The twin shocks of the pandemic and weak global trade has particularly impacted Thailand due to the country's position as a trade and tourism hub. Thailand's tourism arrivals reached only 75 percent of pre-pandemic levels in September despite the ongoing growth in global services trade. Visitor...

The Gulf Cooperation Council (GCC) economies have been a bright spot in an otherwise gloomy economic landscape. Average growthin the GCC surpassed 7 percent in 2022 led by Saudi Arabia, its biggest economy, which was globally the fastest growing large economy. This growth was not just a result...

Economic activity in China has picked up in 2023, but the recovery remains fragile. Real GDP growth accelerated to 5.2 percent y/y in the first three quarters of 2023, driven by demand for services, resilient manufacturing investment, and public infrastructure stimulus. The initial phase of...

Important reform decisions have been taken for Nigeria to avoid a fiscal cliff, and temporary compensation is being provided to help the poorest and most vulnerable households. In May and June 2023, the incoming administration undertook two critical policy decisions, which have resulted in price...

Notwithstanding slower global growth and lingering impacts of recent catastrophic floods, private sector activity, outside the oil sector, has been supported by a relative return to peace, and higher government spending. Nevertheless, the economy is estimated to have contracted by 0.4 percent in...

Somalia has remained on a strong economic reform path despite the various global and exogenous shocks that have continued to buffet the economy. Recurrent climate-related shocks, such as cycles of droughts, floods, locusts' infestation, higher international commodity prices, as well as increased...

Tanzania has managed to sustain its growth momentum despite the intensifying effects of climate change. While Tanzania's economy continues to expand, recent growth has been concentrated in sectors that employ few workers from poor households, limiting its impact on poverty. The Bank of Tanzania...

In 2023, growth in the Pacific islands (PIC-11) decelerated but remained robust at 5.5 percent--about two and a half times the long-term average. Fiji's output surpassed pre-pandemic levels in 2023 despite a notable deceleration, with growth rates halving from 20 percent in 2022 to eight percent...

As Malaysia strives to become a high-income economy, the need for advanced and specialized skills will be crucial to maintain its economic competitiveness. Sophisticated skills, whether cognitive, technical or socio-emotional, are built on strong foundational skills. Malaysia has expanded early...

Viet Nam's economy slowed sharply in 2023, with three key drivers of growth -- exports, consumption, and private domestic investment -- is losing momentum. On the production side, the slowdown was led by industrial production. In the first quarter of 2024, the economy registered 5.66 percent...