.3333 3245442 1439438.6667 1805711
4389730.3805 17797466.6666667 3503338.33 2787734.3333 3258177 1430202 1833775
4633121.1488 18117166.6666667 3490215.67 2924216.3333 3313530.3333 1404932 1818631
4669161.0075 18661800 3475008.67 3143505 3369065.3333 1418411 1898399
4651642.8039 19143633.3333333 3527241 3459205.6667 3272567.6667 1429123 1914221
4742524.3467 19459266.6666667 3522003.67 3746329.6667 3213522.3333 1416232.6667 1916196
4790348.8109 19681400 3540400.33 3774643.6667 3213283.3333 1455286.3333 1867772
4670909.1753 19749300 3497013.33 3510389 3355681.6667 1482520 1909993
4678280.8874 19860933.3333333 3717106 3074842 3474543 1528346 1975342
4705832.9561 19640666.6666667 3760165.33 2926269.6667 3506034.6667 1530575.6667 1995566
4766471.9715 19776466.6666667 3877737.67 2976135.6667 3520494 1559944 2056759
4406084.3231 19774533.3333333 3771623.67 3162423 3512374.6667 1540848.3333 2083670
4567931.3952 20223033.3333333 3870873.67 3350008 3511709.3333 1539132 2146984
4685543.6717 20565933.3333333 4035637.67 3663751.6667 3486021.3333 1556765 2146244
5136160.653 20712466.6666667 4129150 3860283.6667 3501423.6667 1578465 2089603
5044192.8027 20981000 4244546.67 3875158 3517037.6667 1633545.6667 2093704
4900785.3358 21020766.6666667 4193358 3668199.6667 3573234.6667 1661456 2067125
4731224.2357 20765433.3333333 4157562.67 3444731 3438177 1625846.6667 2097414
4609255.0227 20867133.3333333 4298518 3227112 3426055.3333 1662642.6667 2098129
4651357.5312 20109000 4439593.67 2956559.3333 3317439 1567749.3333 2024208
4650282.6992 20628666.6666667 4737034.67 2898220 3484708.6667 1599352.3333 2060507
4553844.1796 20500666.6666667 4755389.67 2977216 3488745.6667 1523130 2070486
4285779.737 21569866.6666667 4855586 3284407.3333 3537451 1637384.6667 2185435
3988539.8751 21695933.3333333 4765119.67 3470447 3431182.3333 1700543.6667 2200984
4071414.1473 22190333.3333333 4861640 3550477.6667 3423170 1772978 2184785
4142902.8701 22497200 5048357.67 3601552 3404578 1754936.6667 2163137
4357652.4016 22842200 5281854.33 3661759.3333 3419648.3333 1750299.3333 2146329
4225067.0926 22973333.3333333 5436386.33 3721162 3458378 1751638.6667 2116532
4194978.5378 22728000 5464268.33 3628993 3491134.3333 1718599 2046396
4227874.1612 22646000 5584121.33 3606432.6667 3444557.3333 1720840 1971187
4274619.6662 20914333.3333333 5628452.33 3607028.6667 3335644 1689436 1990168
4546778.5357 22956200 5922712.67 3482038.3333 3285560 1732316.6667 2049212
4516664.4748 22926266.6666667 5831633.33 3594535.6667 3341399.3333 1725990.6667 2101347
4406844.0361 23038033.3333333 5395236.67 3671328.3333 3099326.6667 1692530.6667 1912374
3694726.6911 20051033.3333333 4900000.67 3886433 2972647.6667 1559710 1693192
3435957.6303 20172000 5140524.67 3956458.6667 2966709.3333 1480651 1546190
3471929.115 22286133.3333333 5989975 3954856 3284054.3333 1463242 1698836
3782409.2137 24014066.6666667 6670983.33 3997684.3333 3463279 1512489 1860369
4012136.9189 25338700 7160540 4031164.6667 3557584.6667 1563509.6667 2010423
3993010.9135 25841833.3333333 7441396 4163227.6667 3628202.6667 1608405.6667 2041121
4238893.0467 25890700 7565955.33 4341980 3476718.3333 1655737.3333 2086968
4460266.7935 26149633.3333333 7580002.33 4539228.3333 3490209.6667 1670617.3333 2113211
4551338.0065 26761933.3333333 7599468.67 4628117 3601191 1663210 2140259
4721724.8201 27542566.6666667 7794509.67 4896706.6667 3770240 1671853 2167096
4828614.3094 27569000 7917841 4831903 3764818 1697824.6667 2202393
5369630.7297 27355800 7944013 4727856 3687425.6667 1738679 2284442
5286386.9528 27209633.3333333 7834075.33 4542982 3756358.6667 1729725.6667 2320006
5240608.8205 27062900 7715932 4564185.3333 3728120.6667 1745095 2351859
5179205.0217 27097533.3333333 7641230 4680939.6667 3760249 1736599.6667 2321122
5818523.9444 26308100 7455102 4624265.3333 3600158.6667 1646609.3333 2264284
6269414.4867 26188300 7287872.33 4591390.3333 3594302 1522154.6667 2311238
6532056.6838 26364066.6666667 7361305.67 4538802.6667 3534384 1459586.6667 2393118
6393449.6122 28788433.3333333 8280572 4615580.6667 3795243.3333 1587401.6667 2660616
6397479.5565 31297200 9294333.33 4731458.6667 4204276.3333 1735759.6667 2766793
6171923.5048 32459133.3333333 9637140.33 4821741.6667 4414568.3333 1843638.3333 2782365
6556665.9547 32191766.6666667 9607959 4940356.3333 4528387.6667 1872427 2733730
7052488.805 31523833.3333333 9286158.33 5139271.6667 4363627.6667 1859737.3333 2686886
8038753.0711 32281400 9763173.67 5226349.3333 4557831.3333 1910347.3333 2847370
7545333.918 32501000 9772707 5091354 4521321.3333 1943790 2993753
7896430.9275 32597033.3333333 10052390.3 4835078.3333 4587070 2014427 3128029
7628702.2848 31368800 9652143.67 4699813.6667 4367598.6667 2013379.3333 3020927
8444292.7471 31380333.3333333 9399601.33 4884583 4482014 2087554 2908583
7874284.5698 30468100 8849960 4877868.3333 4431393 2107688.3333 2799502
7740833.4348 30331266.6666667 8565362.33 4921441.3333 4492134 2117962.3333 2744709
7410693.1553 29438166.6666667 8327565.67 4722828 4290741 2060415.3333 2633760
7260279.9686 29048366.6666667 8211264.67 4578044 4107884 2000464.6667 2640700
#N/A 27012600 7928277 4850598.3333 4152666.6667 1926471 3924931
Figure 45. Indonesia increased its exports primarily to China, Vietnam primarily to
A. Destination of Indonesia exports

Others
4655332
4754195
5764723
Billion USD
5143201.33333
5186908.66667 7000000
5051653.33333
4984239.66667 USA China
5165641.66667
5357411.33333 6000000
5541275.33333
5644982
5830014.66667
5993703.33333
5000000
6090754
5922055
5785396.66667
4000000
5703593.66667
3000000
5804326.33333
5677514
5553541.33333
5617008
5857393
6001702
2000000
6154676.66667
5803450.33333
5848844 1000000
5685699
6069602.33333
6127656.33333
6397282.66667
0
6524638.33333
6582309.33333
6489236
6378609.66667
6318861.66667
4663604.66667
6484360
6331360.66667
7267237.33333
5039050 B. Destination of Vietnam exports
5081466.66667
5895170
6509261.66667
7015478.33333
Billion USD
6959480
6763341.33333
6756365
12000000
7129687.33333
7242161.33333 USA China
7154220
6973384
10000000
7026485.66667
6957707.66667
6957393.33333
6717681
8000000
6881342.33333
7076869.33333
7849020
8564579
6000000
8959679.66667
8508906.33333
8188152.33333
7976328.33333
4000000
8178075
7980038.33333
7614937.66667
7617998
2000000
7401688.33333
7489658
7402856.33333
7510009.33333 0
4229656.5
a, Vietnam primarily to the US
China EU Japan
China EU Japan
countrycodShareFWP_tShareBWP_TotalFVA countrycodShareFWP_ShareBWP_FVA
AUS 22 11 AUS 28 15
AUT 25 31 AUT 3 4
BEL 26 35 BEL 2 3
BRN 33 9 BRN 7 16
CAN 16 25 CAN 6 9
CHE 19 26 CHE 5 6
CHL 26 13 CHL 24 13
CYP 18 35 CYP 2 3
CZE 25 42 CZE 2 7
DEU 23 22 DEU 5 7
DNK 20 30 DNK 5 5
ESP 19 24 ESP 3 7
EST 22 35 EST 2 8
FIN 25 28 FIN 5 6
FRA 22 24 FRA 4 7
GBR 22 17 GBR 3 5
GRC 18 29 GRC 3 6
HKG 20 27 HKG 9 34
HRV 15 23 HRV 2 4
HUN 24 46 HUN 3 6
IRL 18 42 IRL 5 2
ISL 21 29 ISL 2 5
ISR 18 19 ISR 8 6
ITA 20 22 ITA 4 7
JPN 24 15 JPN 17 18
KOR 24 31 KOR 32 17
LTU 23 29 LTU 2 3
LVA 22 25 LVA 2 4
NLD 25 33 NLD 3 5
NOR 32 17 NOR 2 6
NZL 13 14 NZL 15 10
POL 24 30 POL 2 8
PRT 18 29 PRT 3 4
ROU 23 24 ROU 3 5
SAU 28 4 SAU 11 8
SGP 23 47 SGP 13 11
SVK 27 49 SVK 2 6
SVN 24 36 SVN 2 5
SWE 23 25 SWE 4 4
USA 22 9 USA 7 14
WLD WLD
IDN 22 13 IDN 13 19
KHM 14 30 KHM 8 46
LAO 25 17 LAO 19 20
MMR 18 17 MMR 19 25
MYS 23 36 MYS 18 17
PHL 21 22 PHL 18 16
THA 16 34 THA 17 18
VNM 18 50 VNM 20 27
BGR 22 36 BGR 4 3
KAZ 32 9 KAZ 7 10
RUS 29 9 RUS 7 13
TUR 19 22 TUR 3 8
ARG 16 9 ARG 12 13
BRA 19 12 BRA 17 9
COL 19 12 COL 9 11
CRI 12 19 CRI 5 9
MEX 14 36 MEX 6 18
PER 28 12 PER 19 13
MAR 18 31 MAR 3 9
TUN 20 36 TUN 2 9
IND 17 19 IND 7 10
ZAF 21 21 ZAF 21 14
0 0 Figure 46. EAP countries differ in how they participat
60 60
A. GVC participation as a share of gross exports
60
Backward linkages, percent

