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Saturday, July 13, 2024

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Sustaining driving forces

Trade and investment are the two main drivers of growth in the first quarter of this year. However, there is significant concern over the economy’s increasing dependence on foreign direct investment (FDI). Growth drivers in the first quarter Gross domestic product (GDP) in January-March of this year grew by 5.66% year-on-year, the highest same-period growth rate in five years. Specifically, GDP expanded by 3.21% year-on-year in the first quarter of 2020, and accelerated to 4.85% and 5.12% for the first three months of 2021 and 2022, respectively, before slowing again to 3.41% in Q1-2023. This trajectory reinforces expectations that the economic recovery pace is still promising, despite forecasts of a global economic slowdown this year. Trade remained a key growth driver in the first quarter. The total foreign trade value in the three-month period amounted to US$178.04 billion, up 15.5% year-on-year. Exports increased by 17% to US$93.06 billion and imports rose by 13.9% to US$84.98 billion, resulting in a record trade surplus of US$8.08 billion. This figure contributed over 19% to GDP growth. Investment remained a major contributor to GDP growth, with total investment capital in the first quarter of 2024 increasing by 5.2% against the same period last year […]
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