Asian economy expands 6.3% in 2021
- By Cui Can
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E-mail China.org.cn, April 21, 2022
The weighted real GDP of Asian economies grew by 6.3% in 2021, and Asia will maintain its economic recovery this year, according to a report released by the Boao Forum for Asia Wednesday.
The report, titled "Asian Economic Outlook and Integration Progress," said that the Asian economy has taken up a growing share of the world economy in 2021. Measured by purchasing power parity, the region accounts for 47.4% of the world's total in 2021, up a 0.2 percentage point from 2020, according to the IMF data the report cited.
The region has performed outstandingly in foreign trade, and its volume hit a record high, said the report. In the first three quarters of 2021, Asia's trade in goods totaled $11.9 trillion, up 29.7% year on year. The region has also become increasingly attractive to foreign investment, with foreign direct investment in Asia reaching $696 billion in 2021, up 18% from 2020.
According to the IMF calculation, the growth rate of the Asian economy in 2022 is expected to be 5.2%, 1.2 percentage points lower than in 2021. Nevertheless, the report believed that the Asian economy would still be in the process of recovering in 2022. However, the growth rate is likely to be lower than the IMF forecast, given the challenges posed by the ongoing COVID-19 pandemic and uncertainties in global situations this year.
The report also pointed out that the digital economy has opened new opportunities in developing service trade among Asian economies. In 2021, Asia's trade in digital services maintained steady growth, with its share of global digital services trade rising from 16.6% in 2005 to 25.5%.
In particular, with the Regional Comprehensive Economic Partnership (RCEP) coming into force this January, Asia is providing new impetus to Asian economic integration and global economic recovery.
Themed "The World in COVID-19 & Beyond: Working Together for Global Development and Shared Future," the Boao Forum for Asia Annual Conference 2022 is ongoing in Boao, a coastal town in southern China's Hainan province, from April 20 to 22.
The forum attracts international delegates from governments, businesses, and academia to discuss the post-pandemic development for Asia and the world, focusing on green, innovative, inclusive, and collaborative development.