40
20
0
0 10
Fo
B. Share of GVC links with China
Backward linkages with China / Total
backward linkages, percent
10
20
30
40
50
0
50
10
Forward linka
ries differ in how they participate in GVCs, but most are significantly integrated with the world and with China
a share of gross exports
10 20 30 40 50 60
Forward linkages, percent
ks with China
0 5 10 15 20 25 30 35 40 45 50
Forward linkages with China / Total Forward linkages,
percent
d with China
50 60
40 45 50
rd linkages,
Variable All ManuCons
UN voting similarity with US-EU 0.054765 0.1583752814

Export-product similarity w/ China 0.01958 0.0357303818
Bilateral tariff -0.010559 -0.0550948172
Tariffs faced by exporters -0.026843 -0.0550918189
UN voting similarity with china -0.020903 -0.0413494488
Tariffs on imports -0.007568 -0.0056758389
Figure 47. But trade patterns are now being molded not just by economics but by uncertain politics
Significant exporter characteristics associated with increased imports to the US and EU
Manufacturing Co
0.2
0.1
-0.1
EU ina
S- C
h
a
U / r
ith w t e
w r ity B
li a
r ity li a
li a s i m
m t
si uc
/ r
ith w t e
w ir ty Bila
it y ila
r
ila s i m
m t
si u c
g d
tin r o
v o t- p
N o r
U x p
E
uncertain politics
acturing Consumption All goods
ina ir ff e r s
ina r ts
a t o
C
h l t o r ch p
ra xp ith im
te e w on
ila by
B ir ty f f s
e d ila ri
fa
c m Ta
si
ffs g
r it i
te ex w on
ila by
B d r ity ir ff
s
e ila
fa
c m Ta
s si
ir ff it n
g
Ta vo
N
U
r ts
p o
im
on
f f s
ri
Ta
i
on
s
ir ff
Ta
United States
2011 2012 2013 2014 2015 2016 2017 2018
Sanitary an 84 66 35 45 41 49 58 71
Technical B 59 92 89 54 94 125 71 109
Anti dumpi 15 10 39 18 42 37 55 31
Countervail 9 5 18 17 22 16 24 21
Safeguards 2
Special Sa 17 12 10 1
Quantitative Restricti 14 17 28
Figure 48. Both the United States (left) and China (right) have imposed signific
Number Technical Barrie

Countervailing
500 Quantitative Re
400
300
200
100
100
200
2011
2012
2013
2014
2015
2016
United S
China
2019 2020 2021 2011 2012 2013 2014 2015 2016
96 75 76 161 25 88 67 339 12
121 124 111 87 68 80 47 87 25
10 89 5 9 11 7 11 5
5 30 2 1 1
1 1
4 2 28
(right) have imposed significant non-tariff barriers over the last decade
chnical Barriers to Trade Sanitary and Phytosanitary

untervailing Safeguards
antitative Restrictions
2014
2015
2016
2017
United States
2018
2019
2020
2021
2011
2012
2013
2017 2018 2019 2020 2021
8 54 33 45 49
54 60 82 125 123
24 15 6 4
1 2 4
hytosanitary Anti dumping

Special Safeguards
2012
2013
2014
2015
2016
China
2017
2018
2019
2020
2021
2021
Percent
CHN 0.47
TWN 0.55 Figure 49. The US and China have pursued different approaches to d
IDN 0.6
CHL 0.6 Average overlap in privacy and personal data protection regulation
COL 0.61
NGA 0.62
TUR 0.63
ISR
PAN
0.65
0.66
Percen
JAP 0.66
NZL 0.67 BRA
SGP 0.67 EEA
CAN 0.68
RUS 0.69 KEN
ARG 0.69 KOR
GHA 0.7
THA
PHL 0.71
AUS 0.71 CHE
ZAF 0.74 US-CAL
US-CAL 0.74
CHE 0.74 ZAF
THA 0.75 AUS
KOR 0.75
PHL
KEN 0.77
EEA 0.79 GHA
BRA 0.79 ARG
RUS
CAN
SGP
NZL
JAP
PAN
ISR
TUR
NGA
COL
CHL
IDN
TWN
CHN
0 0.1 0.2 0.3 0.
COL
CHL
IDN
TWN
CHN
0 0.1 0.2 0.3 0.
ued different approaches to data governance
ata protection regulation
Percent
2 0.3 0.4 0.5 0.6 0.7 0.8

2 0.3 0.4 0.5 0.6 0.7 0.8
Figure 50. China’s innovation has grown rapidly
Ann
R&D
Average PaAnnual PatR&D/GDP (RHS)
1995-99 83.30661 1.9967
160
2000-04 122.1108 2.580666
140
Annual Patent Applications (T-

2005-09 125.5124 2.657366
2010-14 129.1705 2.723072
United States2015-19 137.6102 2.938108 120
1996-00
2001-05
0.692171
3.464324
0.519698
1.04534
100
2006-10 12.13717 1.432174
80
housands)
2011-15 27.18065 1.885298
China 2016-20 56.52659 2.131716
60
40
20
0
2000-04
2010-14
1995-99
United Sta2005-09
nnovation has grown rapidly
Annual Patent Applications

R&D/GDP (RHS)
3.5
3
2.5
2
R&D / GDP (%)

1.5
1
0.5
0
2000-04
2010-14
2015-19
1996-00
2001-05
2006-10
2016-20
1995-99
2005-09
2011-15
United States China

China United Sta Taiwan, ChKorea, RepOther AEs
1995 0.00 0.00 0.00 0.00 0.00
1996 0.20 0.85 0.18 -1.92 0.34
1997 -0.42 5.78 -0.04 -2.92 -0.03
1998 0.14 3.97 0.41 -2.22 -0.14
1999 -0.49 6.74 0.20 -2.23 -0.39
2000 -0.07 7.43 0.01 -2.54 -0.50
2001 -0.53 9.79 0.13 -3.25 -0.57
2002 -0.28 9.26 0.59 -3.09 -0.68
2003 -0.18 7.91 1.13 -2.56 -0.80
2004 0.12 6.87 0.81 -2.01 -0.80
2005 1.22 4.79 1.17 -1.31 -0.92
2006 2.04 3.61 1.21 -1.37 -0.87 6
2007 3.00 2.26 1.43 -0.94 -0.96
2008 3.22 1.96 1.82 -0.96 -1.00
Share of backward citations of

2009 6.28 -1.54 1.97 -0.85 -1.00
2010
2011
9.56
11.21
-4.70
-6.12
2.11
2.51
-0.92
-1.02
-1.02
-1.05 4
2012 13.04 -8.83 2.59 -0.76 -1.05
Chinese patents (%)

2013 20.76 -16.43 2.52 -0.80 -1.07
2014 22.46 -16.93 2.25 -1.05 -1.14
2015 27.15 -20.61 2.01 -1.21 -1.18 2
2016 33.73 -23.90 1.79 -2.23 -1.31
2017 39.90 -28.46 2.03 -2.27 -1.54
2018 46.09 -32.65 1.91 -2.66 -1.69
2019 51.79 -34.99 1.40 -3.72 -1.79
China United Sta Taiwan, ChKorea, RepOther AEs -2

