Asia Pacific

Vietnam’s consumer income is expected to more than double by 2040, facilitated by robust economic growth. Purchasing power will be largely concentrated in the hands of younger generations. Generations Y and Z are expected to shape luxury-spending…

The report examines the economic landscape of Pakistan and provides information on major monetary indicators, foreign trade, investments and government finance. The economy in Pakistan grew in real terms in 2022, driven by rising public and private…

This report assesses the business environment in Laos, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and innovative…

Lack of government integrity, prevalent corruption, skills shortages, and difficult access to financing are among the key obstacles to doing business in Bangladesh. Low internet penetration is another major factor hindering faster economic…

This report assesses the business environment in Azerbaijan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

This report assesses the business environment in Cambodia, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

This report assesses the business environment in Turkmenistan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

This report assesses the business environment in Kazakhstan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

Due to China’s strict COVID-19 containment measures, business confidence in the country deteriorated over 2022, while China’s ranking in economic freedom dropped significantly. The state interference in the financial sector, widespread corruption and…

Hong Kong continued to rank as the best place to do business globally, thanks to its simple and efficient tax system, support to small and medium-sized enterprises, efficient banking system, investment incentives, well-developed infrastructure, high…

India remains among the lower third countries globally in the Economic Freedom Index, weighed down by poor fiscal health and lack of monetary freedom. In addition, an inefficient judicial system, skills shortages and lagging digitalisation further…

Given Indonesia’s strong economic performance in 2022, business confidence continued to increase, with the country witnessing considerable growth in FDI flows and exports over the year. Indonesia recorded significant improvements in terms of labour…

Malaysia offers a favourable environment for business operations, ranking among the top third in the Economic Freedom ranking. The country’s businesses benefit from robust economic expansion, numerous free trade agreements, strategic location and…

South Korea’s business environment remains attractive to foreign investors, due to its efficient government regulation and world-class infrastructure, as well as its high capacity for innovation and ICT adoption, which continues to improve on the…

Taiwan secured a place among the top 10 countries globally in the 2021 Index of Economic Freedom Ranking, riding on its major strengths of a highly skilled workforce, a robust financial system, sound investment incentives, and a well-established…

This report assesses the business environment in Uzbekistan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

Thailand still holds appeal as a desirable location for less value-added industries, such as agriculture and manufacturing, due to its advantageous labour costs and supportive FDI policies. In addition, Thailand is increasing investments into its…

Pakistan’s business environment is limited by an unstable macroeconomic environment and prevalent corruption. Moreover, a difficult financing landscape and relatively weak labour market, with complex regulations and a significant gender gap, limit…

Myanmar struggles with lack of political and economic stability, weak financial sector and widespread corruption, limiting its business environment. The country also face increasing issues with its vast informal labour market, poor financial system,…

Japan stands among leading economies globally, offering friendly business environment, stable and transparent judicial system, advanced mobility and logistics infrastructure, highly skilled labour and strong innovative capabilities. Financial…

In 2022, the Philippines struggled with monetary freedom and judicial effectiveness, and has seen a decline in its tax burden ranking. However, the country’s flexible business regulations, convenient location and financial sector improvements have…

Singapore continues to lead in terms of economic freedoms globally, offering major opportunities for businesses. Its favourable regulations, investment incentives, high innovation capacity, skilled workforce and high productivity offer a solid base…

In 2022, Vietnam's business environment enjoyed a large working-age population and political stability. Vietnam is emerging as a tech and electronics export hub, with machinery and electronics accounting for a significant portion of its GDP. However,…

South Korea is expected to experience a moderate increase in the number of households over 2022-2027, with single-person households continuing to dominate. In 2022, household spending was impacted by a 5.1% inflation rate, leading to higher living…

The number of households is set to increase moderately in Hong Kong over 2022-2027, with couples with children remaining the dominant type. In 2022, household spending was notably affected by elevated prices, with a fifth of annual household spending…

The number of households is set to increase moderately in Singapore over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 6.1%, elevating living costs.…

