East Asia: Economy

East Asia’s growth forecasts are revised up from 5.8% to 6.0% for 2017 and from 5.6% to 5.7% for 2018 on upward revisions for the People’s Republic of China (PRC), the Republic of Korea (ROK), and Taipei,China. Economic growth in the PRC has so far turned out to be stronger than expected in 2017, with official figures showing GDP growth in the first half at 6.9%. In the ROK, the economy expanded by 2.9% in the first quarter of 2017, outpacing the 2.4% posted in the fourth quarter of 2016. Taipei,China grew by 2.6% in the first quarter of 2017, underpinned by steady domestic consumption growth and a pickup in exports on higher external demand for electronic components. Hong Kong, China grew by 4.3% in the first quarter of 2017 on continued momentum from the previous year. Read more from Asian Development Outlook 2017 Supplement.


Economic forecasts for East Asian countries

Country 2017f 2018f
China, People's Republic of 6.7 6.4
Hong Kong, China 2.0 2.1
Korea, Republic of 2.7 2.7
Mongolia 2.5 2.0
Taipei,China 2.0 2.2
Average 6.0 5.7
Country 2017f 2018f
China, People's Republic of 2.0 2.6
Hong Kong, China 2.0 2.1
Korea, Republic of 1.8 1.8
Mongolia 3.5 3.9
Taipei,China 1.1 1.2
Average 1.9 2.4
Country 2017f 2018f
China, People's Republic of 1.8 1.7
Hong Kong, China 3.1 3.1
Korea, Republic of 5.8 5.3
Mongolia –2.1 –6.3
Taipei,China 6.8 6.5
Average 2.5 2.3

f = forecast number.

Source: Asian Development Outlook 2017