The 5 + 1 emerging economies for future Inbound and Corporate markets you should be targeting...
Indonesia's real GDP expanded by 5.3% in 2022, fueled by robust domestic consumption, investment, and exports. Recent legislation to stimulate investment, particularly in construction and mining, is poised to reinvigorate the investment landscape. To counter inflation and prevent capital outflows, the monetary authority is increasing interest rates. Measures to reduce the fiscal deficit involve phasing out pandemic-related support and adjusting tax policies.
In 2022, Malaysia witnessed a solid 8.7% growth in real GDP, primarily driven by domestic consumption and services, although net exports had a negative impact. Anticipated economic moderation to 4.0% in 2023 is attributed to a global economic slowdown and tighter monetary policy. While the services account faces challenges, Malaysia stands to gain from higher demand for semiconductors and its role as a liquefied natural gas provider.
The Philippines achieved a 7.6% increase in real GDP in 2022, propelled by household spending, despite inflation and elevated interest rates. The forthcoming year may see exports slowing due to global economic deceleration and stricter monetary conditions, posing potential hurdles to private consumption and investment growth. Nevertheless, the country has observed a rebound in employment.
Thailand's real GDP grew by 2.6% in 2022, with private consumption and net exports as key drivers. Projected growth of 3.8% in 2023 is attributed to a resumption in private consumption and increased tourism, despite global economic headwinds. The Thai government's strategic focus on sectors like agriculture, bioenergy, medical services, and tourism is expected to drive growth.
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Vietnam's economy expanded by 8.0% in 2022, surpassing global rates, and is forecasted to maintain strong performance at 6.4% in 2023. Foreign investment, particularly in manufacturing (electronics, machinery, footwear), and the shift in China's COVID-19 policy are bolstering this growth. Yet, caution is needed due to potential investment and inflation fluctuations.
Cambodia's economy expanded by approximately 5.1% in 2022 and is projected to continue at 5.4% in 2023. Manufacturing and a revived tourism sector, driven by China's policy change, will be growth catalysts. Positive spillovers will invigorate food and hospitality industries. Efforts to reduce dollarization are ongoing.
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