Front Matter

Front Matter

International Monetary Fund. Asia and Pacific Dept
Published Date:
April 2015
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    World Economic and Financial Surveys

    Regional Economic Outlook

    Asia and Pacific

    Stabilizing and Outperforming Other Regions

    APR 15

    ©2015 International Monetary Fund

    April 2015

    Cataloging-in-Publication Data

    Regional economic outlook. Asia and Pacific. – Washington, D.C. : International Monetary Fund, 2005-

    v. ; cm. – (World economic and financial surveys, 0258-7440)

    Once a year.

    Began in 2005.

    Some issues have also thematic titles.

    1. Economic forecasting – Asia – Periodicals. 2. Economic forecasting – Pacific Area – Periodicals. 3. Asia – Economic conditions – 1945– Periodicals. 4. Pacific Area – Economic conditions – Periodicals. 5. Economic development – Asia – Periodicals. 6. Economic development – Pacific Area – Periodicals. I. Title: Asia and Pacific. II. International Monetary Fund. III. Series: World economic and financial surveys.


    ISBN: 978-1-49833-984-1 (paper)

    ISBN: 978-1-47553-438-2 (web PDF)

    Publication orders may be placed online, by fax, or through the mail:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, D.C. 20090, U.S.A.

    Tel.: (202) 623-7430 Fax: (202) 623-7201




    In this Regional Economic Outlook: Asia and Pacific, the following groupings are employed:

    • “ASEAN” refers to Brunei Darussalam, Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, unless otherwise specified.
    • “ASEAN-5” refers to Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
    • “Advanced Asia” refers to Australia, Hong Kong SAR, Japan, Korea, New Zealand, Singapore, and Taiwan Province of China.
    • “Emerging Asia” refers to China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
    • “Frontier and Developing Asia” refers to Bangladesh, Cambodia, Lao People’s Democratic Republic, Mongolia, Myanmar, Nepal, and Sri Lanka.
    • “Asia” refers to ASEAN, East Asia, Advanced Asia, South Asia, and other Asian economies.
    • “EU” refers to the European Union.
    • “G-7” refers to Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
    • “G-20” refers to Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

    The following abbreviations are used:


    Association of Southeast Asian Nations


    Bayesian model averaging


    Bank for International Settlements


    Coordinated Direct Investment Survey


    consumer price index


    Coordinated Portfolio Investment Survey


    distance to final demand


    dynamic stochastic general equilibrium


    domestic value added


    economic complexity index


    financial conditions index


    foreign direct investment


    Financial Soundness Indicators


    foreign exchange


    gross domestic product


    gross fixed capital formation


    generalized method of moments


    global value chains


    Investment Saving


    low-income countries


    North American Free Trade Agreement


    Organisation for Economic Co-operation and Development


    Pacific Island countries


    quantitative and qualitative easing


    research and development


    Rapid Credit Facility


    real effective exchange rate


    rapid financing investment


    Southern Oscillation Index


    total factor productivity


    United Nations Conference on Trade and Development


    vector autoregression


    Chicago Board Options Exchange Market Volatility Index


    World Economic Outlook


    World Trade Organization

    The following conventions are used:

    • In tables, a blank cell indicates “not applicable,” ellipsis points (. . .) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.” Minor discrepancies between sums of constituent figures and totals are due to rounding.
    • In figures and tables, shaded areas show IMF projections.
    • An en dash (–) between years or months (for example, 2007–08 or January–June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2007/08) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2009).
    • An em dash (—) indicates the figure is zero or less than half the final digit shown.
    • “Billion” means a thousand million; “trillion” means a thousand billion.
    • “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    As used in this report, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    This Regional Economic Outlook: Asia and Pacific was prepared by a team coordinated by Rachel van Elkan of the IMF’s Asia and Pacific Department, under the overall direction of Chang Yong Rhee and Markus Rodlauer. Contributors include Nasha Ananchotikul, Elif Arbatli, Paul Cashin, Kevin Cheng, Mali Chivakul, Jaime Guajardo, Roberto Guimarães-Filho, Gee Hee Hong, Joong Shik Kang, Yuko Kinoshita, Vladimir Klyuev, Christiane Kneer, Waikei Raphael Lam, Xiaoguang Liu, Wojciech Stanislaw Maliszewski, Kum Hwa Oh, Shi Piao, Mehdi Raissi, Jack Ree, Sidra Rehman, Dulani Seneviratne, Alfred Schipke, Yiqun Wu, Longmei Zhang, Shiny Zhang, and Edda Zoli. Shi Piao and Dulani Seneviratne provided research assistance. Luisa Calixto and Socorro Santayana provided production assistance. Rosanne Heller, former IMF Asia and Pacific Department editor, and Joanne Creary Johnson of the IMF’s Communications Department edited the report. Joanne Creary Johnson coordinated its production and release, with the assistance of Katy Whipple. This report is based on data available as of April 2 and includes comments from other departments and some executive directors.

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