Papua New Guinea (PNG)'s economy is weathering the pandemic well, despite many challenges. Real GDP in 2022 is projected to exceed its 2019 level, and the medium-term outlook is positive, supported by investment in (and revenues from) the resource sector. The war in Ukraine is impacting PNG...

After successfully weathering the pandemic in 2020, Brunei was hit by new waves of COVID-19, with case numbers going up significantly and new lockdown measures imposed in H2 2021. Reduced activities in mining and LNG manufacturing, combined with the negative impact of new pandemic variants on...

Thailand's economy is recovering from an unprecedented crisis emanating from multiple waves of the COVID-19 pandemic. Ample policy space has allowed a swift and bold policy response and vaccine rollout has accelerated. However, the recovery is weak and uneven across sectors, with inflation...

After the strong rebound of 6.5 percent posted in 2021, growth in Asia and Pacific is expected to moderate to 4.0 percent in 2022 amid an uncertain global environment and rise to 4.3 percent in 2023. Inflation has risen above most central bank targets, but is expected to peak in late 2022. As...

Tonga's nascent economic recovery following Tropical Cyclone Harold and border closures in early 2020 has been severely disrupted by a double blow from the Hunga Tonga-Hunga Haʻapai volcanic eruption and the first local outbreak of COVID-19 at the start of 2022. The authorities are augmenting...

This 2022 Article IV Consultation discusses that Singapore's skillful containment measures, effective vaccination campaign and decisive policy support helped the economy to recover impressively. Growth is expected to remain above potential in the near term and broaden across sectors, supported...

This 2022 Article IV Consultation discusses that Vietnam entered the pandemic with robust economic growth and sound fundamentals. Prudent policies resulted in a prolonged period of high growth, price stability, and low public debt ratios. Strong foreign direct investments and trade flows boosted...

The pandemic has had a substantial impact on the economy, straining pre-pandemic gains in income and poverty reduction. The wide-ranging policy measures, including containment protocols, rapid vaccination and booster campaigns, direct income support, and policy support for borrowers and...