1995 0.0 0.0 0.0 0.0 0.0
1996 1.6 4.0 4.9 -5.1 -0.4
1997 2.3 7.6 6.3 -7.7 -0.4
1998
1999
4.5
12.0
4.1
5.0
8.6
4.1
-7.6
-8.1
-0.4
-0.7 -4
2000 20.6 3.7 1.3 -8.7 -1.3
2001 2.7 10.7 9.5 -8.5 -0.9
2002 5.5 8.1 9.9 -8.4 -0.9
2003 5.6 9.8 8.4 -8.2 -0.9
2004 8.7 8.5 6.9 -8.0 -1.0
2005 14.5 2.9 8.8 -8.1 -1.3
2006 17.4 2.9 7.5 -8.5 -1.5
2007 19.0 -0.1 9.1 -8.5 -1.5
2008 19.6 -1.4 10.2 -8.6 -1.5
2009 28.1 -6.5 8.5 -8.9 -1.6
2010 31.7 -7.7 5.4 -8.8 -1.5
2011 33.9 -8.2 4.4 -8.9 -1.5
2012 28.7 -8.3 6.9 -9.0 -1.3
2013 32.9 -14.0 4.6 -8.7 -1.0
2014 33.9 -14.7 1.8 -8.2 -0.9
2015 40.7 -19.6 -0.2 -8.3 -0.8
2016 45.9 -22.8 -1.0 -7.9 -1.2
2017 50.2 -24.6 -0.9 -7.2 -1.5
2018 44.7 -22.2 -1.7 -6.6 -1.4
2019 52.2 -23.7 -2.3 -8.4 -1.5
Figure 51. Even before recent tensions, China’s patents decreasingly cited US patents or involved US collaborators and
A. Citations
China United States

Taiwan, China Korea, Rep. and Japan
Other AEs
60
Share of backward citations of
40
Chinese patents (%)
20
-20
-40
1995
2001
2003
2005
2007
2009
2011
2013
2015
1997
1999
volved US collaborators and increasingly cited Chinese patents and involved Chinese collaborators (Index, 1995 = 0)
B. Collaborations
tates
China
Rep. and Japan
Taiwan, Chin
Share of patents collaborated with

60
40
foreigners (%)
20
-20
-40
2011
2013
2015
2017
2019
1995
1997
1999
ex, 1995 = 0)
China United States

Taiwan, China Korea, Rep. and Japan
0
0
1995
2001
2009
2019
1997
1999
2003
2005
2007
2011
2013
2015
2017
2019
Subsidy Rate R&D Efficiency
State Owned Enterprises 5.498359 20.63897
Privately Owned Firms 3.240282 34.35447
Figure 52. State-owned enterprises in China receive more subsidies but are less efficient inn
Subsidies (2003-2013) and R&D efficiency (2005-2007)
Subsidy Rate
6
5
Subsidy Rate
0
State Owned En- Privately O
terprises
sidies but are less efficient innovators
ubsidy Rate
40
35
30 R&D Efficiency
25
20
15
10
0
Privately Owned Firms
CN firms
2012 0.078892 0.059184
2013 0.069912 0.023099
2014 0.096878 0.029405
2015 0.069942 0.028491 Figure 53. Measures taken after 2018 adversely
2016 0.020703 0.020963
2017 0 0
2018 -0.00891 0.022697 A. Chinese firms
2019 -0.121871 0.028377
vertical line
0.3
2017.5 0.5
Relative Predicted Quality-adjusted

0.2
US firms
2012 0.005392 0.074564
0.1
High-Tech Patent
2013 0.09465 0.066009
2014 0.083027 0.040915
2015 0.100484 0.041338
2016 -0.061036 0.029391
2017 0 0
2018 -0.070609 0.059659 0
2019 -0.078794 0.131942
vertical line
2017.5 0.5 -0.1
-0.2
-0.3
2012 2013
s taken after 2018 adversely affected the innovation of both Chinese and US firms with prior patents in sanctioned technologies
0.3
0.2
0.1
-0.1
-0.2
-0.3
2012 2013 2014 2015 2016 2017 2018 2019
sanctioned technologies
B. US firms
0.3
Relative Predicted Quality-adjusted
0.2
0.1
High-Tech Patent
-0.1
-0.2
-0.3
2012 2013 2014 2015
2019
2014 2015 2016 2017 2018 2019
CN firms
2012 0.215776 0.105565
2013 0.177864 0.065454
2014 0.194333 0.052907
2015 0.180254 0.086211
2016 0.113518 0.052568
2017 0 0 Figure 54. Measures taken after 2018 adversely affected innovation o
2018 0.017116 0.084011
2019 -0.196598 0.122489
A. Chinese firms
vertical line
2017.5 0.5
0.5
Relative predicted high-tech patent application 0.4
US firms
2012 -0.074998 0.072173 0.3
2013 0.072303 0.083129
2014 0.041238 0.07769
2015 0.103127 0.044915 0.2
2016 0.094012 0.053647
2017 0 0
2018 -0.139823 0.089415 0.1
2019 -0.320962 0.139012
vertical line 0
2017.5 0.5
-0.1
-0.2
-0.3
-0.4
-0.5
2012 2013 2014 201
-0.5
2012 2013 2014 201
versely affected innovation of Chinese firms which had prior collaborations with the US, and of US firms which had prior collabora
3 2014 2015 2016 2017 2018 2019

3 2014 2015 2016 2017 2018 2019
ms which had prior collaborations with China
B. US firms
0.5
0.4
0.3
0.2
0.1
0
-0.1
-0.2
-0.3
-0.4
-0.5
2012 2013 2014 2015 2016 20
-0.5
2012 2013 2014 2015 2016 20
15 2016 2017 2018 2019
15 2016 2017 2018 2019
Japan Korea, RepSingapore China Taiwan, ChMalaysia Thailand Indonesia Philippines
1995 29.64017 2.872447 0.150584 0.588587 0.773768 0.023731 0.006499 0.002743 0.005709
1996 30.90563 3.439901 0.209473 0.814333 1.294625 0.022218 0.008939 0.006363 0.011215
1997 32.58708 3.995227 0.234981 1.086051 1.653526 0.027493 0.009862 0.006361 0.011345
1998 32.73054 4.783992 0.310944 1.466655 2.373139 0.023773 0.013701 0.009339 0.010197
1999 37.56118 4.62028 0.471395 2.032933 2.7986 0.042517 0.024506 0.01387 0.013816
2000 44.24877 5.688363 0.5527 3.221475 3.009491 0.081785 0.056389 0.014789 0.025795
2001 42.63035 6.888168 0.550497 2.900598 4.967626 0.070043 0.032765 0.010295 0.023047
2002 44.5179 8.743381 0.571868 3.861319 5.813861 0.124792 0.02826 0.012666 0.042757
2003 48.03456 11.0611 0.590707 4.547782 6.7615 0.182868 0.042206 0.009557 0.04025
2004 54.29409 12.95999 0.676466 5.652526 7.062906 0.248614 0.032951 0.013393 0.037147
2005 55.43621 15.1696 0.647845 7.851902 8.329355 0.229955 0.032233 0.012219 0.034362
2006 55.36913 15.56885 0.696443 9.307953 8.924995 0.246623 0.044912 0.021103 0.040798
2007 55.5505 15.34991 0.670284 11.74101 8.928966 0.309986 0.066357 0.015187 0.04905
2008 51.02442 14.32865 0.706928 13.23497 8.932005 0.280517 0.048142 0.017203 0.037318
2009 50.78735 14.96267 0.614963 16.10411 8.768788 0.377684 0.053407 0.019761 0.029055
2010 58.19997 16.84981 0.617084 19.24338 8.752756 0.435371 0.063468 0.015248 0.027274
2011 61.85771 17.11777 0.626296 23.20711 9.187533 0.387418 0.066797 0.012611 0.042956
2012 64.02243 19.19719 0.72739 25.91109 9.475425 0.394495 0.070395 0.024782 0.034261
2013 64.53186 21.59196 0.739364 28.60502 8.973956 0.432886 0.079107 0.026057 0.076025
2014 66.42646 22.60779 0.723414 31.01424 8.069595 0.398977 0.089798 0.017967 0.073876
2015 66.60454 22.68413 0.742029 36.78851 7.484158 0.248537 0.105224 0.02009 0.06594
2016 69.3975 21.6536 0.739431 42.22557 7.062259 0.297461 0.117103 0.017877 0.056898
2017 72.81665 21.09745 0.773325 49.72002 7.993055 0.278268 0.097432 0.011101 0.06665
2018 71.91201 22.64854 0.863881 56.77163 8.325083 0.297091 0.088127 0.016631 0.059032
2019 62.30412 24.27347 0.98862 58.24237 7.822529 0.309078 0.088675 0.017453 0.063873
Vietnam ASEAN 6
0.000503 0.189769 Figure 55. Innovation capacity in developing EAP outside
0.001017 0.259224
0.001422 0.291465 A. Advanced and developing EAP
0.001981 0.369934
0.003008 0.569111
0.002528 0.733986 Number
(thousand)
0.003283 0.68993
0.006566 0.78691
0.006105 0.871693
0.003871 1.012443
0.010397 0.967012
0.005735 1.055614
180
0.009976 1.12084
0.009535 1.099643 160
0.009935 1.104805
0.010465 1.16891
0.015665 1.151743
140
0.020462 1.271784
0.02144 1.374878 120
0.020393 1.324425
0.023356 1.205177
0.035707 1.264477 100
0.037355 1.264131
0.050829 1.375591
0.051474 1.519173
80
60
40
20
0
1997
1998
1999
2000
2001
2002
2003
1995
1996
y in developing EAP outside China remains relatively small
Japan Korea, Rep.