Taiwan is expected to see a significant increase in per capita income. Middle Youth will continue to lead luxury spending trends. However, income inequality is projected to rise but remain at a moderate level in global terms. Social class A is poised…

Thailand's per capita income is set to rise by 17.9% from 2022 to 2027. Middle Youth will continue to lead luxury spending, while income inequality will decrease. Social class C will grow fastest, but social class D will remain dominant. Bangkok will…

Myanmar's per capita income is expected to see a modest increase. Middle Youth will continue to shape luxury spending trends. However, income inequality is set to rise to extremely high levels in global terms. Social class A is poised for rapid…

The number of households is set to increase moderately in Bangladesh over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was impacted by a 7.7% inflation rate, increasing living expenses. The…

The number of households in Taiwan is set to increase slightly over 2022-2027, with couples with children remaining the leading household type. In 2022, household spending was affected by inflation, which increased living costs. The fastest household…

The number of households in Thailand is set to increase moderately over 2022-2027, with singletons remaining the leading household type. In 2022, household spending was affected by inflation, standing at 6.1%, and increasing living costs. The fastest…

The number of households is set to increase moderately in Pakistan over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 19.9%, elevating living costs.…

The number of households is set to increase moderately in Myanmar over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 18.3%, elevating living costs.…

The report examines the economic landscape of Azerbaijan and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, investments. However…

The report examines the economic landscape of Cambodia and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by exports, private consumption, government…

The report examines the economic landscape of Laos and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending,…

The report examines the economic landscape of Turkmenistan and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by exports, private consumption, government…

Real GDP growth decelerated in 2023, amid rising inflationary pressures, tighter monetary policy and heightened global uncertainty. Moreover, Bangladesh faces serious economic challenges, such as a fragile financial sector, exchange rate volatility,…

The report examines the economic landscape of Kazakhstan and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, investments. However,…

The report examines the economic landscape of Uzbekistan and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by exports, private consumption, government…

In 2023, Malaysia’s GDP growth slowed to 4.0%, amid a challenging global economic environment, geopolitical conflicts, and tight monetary policies. However, Malaysia’s GDP per capita remained above the Asia Pacific average over the year. The…

In 2023, China’s GDP grew by 5.2%, outpacing the Asia Pacific average, driven by private spending and gross fixed capital formation. However, a slowdown to 4.5% is expected in 2024, due to factors such as a downturn in the real estate market and…

In 2023, South Korea’s GDP growth slowed to 1.3%, due to decreased export demand and subdued domestic demand, with the country’s economic growth underperforming the Asia Pacific average. Despite a decline in inflation, it remained above the 2% mark,…

In 2023, Hong Kong’s economy rebounded, with 3.2% GDP growth, driven by private spending and inbound tourism; however, economic growth was below the Asia Pacific average. A slowdown is expected in 2024, amid such factors as slower tourism…

In 2023, India’s GDP growth rate slowed to 6.9%, but still surpassed the Asia Pacific average, driven by robust private spending. However, per capita GDP remained below the regional average. Looking ahead, the economy is projected to slow further in…

Real GDP growth in Taiwan slowed down to 1.3% in 2023, due to a drop in exports. The country still maintains an important position in the global economy, owing to its position as a leading supplier of machinery and electronic components to major…

In 2023, the Philippines’ real GDP growth slowed to 5.2%, but still surpassed the Asia Pacific average, driven by robust domestic consumption. The economy is projected to accelerate in 2024, with a forecast compound annual growth rate of 6.1% over…

In 2023, Indonesia’s GDP growth slowed slightly to 5.0%, but still surpassed the Asia Pacific average, driven by increased private and public spending, as well as investment. Despite a projected further slowdown in 2024, the country’s economy is…

In 2023, Myanmar’s real GDP growth slowed to 2.8%, due to the continued civil conflict. The blocking of trade routes is having a dramatic impact on exports of textiles and apparel, while the military government is having little success in attracting…