Robust External Demand will Support China and ASEAN4
JCER released June 2021 forecast on Asian Economies.
China/ASEAN4 Economic Outlook
- The year-on-year growth rate of China’s real GDP increased from 6.5% in Q4 2020 to 18.3% in Q1 2021. The robust growth in domestic fixed capital formation and exports will boost the Chinese economy. The private consumption will also gradually recover as the employment and income environment improves. The GDP growth rate is projected to be 9.1% in 2021 and 6.0% in 2022.
- The year-on-year growth rate of ASEAN4’s real GDP increased from －3.9% in Q4 2020 to －1.6% in Q1 2021. There are differences in recovery in private consumption across member countries, depending on the degree of their own restrictions on social and economic activities in response to the COVID-19 pandemic. Buoyant foreign demand due to the recovering world economy will increase the countries’ exports, especially those of industrial products and automobiles. The GDP growth rate is projected to be 4.7% in 2021 and 5.4% in 2022.
【China/ASEAN4 Economic Outlook】
Short-term Forecast on Asian Economies September 2021 forecast 2021Q3-2023Q1
Short-term Forecast on Asian Economies June 2021 forecast 2021Q2-2023Q1
Short-term Forecast on Asian Economies March 2021 forecast 2021Q1-2023Q1
Short-term Forecast on Asian Economies December 2020 forecast 2020Q4-2023Q1
-- China overtakes U.S. in 2028-29
Medium-Term Forecast of Asian Economies December 2020 Issue 2020-2035