China Taiwan, China
ASEAN 6
1999
2000
2001
2002
2003
2004
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2005
2019
B. ASEAN-6
Number Singapore
(thousand)
na Thailand
1.6 Philippine
1.4
1.2
1
0.8
0.6
0.4
0.2
0
2017
2018
2019
1995
1996
1997
1998
1999
2000
2003
2004
2005
2006
2007
2001
2002
2008
2005
2006
2007
2008
Thailand
2009
Singapore
Philippines
2010
2011
2012
2013
2014
2015
Vietnam
2016
Malaysia
Indonesia
2017
2018
2019
Figure 56. The US and, increasingly, China are important sources of knowledge for other
Panel A: 1996-2001
urces of knowledge for other East Asia and Pacific countries
Panel B: 2014-2019
Figure 57. The adverse effects of a tra
A. Business as before
Trade war 0
CPTPP 147 This chart isn't available in your version of Excel.
RCEP15 186
Editing this shape or saving this workbook into a diff
India 53
Trade war -301

CPTPP 121
RCEP15 209
India 53
. The adverse effects of a trade and technological rift between large countries can be reduced by third countries forming (separate)
ss as before
le in your version of Excel.
aving this workbook into a different file format will permanently break the chart.
countries forming (separate) trade agreements that ideally include each large country
B. Under sustained trade war
Editing this shape or saving this workbook into a different file format will permanently break the chart.
0
ll permanently break the chart.
Table 3: A comparison of the depth of CPTPP and RCEP
Agreement CPTPP RCEP
Year of entry into force 2018 2022
Tariffs 3 3
Export Restrictions 3 3
Services 3 3
Investment 3 3
Movement of Capital 3 3
IPR 3 3
Visa & Asylum 3 3
Trade Facilitation & Customs 3 3
Trade Remedies 2 2
TBT 3 2
SPS 3 2
Public Procurement 3 2
Subsidies 3 0
SOEs 3 0
Competition Policy 2 2
Environmental Laws 3 1
Labour Market Regulation 3 0
3 Strong Enforceability
2 Legal enforceability (but DS cannot be invoked)
1 Weak enforceability/best endeavor
0 Not covered
Korea, Rep Thailand China Vietnam
2022 17.5 15.2 13.7 9.1
2040 33.6 27.4 26.2 15.9
2060 43.6 34.9 35.5 24.0
Figure 58. EAP’s older population will continue to rise sharply in coming years
Percent of population
50
2022
40
30
20
10
0
Vietnam
Thailand
Indonesia
Fiji
Myanmar
Korea, Rep
China
Malaysia
Kore
Vi
Ind
My
Malaysia Indonesia Myanmar Fiji Cambodia
7.5 6.9 6.8 5.9 5.8
13.0 12.0 11.1 8.2 11.0
22.7 16.9 15.9 12.1 16.8
in coming years
2022 2040 2060

Lao PDR
Indonesia
Fiji
Cambodia
Myanmar
PNG
Timor-Leste
Mongolia
Philippines
Ind
My
Ca
Phili
Timor
La
Philippines Timor-Leste Mongolia Lao PDR PNG
5.4 5.2 4.6 4.5 3.2
8.8 5.9 10.3 7.4 5.8
13.2 10.4 16.5 13.9 9.2
France 111
United States 69
United Kingdom 45 Figure 59. Most major economies of EA
PNG 40
Indonesia
Japan
Myanmar
26
25
25
Years
China 24
Vietnam
Malaysia
23
22
120
Thailand 20
Korea, Rep. 19
100
Iran
India
20
27
80
Brazil 24
S. Africa
Russia
29
50 60
Poland 47
40
20
0
United States
France
United Kingdom
France
United States
United Kingdom
Indonesia
Japan
Myanmar
China
t major economies of EAP are or will soon experience rapid aging
Vietnam
Malaysia
Thailand
Korea, Rep.
Thailand
Korea, Rep.
Country Ratio Peak year
United States 100 2008
Italy 84.4152617622616 1993
Germany 83.3801060648559 1987
Canada 82.3481930762383 2009
France 79.6296879601339 1987
United Kingdom 62.830784020571 1950
Japan 87.5141624066226 1992

Australia 86.6502853462125 2009
New Zealand 65.4226756453966 2009
Korea, Rep. 64.1289925061057 2014
Malaysia 44.0097548339394 2020
Philippines 30.0016960305514 2056
Thailand 28.9370260634134 2013
China 20.358517848405 2011
India 20.2292124988919 2040
Indonesia 18.0173598104149 2031
Vietnam 13.2184205400128 2014
Figure 60. And peak working age population shares reached at far lower income levels than OECD
Ratio
100
80
60
40
20
0
United States
Italy
Germany
Canada
France
United Ki...
Australia
Korea, Rep.
Malaysia
Japan
New Zealand
Unite
Uni
A
New
Kore
Australia
New Zealand
Korea, Rep.
income levels than OECD

Malaysia
Philippines
Thailand
China
India
Indonesia
Vietnam
A
New
Kore
Phi
T
In
1960 1980 2020
Korea, Rep. 5.949 2.82 0.837 2.1
China 4.451 2.739 1.281 2.1
Thailand 6.248 3.362 1.341 2.1
East Asia & Pacific (excluding high income) 4.841933126 3.214332036 1.597247333 2.1
Malaysia 6.407 4.056 1.818 2.1
Vietnam 6.28 4.858 1.955 2.1
Myanmar 5.983 4.828 2.174 2.1
Indonesia 5.547 4.493 2.194 2.1
Cambodia 6.251 5.774 2.381 2.1
Fiji 6.461 3.98 2.495 2.1
Philippines 7.148 5.108 2.777 2.1
PNG 6.018 5.705 3.274 2.1
Samoa 7.646 5.925 3.997 2.1
Figure 61. Rapid declines in fertility have been the main driver of rapid aging in EA
Children per woman

9
8
7
6
5
4
3
2
1
0
Vietnam
China
Thailand
Malaysia
Korea, Rep.
an
Vietnam
Myanmar
iver of rapid aging in EAP

Indonesia
Cambodia
Fiji
1960
Philippines
PNG
1980
Samoa
2nd active coverage GDP per capita (PPP in
country (cont/working age) 2011 dollars)
Cambodia 1.893 3465.12556490306
China 37.100 17700
Lao PDR 1.300 6073.22369456346
Malaysia 43.100 25668.884358229
Mongolia 50.000 11361.0064180842
Philippines 21.395 7233.20610317139
PNG 3.000 3817.7808091091
Thailand 21.400 15705.8065994744
Timor-Leste 10.000 4100
Vietnam 23.000 5837.62870356959
Afghanistan 2.200 1802.69556548499
Albania 25.661 11356.3413288171
Algeria 27.127 13921.1800218255
Argentina 29.869 18584.580004917
Armenia 26.964 8190.23928885988
Australia 69.600 44493.4808943831
Austria 67.252 44464.3502683082
Azerbaijan 24.693 16001.3233967209
Bangladesh 1.000 3319.35280468543
Barbados 65.100 16741.3797629383
Belarus 43.990 16773.1935504926
Belgium 62.917 42083.6443038217
Benin 3.965 2009.61832073663
Bolivia 13.474 6707.95618414272
Bosnia and Herzegovina 31.400 11337.5702648861
Brazil 39.215 14077.1214085544
Bulgaria 59.295 17794.5427573699
Burkina Faso 1.975 1642.32200318544
Burundi 4.488 721.176561528182
Cameroon 8.978 3346.81779272084
Canada 56.148 43238.2596047198
Central African Republic 1.300 642.873494030895
Chad 1.500 1878.37848258326
Chile 41.395 22614.3936667162
Colombia 23.307 13135.0098987578
Congo, Democratic Repu 10.500 805.064264107408
Congo, Republic 6.900 5250.86760824979
Costa Rica 50.006 15195.001412292
Cote d'Ivoire 7.635 3424.96402094039
Croatia 52.734 21799.9328108641
Cyprus 75.399 31442.4402927264
Czech Republic 73.833 31338.8752118175
Denmark 84.000 45991.2247756847
Dominican Republic 23.137 14120.2116371665
Ecuador 29.810 10424.2641539122
Egypt 28.909 10324.1011436186
El Salvador 20.706 7164.14349682179
Estonia 76.132 28109.81704489
Ethiopia 4.293 1608.293476
Finland 65.652 39659.1660392991
France 63.633 38062.6397284874
Gabon 56.600 16756.69447
Gambia, The 13.166 1554.89713835209
Georgia 22.700 9276.76624499826
Germany 65.552 44431.8228379944
Ghana 7.843 3982.76946707348
Greece 65.449 24211.7408896851
Guatemala 13.200 7368.61032177815
Guinea 11.100 1894.44129905562
Guinea-Bissau 2.103 1498.83983814272
Haiti 5.647 1654.170537

