Asia Economy

Falling mineral prices and a tapering of foreign investment resulted in slower economic growth in Mongolia in 2014. 

A surge in foreign investment, together with solid domestic demand, helped Myanmar achieve a strong growth in 2014. However, the year also brought challenges, which contributed to a widening in the trade deficit as the country relies heavily on imports to support skyrocketing domestic demand.

A surge in gas exports will set Papua New Guinea on course for an economic boom in 2015 with some estimates putting GDP growth at a stellar 21%. However, tumbling oil prices are likely to take some of the shine off export receipts, limiting the government's ambitious plan to slash debt.

A string of major international trade agreements, due to be implemented in 2015, promise to strengthen and diversify Brunei Darussalam’s exports as it ramps up efforts to reduce its dependency on crude oil sales in the wake of plummeting prices. 

Economic growth will slacken in Malaysia at the end of the year, continuing into 2015 as revenues from oil and other commodities plummet, but structural reforms will help mitigate these effects as well as lower debt. 

Despite declining from the highs of 2013, the Philippines’ economy showed marked resilience in 2014, as it battled back from the impact of a devastating typhoon late last year to give a strong overall performance.