Amid the troubling year, however, the IMF sees emerging Asia as the one region with a positive growth rate in 2020, at 1%. Easy access to a range of ICIS Chemical resources: ICIS is part of the LexisNexis® Risk Solutions Group portfolio of brands. Make fast and confident decisions and gauge the best time to buy or sell. Among the most important: Governments in developing countries across Asia-Pacific are in a race to overcome poverty, the lack of infrastructure and other significant obstacles to catch up with the rest of the digital world. countries such as Indonesia and Malaysia has For example, Wardah has captured a 30% market share in Indonesia by focusing on halal-compliant cosmetics. The region as a whole is expected to grow by only 0.9 percent in 2020, the lowest rate since 1967. Average inflation in the region is forecast to fall from 2.8% in 2020 to 2.3% in 2021. Here's how the region can drive sustainable, resilient growth. We are also seeing the continued emergence of Asian multinational corporation – Huawei in technology, DBS in Banking, Unicharm and Kao in personal care; and Suntory, Universal Robina and Indofood in F&B to name a few. Are we building future-proof competitive advantages and business models? Asia’s economic growth in the first quarter of 2020 was, in fact, better than projected in April—partly owing to early stabilization of the virus in some countries. Hit hard by COVID-19, South Asia is forecast to contract by 3.0% in 2020, compared to 4.1% growth predicted in April. The economy of Asia comprises more than 4.5 billion people (60% of the world population) living in 49 different nations. The Philippines is set to record the largest contraction in Southeast Asia, with its GDP falling 8.2 per cent in 2020, because of its dependence on international tourism and a slow exit from lockdown. 0.1% contraction in 2020. Global GDP is Thailand, and Vietnam - was downgraded to 4.9% GDP is expected to contract 2.7% in 2020 before a 6.2% expansion in 2021. South Asia economic growth to expand in 2020. “Lockdowns and containment measures may be China leads in the number of patents held in artificial intelligence and deep learning. Focus article by Nurluqman According to the “e-Conomy SEA 2020” report, released by Google, Singapore’s Temasek and US consultancy Bain and Company in November, the internet economy in South-east Asia is set to expand by 5% this year, to a gross merchandise volume of $105bn. License : CC BY-4.0 Taiwan’s projected growth for 2021 is an upgrade of the previous forecast for a 3.83% expansion, and an acceleration from the revised growth of 3.11% for the whole of 2020, … others,” it said. That is to say, Asia will “add four-fifths” of a United States economy to its own economy by 2020. Moreover, fiscal and monetary stimulus should remain accommodative, further supporting the rebound. As this future unfolds, governments will need to get a few things right. Request a FREE demo, Our 24/7 news coverage keeps you fully informed of key events in your marketplace as they happen – including market moves, analytics, data and more. It provides data on import and export volumes, plant capacities, production, consumption and chemical trade flows. Recovery has begun in developing Asia, but at different speeds. from 5.2% previously. the previous estimate of 11.5%, while the IMF's economies to 8.6%, reflecting a stronger Among emerging market and developing economies, to do so until well into 2023. Other than China, India is … The IMF upgraded its 2021 growth forecast for China to 8.4% from its 8.1% projection in January. Here’s why you should care, This Asian country has the most ‘complex’ economy in the world, Here's how Asia can maintain growth, with an ever ageing population, the World Economic Forum’s Future of Consumption in Fast-Growth Consumer Markets work, India’s massive demographic dividend and burgeoning middle class will spur consumption and aid economic growth, Wardah has captured a 30% market share in Indonesia by focusing on halal-compliant cosmetics, Entrepreneurialism is peaking with more than 140 unicorns in Asia as of 2019, China leads in the number of patents held in artificial intelligence and deep learning, It is expected that 53 million workers will have to be reskilled in ASEAN alone, Centre for the Fourth Industrial Revolution, Schwab Foundation for Social Entrepreneurship. response, and central bank liquidity support The Asian era is here and as companies ramp up their ambitions and efforts, they need to ask themselves several basic questions. Inflation in developing Asia will remain generally benign. Fund (IMF) on Monday upgraded the 2021 growth Between now and then, the magnitude of growth in Asia will be about 80% of the current level of GDP in the US. projection for five ASEAN economies as a whole Here are Asian Countries with highest GDP growth Rate in 2020. By 2030, the region is expected to contribute roughly 60% of global growth. Gross domestic product of the ASEAN countries from 2010 to 2020 Published by Aaron O'Neill, Apr 1, 2021 In 2020, the estimated total GDP of all … Do we have a “future-back” strategy (imagining the future and then working on the steps required to position a company to compete in 10 or 20 years) that’s right for the dynamic nature of the region? Do we have a sustainability agenda that will help support this consumption boom without taking away from the planet even more? The bulk of that growth will come from the developing markets of China, India and throughout South-East Asia and it will give rise to a host of new decisions for businesses, governments and NGOs. also comes off the steepest annual downturn of the postwar era last year as the pandemic Meanwhile, Indonesia, the Philippines and Malaysia are set to grow their labour forces significantly, leading to a rise in per-capita disposable income. The Philippines is set to record the largest contraction in SEA, with its GDP falling 8.2% in 2020, because of its dependence on international tourism and a slow exit from lockdown. of medium-term scarring effects on the potential output of these countries,” it said. What do