Honduras 12.681 4406.77353237576
Hungary 66.021 25664.136004531
Iceland 79.442 45630.9381699818
India 8.000 6095.72279590336
Iran 18.700 18497.6743334441
Iraq 19.010 16242.0690194963
Israel 69.800 32688.4081041526
Italy 59.918 34655.2627627333
Jamaica 12.500 8179.62033999721
Japan 84.900 38282.5046733349
Jordan 22.600 8389.60457395155
Kazakhstan 80.000 23447.015704281
Kenya 6.308 2926.53250207873
Korea, Republic 54.181 35020.4115062331
Kosovo 26.396 9451.90894
Kyrgyz Republic 34.801 3309.85992947551
Latvia 75.468 23743.2578198778
Lesotho 2.748 2736.3548946839
Liberia 7.106 753.557379048622
Lithuania 54.500 28033.8739289417
Macedonia 52.300 13120.8725132858
Madagascar 4.883 1396.6696154848
Malawi 3.741 1083.80142082959
Mali 2.310 1971.08447950848
Malta 67.213 35058.4307800792
Mauritania 2.494 3572.28039224539
Mauritius 49.865 19567.4896610354
Mexico 20.619 17206.6343224392
Moldova, Republic 33.600 4963.39834391968
Montenegro 36.800 15737.0249188206
Morocco 16.932 7285.90832106945
Mozambique 4.525 1127.34726420517
Namibia 6.400 9825.59926991324
Nepal 2.500 2297.65253885535
Netherlands 79.952 47269.6329521216
Nicaragua 14.600 5130.58029479392
Niger 1.827 917.140115923232
Nigeria 7.572 5434.73479515868
Pakistan 3.465 4857.16871756739
Palestine 6.042 4738.01542623788
Panama 35.639 21472.6901894809
Paraguay 13.500 8871.37954006657
Peru 19.870 12082.1680106024
Poland 63.372 26035.8379036022
Portugal 59.626 27124.155038865
Romania 42.381 21670.7047886072
Russian Federation 47.925 24416.6238784033
Rwanda 5.062 1790.25475455162
Senegal 4.790 2379.45126362328
Serbia 29.700 13720.8908914885
Sierra Leone 4.718 1363.86357140879
Slovakia 57.267 29212.3781979582
Slovenia 64.950 29930.037038675
South Africa 3.546 12286.6971248333
Spain 60.474 33320.3727243715
Sri Lanka 18.900 11445.4643648867
Sudan 2.800 4386.35257858328
Swaziland 16.438 7723.6410594802
Sweden 92.675 46568.1771455909
Tajikistan 20.513 2762.58545284209
Tanzania 2.858 2583.5285031541
Togo 4.436 1388.49614248697
Trinidad and Tobago 49.700 29540.8742983584
Tunisia 33.959 10761.5145274606
Turkey 27.849 23756.4842864984
Uganda 4.648 1687.08273624095
Ukraine 33.897 7668.0557761534
United Kingdom 71.400 39309.3270821404
United States 78.538 53399.3591673623
Uruguay 56.651 20093.6322583515
Uzbekistan 39.000 6039
Yemen 5.800 1479.14700530618
Zambia 8.138 3652.15192618377
Zimbabwe 16.396 1879.6281185511
Figure 62. Coverage of contributory pe
100
Share of contributors among working

80 f(x) = − 2.261740
R² = 0.83379045
age population (%)

60
40
20
0
0 1000
Incom
Coverage of contributory pension schemes in many EAP economies remains low
100
80 f(x) = − 2.26174093170171E-08 x² + 0.00268715076275463 x + 0.123726232771505

R² = 0.833790451582959
60
40
20
0
0 10000 20000 30000 40000 50000 60000
Income per capita (PPP-adjusted; US$)
505
60000
Male Female
Bangladesh 93.9 96.6 Figure 63. And labor market informality is
India 88.4 90.3
Nepal 78 87.3
Pakistan 82.1 91.7
Sri Lanka 70.6 60.2
China 56.2 46.5
Cambodia 89.8 89
Indonesia
Lao PDR
79.1
86.6
81.9
91.2
100
Percent
Mongolia 48 37.8
Myanmar 78.6 84.4
80
Thailand 64.5 65.6
Vietnam 72.7 67.8
60
40
20
0
Bangladesh
India
Nepal
0
0
0
0
0
0
Bangladesh
rcent
India
Nepal
Pakistan And labor market informality is high
Sri Lanka
China
Male
Cambodia
Indonesia
Female
Lao PDR
Mongolia
Myanmar
Thailand
Myanmar
Thailand
Vietnam
pp change 2020-2050
Timor-Leste 8.062102
Nepal 5.753995
Lao PDR 4.825506
PNG 4.215252
Philippines 2.336196
Cambodia 2.002565
India 0.525405
Bhutan 0.419925
Mongolia -0.129683
Myanmar -0.619204
Bangladesh -0.644202
Malaysia -3.045407
Indonesia -3.088974
Australia -4.027838
New Zealand -4.108263
Sri Lanka -5.683336
Vietnam -6.571381
Japan -8.438964
China -10.5384
Thailand -12.45895
Singapore -17.79096
Korea, Rep -19.62293
-25
-20
-15
-10
-5
0
5
10
Timor-Leste
Nepal
Lao PDR
PNG
Philippines
Cambodia
India
Percentage points
Bhutan
Mongolia
Myanmar
Bangladesh
Malaysia
Indonesia
Australia
New Zealand
Sri Lanka
Vietnam
Japan
China
Figure 64. The working age population share in major economie
New Zealand
Sri Lanka
Vietnam
Japan
China
Thailand
Singapore
Korea, Rep
major economies of EAP is already shrinking or soon will…
Figure 65. Significant proportions of older people in EAP
Women Men
Percent
China
Cambodia
15.4
35.5
27.6
55.1
70
Fiji 13.6 41.1
Indonesia
Korea, Rep
31.7
27.8
57.7
45 60
Malaysia 12 39.9
Mongolia 7.7 14.7
Myanmar 7.4 23.6 50
PNG 21.6 23.6
Thailand 17.3 33.4 40
Vietnam 20.8 31.4
30
20
10
0
Fiji
China
Cambodia
Indonesia
Fiji
Indonesia
Korea, Rep
ions of older people in EAP are still working
Malaysia
Mongolia
Myanmar
Women
PNG
Philippines
Men
Thailand
Vietnam
Vietnam
Figure 66. Rising healthy life expectancy also increases potential working lives, 2000-2019
Years Change in life expectancy

12
Change in healthy life expectancy
10
0
y
pectancy Change in hChange in life expectancy
Philippines 1.4 1.4
Malaysia 1.7 1.92
PNG 1.8 2.01
Vietnam 2 2.29
Japan 2.5 3.14
Australia 2.3 3.35
New Zeala 2.4 3.39
Indonesia 3.8 4.14
Singapore 4.1 4.78
Sri Lanka 4 4.98
Nepal 5 5.62
China 4.8 5.85
Thailand 5.7 6.45
Timor-Lest 7.8 6.95
Korea, Rep 5.7 7.09
Bhutan 6.3 7.41
Mongolia 6.5 7.58
Banglades 7.3 8.66
India 7.4 8.68
Myanmar 8 9.14
Lao PDR 8.7 10.1
Cambodia 10.1 11.44
Change in life expectancy
deveap
Vietnam 5.3 1
Malaysia 3.7 1
Philippines 3.75 1 Figure 67. Aging will drive major increases in pension
China 3.4 1
Indonesia 2 1
Cambodia
Myanmar
1.5
1
1
1
Percent of GDP
Thailand 0.8 1 6
Lao PDR 0.6 1
PNG 0.5 1
Korea, Rep. 1.6

1
0
5
Hong Kong
SAR,
China 1.4 0 4
Japan 0.1 0
0
Malaysia
China
Philippines
Vietnam
Indonesia
P
China
Indonesia
Cambodia
ajor increases in pension spending
Myanmar
Thailand
Lao PDR
PNG
Korea, Rep.
Hong Kong SAR,
China
Japan
Public Private
Cambodia 0.38 0
Bhutan 0.41 0 Figure 68. Civil service pension spend
Lao PDR 0.5 0
Bangladesh
Myanmar
0.65
1.07
0
0 %o
Sri Lanka 1.14 0
Pakistan 1.2 0 1.
Thailand 1.33 0.14
Nepal 1.34 0
1.
0.
0.
0.
-2.22044604925031E-1
-0.
. Civil service pension spending, latest year
% of GDP Public Private

