As the world returns to a new normal, Asian economies have bounced back in Q3 2022, notably Vietnam and Taiwan leading GDP growth.
Although some countries in Asia were slower to loosen their Covid-19 restrictions, economies are bouncing back with substantial gross domestic product (GDP) growth rates in Q3 2022. Notably, Vietnam’s GDP grew by 13.67% in the third quarter of 2022, partially due to a surge in exports from the US, which increased by 25.4% from 2021. Taiwan’s GDP also increased by 4.1% in Q3 2022, largely due to an uptake in consumer spending.
An economist at Mizuho Research & Technologies, Yusuke Koshiyama commented that, “the export-based Vietnamese economy is benefiting from a global economic recovery.”
Personal consumption has also aided in this economic recovery, retail sales growing 50% year-0n-year in August. Lowered travel restrictions for foreigners also aided with this rebound, the tourism industry contributing to about 10% of the country’s GDP.