#February2024 #Asia Pacific #China #Forecast

Executive Insights on Asia’s Growth Outlook

‘Southeast Asia seems to be the exception to the gloomy global outlook. How disconnected are we from the global outlook, and for how long?’

‘One reason for high growth in China is that many companies had a slow start in 2023. So, 2024 is in comparison to the weak, flat result at the start of 2023 due to COVID.’

‘China being so huge and Southeast Asia and India being relatively small, factory diversification and Chinese foreign investment can have an exponential impact on the growth of these countries.’

‘Our biggest concern in China is consumer confidence. The real estate and stock markets are impacting people. People in China can only invest in real estate and stocks; both are down.’

Southeast Asia and India stand out as bright spots for business, despite broader uncertainties in their key export markets. In China, despite concerns over real estate and stock markets, there has been an uptick in consumer spending, albeit from a low base following a sluggish 2023. The investment landscape is also evolving, with Chinese firms expanding their manufacturing overseas to extend their global reach while MNCs are building factories in Southeast Asia, India, and Mexico to reduce their reliance on China.

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