1.5
1.2
0.9
0.6
0.3
44604925031E-16
Nepal
Bhutan
Thailand
Lao PDR
Pakistan
Sri Lanka
Myanmar
Cambodia
Philippines
-0.3
Bangladesh
Pakistan
Thailand
Nepal
Banglades 25 Figure 69. Generous civil service pension schemes have cre
Indonesia 36 Unfunded civil service pension liabilities
Myanmar 36
Cambodia 37
Bhutan
Pakistan
38
39.7
% of GDP
Sri Lanka 43
Vietnam 78 80
60
40
20
0 Indonesia
Myanmar
Bangladesh
ice pension schemes have created large unfunded liabilities
Indonesia
Cambodia
Myanmar
Bhutan
Sri Lanka
Pakistan
Vietnam
East Asia
1990 2000 2010 2019
Communicab 44% 37% 25% 19%
Non-commun 44% 52% 63% 71%
Injuries 12% 12% 11% 10%
Pacific
1990 2000 2010 2019
Communicab 40% 33% 27% 22%
Non-commun 50% 55% 62% 67%
Injuries 10% 12% 10% 10%
Figure 70. The epidemiological transition in emerging
1990
12%
44%
44%
1990
10%
40%
50%
on in emerging EAP requires reforms to prevent, control and manage non-comm
200
12%
44%
52%
20
12%
40%
55%
age non-communicable diseases across the lifecycle
East Asia
2000
12%
37%
%
Pacific
2000
12%
33%
5%
2010
11%
25%
63%
2010
10%
27%
62%
2019
10%
19%
71%
2019
10%
22%
67%
19%
22%
Required Actual Figure 71. Actual vs. actuarially fair contribution rate in co
Indonesia 7.4 3
Cambodia 14.8 4
Thailand 15.5 6.35
India 15.6 8.33
R
Vietnam
(Men) 19.1 22
Vietnam
(Women) 21.8 22 40
Pakistan
Lao PDR
21.9 6
Percent
(Men) 30.9 2.5
Lao PDR
(Women) 36.1 2.5 30
20
10
0
Indonesia
Cambodia
Thailand
Cambodia
Thailand
India
Required
Vietnam
lly fair contribution rate in contributory DB schemes
(Men)
Vietnam
(Women)
Actual
Pakistan
Lao PDR
(Men)
Lao PDR
(Women)
Lao PDR
(Women)
Figure 72. EAP countries are highly exposed to climate change impacts
Climate Risk Index Ranking (1999-2019)
Chane in GDP
Agriculture -0.0043 -0.7032

Disasters -0.0759 -0.1704
Health -0.057 -0.1901
Temperatu -0.3644 -0.7084
All impacts -0.5009 -1.7585
Figure 73. Unabated climate change threats to China’s economy by 2030

A. Change in GDP
Percent
-1
-2
-3
-4
Agriculture Disasters Health Tempera-
ture
-4
Agriculture Disasters Health Tempera-
ture
Chagne in income of the bottom 40%
Agriculture -0.0389 -1.5457

Disasters -0.0473 -0.2843
Health -0.0862 -0.6982
Temperatu -0.0418 -0.7678
All impacts -0.5663 -3.2384
B. Change in income of the bottom 40%
Percent
-1
-2
-3
-4
Tempera- All impacts Agriculture Disaster
ture
-4
Tempera- All impacts Agriculture Disaster
ture
ure Disasters Health Tempera- All impacts
ture
ure Disasters Health Tempera- All impacts
ture
mpacts
mpacts
Agriculture 16
Cross-cutting 14
Health 13
Water 13
Coastal zone 12
LULUCF/Forestry 12
Disaster risk management 11
Environment 10
Social development 10
Urban 10
Education 8
Energy 8
Transport 4
Tourism 3
Figure 74. Sectoral priorities for adaptation actions in EAP as revealed in NDCs
Number of countries with adaptation actions cited in each sector
20
15
Number of countries
10
0
Agriculture
Water
Cross-cutting
Health
Coastal zone
Urban
Disaster risk ma...
Environment
LULUCF/Forestry
Social development
Environment
Social development
Urban
Education
Energy
Transport
Tourism
Table 4. Adaptation costs given in EAP Country Nationally Determined Contributions (NDCs) submitted to COP26, 202
Adaptation finance needs as

per NDC
(US$ millions)
Cambodia $2,041
Kiribati $75
Mongolia $5,200
Solomon Islands $1,267
Vietnam $35,000
Source: analysis based on WRI ClimateWatch, 2023.
DCs) submitted to COP26, 2021
Population (in millions) Finance needs per capita (US$)
16.6 $123
0.13 $577
3.3 $1,576
0.71 $1,784
97.5 $359
Table 5. Estimates of climate adaptation costs and financing needs in Vietnam, 2011-2050
Incremental financing needs

Total financing needs
Investment needs for resilient private assets
New and retrofitting investments for resilient infrastructure
Financial support to affected people and business
Existing financing
Source: World Bank Vietnam CCDR, 2022.

Note: NPV is net present value; all those amounts reflect a 6 percent discount rate.
Vietnam, 2011-2050
Average per year Accumulated value

(% of GDP) (US$ billion in NPV terms)
4.5-5.4 342.3-410.7
6.3-7.2 479.2-547.6
3.0 228.2
3.0-3.5 228.2-266.2
0.3-0.7 22.8-53.2
1.8 136.9
Table 6. Samoa estimated costs for adaptation, social resilience and mitigation
Total estimated costs over 2022-26
(million US$)
Identified adaptation projects 426
Transportation 231
Flood mitigation 79
Water and sanitation 61
Environment 24
Agriculture and fisheries 22
Early warning systems 10
Social spending needs 122

Health 41
Education 81
Mitigation goals (NDC) 107

Land transport 62
Maritime transport 31
Electricity 8
AFOLU 4
Waste, tourism and marine 3
Total 657
Source: World Bank, ADB, GCF, GEF, authorities, and IMF staff estimates.
Annualized
(% of GDP)
11.0
6.0
2.0
1.6
0.6
0.6
0.3
3.2
1.1
2.1
2.8
1.6
0.8
0.2
0.1
0.1
17
2030 2040
Agriculture 0.8 1.2 2.9 6.2
Energy and ext 2.1 2.7 5.3 9.7
Basic manufac 3.8 4.3 9.4 14.4
Advanced manu 1.4 2.2 3.4 8.2
Construction 1.5 1.7 2.9 4.8
Private service 1.6 2.0 3.6 6.2
Government 1.6 1.9 3.7 5.8
Figure 75. All sectors will benefit from adaptation investments in the Philippines
A. 2030
High typh
Low typh
Agriculture
Basic manufacturing
Construction
Private services
Government
0 3 6
% change in output fro
in the Philippines
B. 2040

Agriculture
Basic manufacturing
Construction
Private services
Government
6 9 12 0
e in output from baseline

Agriculture
and extraction
manufacturing
manufacturing
Construction
ivate services
Government
0 3 6 9 12
% change in output from baseline
vity
ity
e
Figure 76. Adaptation investments in the Philip
Employment A. Industry
Agriculture 0.00
Energy and extraction 0.50
Basic manufacturing
0.11
0.05
Government
Construction 1.99
Private services 0.10
Government 0.00 Private services
Managers 0.14
Professional
Technicians
0.09
0.14
Construction
Clerical support 0.08
Service and sales 0.12
Skilled agricultural
Craft and trade-related
0.00
1.04
Machine operators 0.16
Elementary occupations 0.42
Basic manufacturing
Male 0.38
Female 0.09
Agriculture
0
%
tion investments in the Philippines will have a broad range of employment benefits
Government
rivate services
Construction
manufacturing
manufacturing
and extraction
Agriculture
0.0 0.5 1.0 1.5 2.0
% employment change from baseline

B. Occupation
Elementary occupations
Machine operators
Craft and trade-related
Skilled agricultural
Service and sales
Clerical support
Technicians
Professional
Managers
0.0 0.4 0.8
% employment change from

C. Gender
Female
Male
4 0.8 1.2 0.0 0.1
t change from baseline % employme

0.1 0.2 0.3 0.4
% employment change from baseline

0.4
Potential growth Capital deepeniEmployment Human capital Total factor productivity
2000-10 7.65 4.08 0.56 0.33 2.68
2011-21 6.21 3.80 0.24 0.33 1.84
2022-30 4.689 3.03 0.01 0.41 1.25
Figure 77. Potential growth in the EAP is expected to decline

A. Potential growth in EAP and its components
10 Capital deepening Emplo

Human capital Total
Percentage pointsgrowth
Potential
8
0
2000-10 2011-21
0
2000-10 2011-21
Potential growth Capital deepening Employment Human capital
3.95 1.93 0.86 0.27
4.48 2.68 0.68 0.32
4.35 2.63 0.49 0.42
ng Employment
Total factor productivity 6
h Percentage
2011-21 2022-30
0
20
2011-21 2022-30
0
20
Total factor productivity
0.88
0.80
0.81
B. Potential growth in EAP (ex. China) and its components
6 Capital deepening Employme

Human capital Total facto
Percentage points
Potential growth
0
2000-10 2011-21
0
2000-10 2011-21
Employment
Total factor productivity
1 2022-30
1 2022-30
7
Capital Labor Human capital
No aging 3.03 0.24 0.41
Aging 3.03 0.01 0.41
Capital Labor Human capital

No aging 2.63 0.68 0.42
Aging 2.63 0.49 0.42
Figure 78. Efficient policies and deeper reforms could offset the negative growth impact of aging, deg
A. Impact on EAP’s potential growth
Percent Capital
Labor
TFP
5
2
3
0
No aging Aging Deglobalizatio
TFP Boost from increased
Boost from structuraBoost from adaptation to climate change
1.25
1.25
1.11
1.01
1.01 0.12 0.16 0.03
TFP Boost from increased