our consumers want, what new products will serve their needs, how best to engage and serve them? China had already returned to pre-COVID GDP It will remain the main driver of global economic growth in the future. However, labour-intensive sectors such as manufacturing, transport and storage are likely to see a reduction in employment levels as a result of automation. advanced economies, increasing the likelihood Growth in most regional economies strengthened in the latter part of 2020. China's economy expanded by 2.3% in Praneeth Yendamuri, Partner, Bain & Company, Zara Ingilizian, Head of Shaping the Future of Consumption; Member of the Executive Committee, World Economic Forum. In 2020 Asia’s GDP will overtake the GDP of the rest of the world combined. The IMF had previously in January set its Policy-makers must find ways to make the region's growth sustainable. SHANGHAI -- China's annual population growth slowed during the decade through 2020, putting at risk the demographic dividend enjoyed by the … standstill at times,” Singapore-based UOB The economic impact will be huge, on par with the fallout of the 1997-98 Asian Financial Crisis, or perhaps much greater. Speak to ICIS, Sign up for our ICIS newsletters to receive the latest market developments, headline news and insights into Chemical price changes and the impact on markets. However, still high COVID-19 caseloads in large Stay on top of market volatility and inform your commercial strategies with pricing, data, news and analysis. between China - where effective containment South-East Asia’s ability to live up to its growth potential will largely depend on it. Asia GDP to Fall 0.4% in 2020; ADB Slightly Raises Forecast By Cliff Venzon (Nikkei Asia) — Developing Asia’s first economic contraction in nearly six decades is likely to be less severe than initially thought, thanks partly to China’s faster-than-expected recovery from the coronavirus pandemic. Global Economics & Markets Research said. Speak to ICIS, An end-to-end perspective across the global petrochemical supply chain. its World Economic Outlook report. As the pandemic persists, developing Asia is projected to contract by 0.7% in 2020—the first regional GDP contraction since the early 1960s. By using our website you consent to all cookies in accordance with our updated Cookie Notice. “The IMF forecast, if realized, would mark the Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. brought commerce around the world to a near The coronavirus pandemic has taken a severe human and economic toll on the East Asia and Pacific region (EAP). Copyright © 2021 LexisNexis Risk Solutions Group, Contact Client Success on clientsuccess@icis.com. In emerging market and developing economies, About our GDP forecast, for the first time in recent memory, Asia’s output is expected to contract by 1.6 percent—a further downgrade from our April projection of zero growth. Trade tensions between the United States and China are continuing, and the broadening economic weakness in advanced economies adds Source: World Economic Outlook, IMF. For optimum experience we recommend to update your browser to the latest version. Employment is expected to rise in healthcare, spurred by the ageing population, for example. expected to grow at 6% in 2021 and 4.4% in Singapore: Economy returns to growth for first time since start of pandemic in Q1. The Economic Toll of Covid-19 on Southeast Asia: Recession Looms as Growth Prospects Dim. Business must adapt to a rapidly growing middle class changing consumer behaviour and profiles. For more technology news and the latest updates, follow us on Facebook, Twitter or LinkedIn - Indonesia, Malaysia, the Philippines, India’s GDP projection was raised to 12.5% from The economy expanded 0.2% year-on-year in the first quarter according to an advanced estimate, marking a return to growth after three consecutive quarters of falling activity (Q4 2020: … Poverty and a lack of infrastructure add to the challenges of digital and labour transformation brought by the Fourth Industrial Revolution. GDP growth (annual %) - East Asia & Pacific, South Asia, Europe & Central Asia World Bank national accounts data, and OECD National Accounts data files. The report expects a strong bounce-back in the region overall, with growth of 7.3 percent in … contraction of 3.5% in its January update. Your browser is not up-to-date. Q1 2020 Summary Published 11 March 2020. SINGAPORE (ICIS)--The International Monetary forecast for emerging and developing Asian The consumer of the future is likely to be far more discerning in everything, from what she consumes (personalized/localized/healthy/sustainable) to where she shops (omnichannel, shopping at her convenience) to how she is influenced (less by companies and more by social communities). Suratman. Both the institutional definition and scope for business will continue to expand to cover topics from health and wellness to diversity and equality opportunities. This dynamic is further complicated by the rise of the gig economy, where qualified graduates are taking on jobs as ride-hailing drivers and food delivery couriers. 2020. China to 8.4% from its 8.1% projection in Economic growth in the Asia Pacific region will likely slow to a standstill in 2020, something that hasn’t happened in the last 60 years, according to the International Monetary Fund. effective protection via vaccines will remain While these estimates paint a picture of massive growth in consumption, the reality is that consumption patterns will emerge differently across markets, with growth rates dependent on local demographics and other macro factors. “Considerable differentiation is expected Sustainability and its environmental, social and economic impact will also continue to rise on the agendas of governments and NGOs in the region. India’s massive demographic dividend and burgeoning middle class will spur consumption and aid economic growth. January. April 14, 2021. growth projection for emerging and developing Entrepreneurialism is peaking with more than 140 unicorns in Asia as of 2019. 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