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- Strong consumer spending has supported growth in Asia’s three largest economies this year, but there are already signs that the region’s recovery may be running out of steam. We expect growth in Asia and the Pacific to accelerate from 3.9 percent in 2022 to 4.6 percent this year, unchanged from the projection from last April.
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Oct 13, 2023 · October 13, 2023. Strong consumer spending has supported growth in Asia’s three largest economies this year, but there are already signs that the region’s recovery may be running out of steam. We expect growth in Asia and the Pacific to accelerate from 3.9 percent in 2022 to 4.6 percent this year, unchanged from the projection from last April.
Sep 22, 2023 · Asia’s robust economic growth and its position as the world’s manufacturing and trade hub give it a critical global role. Asia accounted for 57 percent of global GDP growth between 2015 and 2021. In 2021, Asia contributed 42 percent of world GDP (at purchasing power parity), more than any other region. 4 GDP data from the World Bank.
- Be Asia Relevant
- Rethink The Asian Operating Model
- Protect from and Prepare For Risks
- Forge Stronger Intraregional Collaboration
Firms in Asia and around the world need to consider how to make their business relevant to the world’s largest regional economy, but aspirations and strategy need to be nuanced to reflect different Asian flows, some of which are already global in terms of scale and highly intraregional while others remain relatively underdeveloped. Companies that a...
Asia is a diverse region with complementary characteristics. Firms need to understand the nuances of differences within the region—even down to the level of individual cities—when developing their Asian operating models. They could consider how to unlock opportunities arising from the complementary characteristics of the four Asias through new part...
To make the most of Asia’s growing scale and importance in the world economy, there needs to be a collective effort to sustain growth. Decision makers therefore need to respond to a range of risks including environmental pressures for instance, and fill skills gaps. Asian governments also need to enhance their institutional capabilities.
As Asia continues to integrate, the question is how to build collaboration. The region is not without its political and territorial conflicts, and needs to evolve dispute resolution mechanisms to resolve them. Leaders also should consider how to develop stronger relationships beyond trade—in knowledge, data, and people flows, for instance.
- Strengthening Asian networks of trade and flows. The economic disruption of the pandemic has shown that resilience matters more than ever. Deepening intraregional connections should help the region.
- Boosting growth through innovation. In the decade before the pandemic, MGI found that Asia had posted the largest shares of regional growth in key technology metrics: 52 percent of global growth in technology company revenue, 43 percent of global growth in start-up funding, 51 percent of global growth in R&D spending, and 87 percent of global growth in patents filed.
- Drawing a new consumer map. Asian consumers are expected to account for half of global consumption growth in the next decade, equivalent to a $10 trillion opportunity.
- Leading the climate transition. Asia is well placed to adapt and lead global adaptation and mitigation efforts as climate risk climbs to the top of the policy and corporate agendas.
Jul 28, 2022 · Rising prices. Asia’s growing inflation pressures remain more moderate compared with other regions, but price increases in many countries have been moving above central bank targets. Targeted fiscal support. Fiscal policy will need to tighten in countries facing elevated debt levels, providing a complement to monetary efforts to tame inflation.
Oct 13, 2023 · Overview. The Asia-Pacific region remains a key driver of global growth in 2023, despite facing headwinds from changing global demand from goods to services and tighter monetary policies. The region is expected to grow by 4.6 percent in 2023, up from 3.9 percent in 2022.
Macroeconomic assessment and economic outlook. The economic recovery in Emerging Asia, which began in 2021, is expected to continue in 2022, although great uncertainty remains. Countries in Emerging Asia faced persistent waves of COVID-19 cases from the Delta variant in 2021 and, more recently, from the Omicron variant.