Boost from structuraBoost from adaptation to climate change
0.81
0.81
0.68
0.58
0.58 0.10 0.09 0.03
negative growth impact of aging, deglobalization and climate change
pital
bor
P
Human capi
Total factor
ductivity
Employmen
Capital deep
ductivity
Employmen
Capital deep
ing
Deglobalization Climate Policy reforms

change
mate change
mate change
B. Impact on EAP (ex. China)’s potential growth
Percent
4
Human capital
Total factor pro-
ductivity 3
Employment
2
Capital deepen-
ductivity 3
Employment
2
Capital deepen-
ing
1
0
orms No aging Aging
Estimat
a)’s potential growth
t Capital
Labor
TFP
ging Aging Deglobalization Climate Policy refo
change
Estimated potential GDP growth, 2022-30
Human capital
Total factor pro-
ductivity
Employment
Capital deepen-
ductivity
Employment
Capital deepen-
ing
ate Policy reforms

nge
2-30
MYS PHL THA IDN CHN
lower -0.857633 -0.52873 -0.490837 -0.199914 -0.21334
Mean -0.44764 -0.30151 -0.248351 -0.083099 -0.101789
upper -0.126457 -0.09 -0.020755 0.033038 0.019308
0.321182 0.21151 0.227596 0.116136 0.121097

0.409993 0.22722 0.242486 0.116815 0.111551
1.928701 1.985072 1.809438 1.844023 1.928701
-1.654116 -1.049567 -0.888139 -0.368646 -0.411469

-0.863363 -0.598519 -0.449376 -0.153236 -0.196321
-0.243898 -0.178657 -0.037556 0.060922 0.037239
0.619465 0.419863 0.41182 0.214158 0.23356

0.790754 0.451048 0.438763 0.21541 0.215148
Figure B1.1. Im
A. Impact of a
Percentag
0.0
-0.1
-0.2
-0.3
-0.4
-0.5
-0.3
-0.4
-0.5
-0.6
-0.7
-0.8
-0.9
-1.0
MY
Figure B1.1. Impact of different shocks on EAP GDP
A. Impact of a 25 basis point reaction shock on EAP real GDP (peak
Percentage point
0.0
-0.1
-0.2
-0.3
-0.4
-0.5
-0.3
-0.4
-0.5
-0.6
-0.7
-0.8
-0.9
-1.0
MYS PHL THA IDN C
real GDP (peak response)
IDN CHN
PHL MYS IDN THA CHN
lower 0.453509 0.302288 0.219074 -0.042878 -0.038225
mean 0.823287 0.820617 0.412493 0.292499 0.193716

upper 1.18474 1.383293 0.604633 0.585197 0.532393
dif lower 0.369778 0.518329 0.193419 0.335377 0.231941

dif upper 0.361453 0.562676 0.19214 0.292699 0.338676
Figure B1.1. Im
B. Impact of a
Percentag
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.4
0.3
0.2
0.1
0.0
P
B. Impact of a 1 percentage point US GDP shock on EAP real GDP (
Percentage point
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.4
0.3
0.2
0.1
0.0
PHL MYS IDN THA
EAP real GDP (peak response)
THA CHN
MYS THA PHL IDN CHN
lower 0.143232 0.060845 0.061323 0.16738 0
mean 0.445879 0.347736 0.316125 0.271166 0
upper 0.758821 0.961912 0.580245 0.376649 0
dif lower 0.302647 0.286891 0.254803 0.103785 0

dif upper 0.312942 0.614176 0.264119 0.105484 0
Figure B1.1. Impac

C. Impact of a 1 per
Percenta
0.5
0.4
0.3
0.2
0.2
0.1
0.0
M
re B1.1. Impact of different shocks on EAP GDP
mpact of a 1 percentage point China GDP shock on EAP real GDP (pe
Percentage point
0.5
0.4
0.3
0.2
0.2
0.1
0.0
MYS THA PHL I
AP real GDP (peak response)
HL IDN
MYS IDN PHL CHN THA
lower 0.034675 0.01437 -0.158799 -0.128965 -0.151998
mean 0.22141 0.081921 -0.031168 -0.037441 -0.04886

upper 0.468817 0.159399 0.077111 0.031534 0.047253
dif lower 0.186735 0.067551 0.127631 0.091524 0.103138

dif upper 0.247407 0.077478 0.108279 0.068976 0.096113
Figure B1.1. Im
D. Impact of a
Percentag
0.3
0.2
0.1
0.0
0.0
-0.1
MY
D. Impact of a 10% Commodity price shock on EAP real GDP (peak
Percentage point
0.3
0.2
0.1
0.0
0.0
-0.1
MYS IDN PHL CHN T
real GDP (peak response)
CHN THA
2018 2019 2020 2021 2022
Marshall Islands 93.8 100.0 97.8 95.4 96.8
Tonga 99.3 100.0 100.5 97.8 96.2
Kiribati 100.5 100.0 99.5 101.0 102.5
Nauru 99.0 100.0 100.7 102.2 103.1
Tuvalu 87.9 100.0 95.1 95.4 98.2
Solomon Islands 98.2 100.0 96.6 96.4 92.1
PNG 95.7 100.0 96.5 97.5 101.4
Micronesia 98.8 100.0 98.2 95.1 94.6
Fiji 100.6 100.0 82.8 79.5 91.5
Vanuatu 96.9 100.0 94.6 95.1 97.2
Samoa 95.7 100.0 96.9 90.0 84.6
Palau 101.9 100.0 90.3 74.9 73.0
UMIC 97.3 100.0 93.9 100.2 104.4
LMIC 96.9 100.0 97.3 100.5 104.2
2023 2024 2025 2026
98.9 101.4 103.6 105.4
99.4 102.6 105.1 107.0
104.9 107.1 109.3 111.6
105.1 108.0 110.2 112.2
101.7 105.8 109.8 113.8
94.5 96.7 99.6 102.6
105.6 108.8 112.1 115.4
97.4 99.9 101.2 102.0
96.4 99.7 102.1 105.1
100.5 104.0 108.0 111.2
88.0 91.1 94.2 97.0
86.3 90.2 92.7 95.2
109.4 113.1 116.4 119.9
108.7 113.7 118.2 123.0
Figure B3.1. GDP forecasts relative to
Fiji Palau
Vanuatu Solomon Islands
Tonga Tuvalu
Micronesia Nauru
Index (2019 GDP=100)

130
120
110
100
90
80
90
80
70
1 2 3 4 5
ts relative to 2019 level
u Samoa
mon Islands Marshall Islands
alu Kiribati
ru UMIC
4 5 6 7 8
Fiji Palau Samoa
22Q1 22Q2 22Q3 22Q1 22Q2 22Q3 22Q1
Food 2.78818 1.154185 2.086548 3.336898 3.510495 3.386084 3.444178
Transport 1.162838 3.173412 3.092635 2.95014 3.701191 2.991087 1.856494
Other 0.708479 0.752617 -0.032776 4.605995 5.035179 3.872136 1.412127
Headline 4.659498 5.080214 5.146406 10.89303 12.24687 10.24931 6.712799
Figure B3.2. Consumer
Percentage change
20
15
10
-5
22Q2
22Q3
22Q1
22Q3
22Q1
22Q2
Fiji Palau
-5
22Q1
22Q2
Fiji
22Q3
22Q1
22Q2
Palau
22Q3
Vanuatu Solomon Islands
22Q2 22Q3 22Q1 22Q2 22Q3 22Q1 22Q2 22Q3
4.931519 9.976744 1.405333 1.638741 1.737082 3.562597 4.320817
2.165961 5 0.169898 0.310023 2.0318 2.767208 3.840978
1.652707 0.023256 1.032421 1.59571 -4.223841 -1.168515 1.810247
8.750187 15 2.607652 3.544473 -0.454959 5.16129 9.972041
.2. Consumer price inflation
age change
Food Transport
Other Headline
22Q3
22Q2
22Q3
22Q2
22Q3
22Q1
22Q2
22Q1
22Q3
22Q1
22Q2
22Q1
22Q2
22Q3
22Q1
22Q3
22Q1
22Q2
22Q3
Fiji Palau Samoa Vanuatu Solomon Marshall Tonga

Islands Islands
Fiji
22Q3
22Q1
Palau 22Q2
22Q3
22Q1
22Q2
22Q3
Samoa
22Q1
22Q2
22Q3
22Q1
22Q2
22Q3
Islands
22Q1
22Q2
22Q3
Islands
22Q1
22Q2
Vanuatu Solomon Marshall Tonga
22Q3
Marshall Islands Tonga
22Q1 22Q2 22Q3 22Q1 22Q2 22Q3
1.012517 2.860965 3.853937 5.448595
0.718296 2.359592 4.16867 3.346939
0.518667 2.656485 3.28918 5.274344
2.249479 7.877041 11.31179 14.06988
port
ine
22Q1
22Q2
22Q3
Tonga
22Q1
22Q2
Tonga
22Q3
2 3 4 5 6 7 8
Fiji Palau Samoa Vanuatu Solomon IslMarshall IslTonga
Overall balance -9.534939 -20.30993 -0.783525 -10.13013 -2.004741 2.379587 -3.564052
Tax revenues -9.153129 -6.020922 1.088441 -1.423537 -3.052676 -0.579007 0.52965
Non-tax revenues -0.219591 0.001202 0.904201 -2.749171 -0.996447 -1.396177 0.43252
Grants 2.607075 5.89818 4.498097 6.245588 2.304145 24.83512 1.732189
Investment income 0 1.430038 0 0 0 0 0
COVID-19 measures -5.919647 -9.522245 -7.45621 -4.184265 -2.788546 -24.60255 -5.731806
Other 3.150353 -12.09619 0.181945 -8.018748 2.528783 4.122202 -0.526605

9 10 11 12 13
Tuvalu Kiribati MicronesiaNauru PNG
-5.856443 -14.90948 -16.15414 -33.8528571577 -1.8 2
0.999724 3.840782 -14.30421 2.73257871988 -1 3
3.240416 -24.19384 -1.307598 2.870020272902 -0.5 4
6.832505 -10.83404 10.34159 3.475900681852 0.2 5
0 13.05058 0 0 0 6
-29.36203 -9.826044 -19.8291 -23.3693220966 -2.06623588468 7
12.43294 13.05308 8.945184 -19.5620347357 1.566235884676 8

Figure B3.2. Consumer price inflation
Percent of GDP change

(2019-2021)
Grants In
Tax revenues N
40 COVID-19 measures O
20
-20
-40
-60
Palau
Samoa
Vanuatu
Tonga
Fiji
Solomon Isl.
Marshall Isl.
Investment income
es Non-tax revenues
measures Other
Micronesia
Tonga
Tuvalu
Nauru
Kiribati
Marshall Isl.
Percentage Points
USA China Indonesia Malaysia
2003 10.536 5.34796 2.85082
2004 10.368 5.19652 2.75519
2005 10.2 5.04509 2.65957 3.133608
2006 10.032 4.89365 2.56394
2007 9.864 4.74222 2.46831
2008 9.696 2.37269
2009 9.528 2.27706
2010 9.36 2.18143 2.807372
2011 9.192 2.08581
2012 9.024 1.99018
2013 8.856 1.89455
2014 1.79893
2015 1.7033 2.481132
Figure B5.1. Reallocatio

Responsiveness of emplo
12
10
8
Percentage Points
2
Perc
0
2
4
.1. Reallocation among firms is productivity enhancing, but is sma
eness of employment growth to total factor productivity
USA China Indonesia
12 Malaysia
10
2
4
0
cing, but is small and not improving over time
Indonesia
Trade
trade_L Reforms 4.48539 0.60505
External Finance
extfin_L Reforms 3.54327 1.34955
Domestic Finance
domfin_sec_L Reforms 1.62548 0.88066
Product Market
prdm_elec_L Reforms 1.31386 0.77732
Labor Market
prdm_elec_unb_L Reforms 3.61878 -0.83452
ci_upper
8.36573
5.73698
2.3703
1.8504
8.07208
Figure B6.1. Correlation of GDP
Marginal effect of refor

10
0
2
0
Trade Exte
Reforms
relation of GDP-per-capita growth in EAP and structural reforms
effect of reforms (pcp)

Trade External Finance Domestic Finance Product Market
Reforms Reforms Reforms Reforms
ral reforms
GDPPC groWithin-sectAcross-sectDemographEmploymenEmploymendeltaL_rate14
annualize CHN 8.040157 6.878659 3.039995 -0.119461 0 0.182491 -0.314728
PHL 4.04511 3.088562 1.228381 0.418052 0 -0.159722 -0.154308
VNM 4.085034 2.245018 1.119016 0.739746 0 0.053945 0.160727
IDN 4.00364 2.332241 1.042866 0.217643 1 0.34422 0.293512
MYS 3.105835 1.59203 0.14982 0.727997 1 0.091334 0.543653
THA 2.871708 2.009216 1.098329 0.155603 0 0.102945 -0.257865
MMR 8.158627 7.306692 1.510701 0.49343 0 0.50886 -0.801806

KHM 5.616654 2.893592 2.969763 0.509843 0 -0.177628 0.19281
LAO 5.471977 2.997248 1.196 0.705073 0 0.046792 -0.138185
Figure B7. W
A. Decompos
Percenta
12
10
0
2
-2
CHN
Figure B7. Within-sector growth is the major driver of overall gro
A. Decomposition of GDP per-capita growth (average, 2004–2018
Percentage point
12 Within-sector Across
Demographic change Employ
10
0
2
-2
CHN PHL VNM IDN MYS THA MMRK
of overall growth, but across-sector growth and demographic div
e, 2004–2018)
Across-sector
Employment
MMRKHM LAO
mographic dividends are also sizable in several countries
wbg_ccodeyear lnGDPPC Prod
CHN 2018 9 3
IDN 2018 8 1
KHM 2018 7 3
LAO 2018 8 1
MMR 2018 7 2
MYS 2018 9 0
PHL 2018 8 1
THA 2018 9 1
VNM 2018 8 1
HKG 2018 11 0
JPN 2018 10 0
KOR 2018 10 0
SGP 2018 11 0
TUR 2018 9 1
ARG 2018 9 0
BOL 2018 8 -1
BRA 2018 9 0
CHL 2018 10 0
COL 2018 9 0
CRI 2018 9 0
ECU 2018 9 0
MEX 2018 9 0
PER 2018 9 0
EGY 2018 8 0
MAR 2018 8 2
TUN 2018 8 0
ISR 2018 11 0
BGD 2018 7 2
IND 2018 8 2
LKA 2018 8 1
NPL 2018 7 2
PAK 2018 7 1
BFA 2018 7 3
BWA 2018 9 0
CMR 2018 7 2
ETH 2018 7 3
GHA 2018 8 -1
KEN 2018 7 0
LSO 2018 7 1
MOZ 2018 6 0
MUS 2018 9 1
MWI 2018 6 2
NAM 2018 8 0
NGA 2018 8 1
RWA 2018 7 3
SEN 2018 7 2
TZA 2018 7 2
UGA 2018 7 1
ZAF 2018 9 0
ZMB 2018 7 3
TWN 2018 0
Figure B7. Within-sector growth is the
B. Correlation of across-sector growth a
4
roductivity growth,
2 f(x) = − 0.49202
R² = 0.3298698
rcent
1
2
Across-sector productiv
f(x) = − 0.49202
R² = 0.3298698
percent
1
-1
-2
5 6 7
GDP
growth is the major driver of overall growth, but across-sector gro
ector growth and income level (average, 2004–2018)
x) = − 0.492025762354241 x + 4.96772094813769
² = 0.329869898917747
x) = − 0.492025762354241 x + 4.96772094813769
² = 0.329869898917747
7 8 9 10 11 12
GDP per capita, log
oss-sector growth and demographic dividends are also sizable in
lso sizable in several countries

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Figure O1.

Most major EAP eco

2019 2020 2021 2022

NDEX: 100 = 2019

Dec-22 -1.71671 0.528846 20.40668 33.40815 17.00151 -0.494022

hina Philippines Indonesia Malaysia Thailand

began to tighten monetary policy, in 2022

China 3.0 5.1

ld US EU China EAP PICs

GDP Growth EAP

Growth Volatility EAP

1987-1996 1999-2008 2010-2019 1990 2000 2010 2019

China 3.9 7.8 4.2 4792 8104 17857 25754

1987-1996 1999-2008 2010-2019 1990 2000 2010 2019

EAP 2.9 4.2 3.8 25527 26242 29445 33588

countrycodcountrynamlnpcgni200 others EAP Horizontal lines

2019 log GNI per capita ($, Atlas method)

2002 log GNI per capita ($, Atlas method)

TFP 2.4641299 2.5302088 0.1259374 10

EAP excluding China

100 100 100

100 100 100

Cambodia, Vietnam, MAgriculture -14 -1 77 -18 -1

A. Group A: China, Thailand, Malaysia, Indonesia

Change in employment share

Log of sectoral productivity / total productivity

Change in employment share

Change in employment share

Change in employment share

Value Added per Worker (US$)

Figure O11. Reforms contributed positively to GDP-per-capita growth in EAP

xternal Finance Domestic Finance Product Market

trade_ca_L prdm_elec_own_L -0.0293083 -0.0411014

extfin_in_fdi_L prdm_elec_own_L -0.0209656 -0.0329931

domfin_credit_L prdm_elec_reg_L -0.0202173 -0.0317593

prdm_elec_unb_L prdm_elec_reg_L -0.0112204 -0.0219898

labor_fc_L prdm_elec_unb_L 0.0131386 0.0077732

prdm_elec_unb_L 0.0129168 0.0075459

prdm_elec_ws_L 0.0243222 0.006546

prdm_elec_ws_L 0.0232612 0.0093504

prdm_elec_L 0.0140835 -0.0107433

Variable coef ci_lower

External Finance Capital Inflows 2.11601 0.93422

Credit controls 0.33988 -0.04901

External Finance Reforms

Marginal effect of reforms (pcp)

A. Overall reform index

VNM 0.012506 0.976174 0.060485 0.005856 0.947296 0.107223

PHL 0.0021 0.03704 -0.002967 -0.000493 -0.023303 -0.007553

0.35159 IDN 0.119992 -0.011143 0.802821 0.277582 0.03111

eased after they imposition of trade restrictions on each other

Relative predicted high-tech patent application

2013 2014 2015 2016 2017 2018 2019

Relative predicted high-tech patent application

2013 2014 2015 2016 2017 2018 2019

This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a differ

in your version of Excel.

B. Under sustained trade war

This chart isn't available in your version of Excel.

Japan 87.5141624066226 1992

Source: IMF WEO, PWT 10,0

PNG 4.215252 Figure O18. Aging could reduce the s