Economy, Finance and Trade

The briefing explores structural drivers of inflation and their impact on the global economy and business environment. Factors such as demographics changes, globalisation reset, decarbonisation, AI revolution and higher debt levels would add to the…

Further strides have been made in tackling corruption, but government integrity has dropped, leading to deteriorating economic freedom. Although economic growth slowed markedly, it remains solid and is leading to jobs creation, helping to control…

The global labour markets are rapidly evolving, influenced by demographic shifts, technological advancements, changing workforce preferences, and unexpected events. While this transformation impacts costs, productivity and economic growth, it also…

The briefing explores trends in the global structure amid rising economic and geopolitical uncertainty. As global economy evolves, countries and companies will need to find ways to diversify the supply of critical components. This will require…

In 2023, Sri Lanka’s economy contracted by 2.0%, despite an IMF bailout. GDP per capita remained notably lower than the Asia Pacific average, owing to high unemployment. Furthermore, inflation declined due to lower commodity prices and stricter…

In 2023, Singapore’s GDP growth slowed to 1.1%, due to a decline in exports and the global economic deceleration, despite a rise in private and public spending. Moreover, Singapore’s fiscal policy in 2023 resulted in a budget surplus, due primarily…

In 2023, real GDP growth in Vietnam was 4.9%, outperforming the average for the Asia Pacific region as a whole. This was in part because of its robust industrial products offering, servicing global manufacturing supply chains with machinery parts and…

In 2023, GDP growth in Thailand slowed to 2.5%, as the country suffered from only a slow return in demand from its major export markets. Despite inflation dropping to 1.2%, owing to stringent monetary policies, economic performance remained below the…

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…

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, 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…

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, 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…

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, 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, 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, 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…

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…

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,…

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 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…

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 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 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…

This briefing provides a global perspective of the key trends occurring in cities over 2018 -2023. It goes on to provide forecast data and insights for cities over 2024-2040, covering areas such as the economic, population and consumer spending…

Respect of the rule of law and a dynamic private sector have led to superior economic freedom for Taiwan. However, geopolitical tensions are negatively impacting both the political and economic landscapes. Inflation has been controlled well, but the…

Although Tonga is ‘moderately free’ for Economic Freedom, it is relatively stable politically and had solid state finances. The economy is overly reliant on remittances and tourism, which could lead it to underperform compared to its peers, whilst it…

Global growth is set to slow in 2024 as a result of high cost pressures for businesses and consumers, especially high interest rates. Asia Pacific will continue to stand out as the main global growth region while advanced economies decelerate.…

Although government finances are solid and monetary freedom rank high, the Solomon Islands suffers from pervasive corruption and low investment freedom. Economic performance is expected to be below peers over the near term. The population is young…

Samoa is a politically stable country with a budget surplus. However, the large influence of the state and significant exposure to tourism could weigh on economic performance in the medium term. Although the country is young and growing, its…

Tuvalu has favourable political freedom, but a high dependency ratio and poor regulatory environment. Economy slowly recovered from COVID-19 pandemic and related slowdown, bolstered by the seafaring sector. Nevertheless, further growth will remain…

Papua New Guinea faces considerable hurdles, marked by pervasive corruption and limited economic freedom. Country’s economy, heavily reliant on the uncertain global commodity market, is further strained by low productivity due to extensive…

North Korea’s autocratic regime is the most repressed globally for economic freedom, which propagates corruption, but sanctions could bring the country to the negotiating table. The command economy has been crippled by these sanctions, and remains…

Mongolia is a peaceful country, but with high levels of corruption and fragile governance. The economic growth should accelerate in 2023, supported by the vast mining sector, but the country’s dependence on this sector leaves it vulnerable.…

Macau, China benefits from political stability, but its ageing population could make increasing demands on government finances in the future. As the world’s largest gambling hub, Macau’s economy is heavily dependent on revenues from casinos, making…

Political instability is frequent and Kyrgyzstan fell into ‘mostly unfree’ for economic freedom ranking. Economic growth is forecast to be slower than peers and below the pre-pandemic levels. Population growth will add to consumer market appeal and a…

Although Kiribati enjoys political stability, a lack of business freedom has resulted in a poor ranking for economic freedom overall. Its narrow economic base prevents employment creation, resulting in high joblessness, whilst it is also highly…

French Polynesia receives considerable support from France. Nevertheless, pro-independence party won elections in 2023, which has the potential for increased tensions between French Polynesia and France. Rebounding tuourism may support post-pandemic…

Brunei Darussalam enjoys political stability and low levels of corruption. However, civil liberties are impinged upon by autocratic rule. With huge reliance on hydrocarbons, the economy is prone to various risks. An ageing populace could exert…

Technological advances in 2024 will continue to reshape consumer behaviour. This annual report explores the top five digital shopper trends that will redefine commerce the most in the year ahead. Some of the trends included in this report’s edition…

Myanmar’s military has created significant instability for the country, whilst corruption continues to be rife and economic freedom has worsened. High inflation is causing the economy to stall and the foreign investment climate has worsened…

Although state finances remain sustainable, the ruling party’s grip on power is eroding democracy and freedoms, whilst corruption remains a key problem. Economic growth continues to be robust, but external sector weakness exists and dependence on…

Fiji has fallen among ‘mostly unfree’ for economic freedom, with persisting political uncertainty and worsening fiscal health. Nevertheless, over the near future, economic growth should be relatively strong as tourism rebounds. Consumer expenditure…

Limited taxation adds to Vanuatu’s economic freedom. However, competing factions destabilise the political landscape. Exposure to tourism will lead to output underperformance versus peers in the short term, whilst large agricultural activities also…

Political stability is being addressed by the Solih government, in particular state corruption. Economic growth should return in 2021, following the deleterious effect of the Coronavirus (COVID-19) pandemic in 2020, but the country needs to move…

Although Bhutan has solid rankings for peace and terrorism, a lack of trade freedom is inhibiting economic freedom. Owing to the Coronavirus (COVID-19) pandemic and its effect on tourism, the economy is likely to struggle in the short term, although…

Armenia's economic freedom ranking has declined to 'moderately free,' marked by persistent corruption and ongoing high tensions with neighboring Azerbaijan. Despite these challenges, economic growth is projected to remain robust in 2023, surpassing…

American Samoa receives considerable aid from the US, but has a stable political landscape. The economic base is very narrow and largely involves fisheries. However, there is significant scope for tourism development. Age-related issues are expected…

An authoritarian stance continues to curb civil liberties and public debt is dangerously elevated in Laos. Although falling, inflation remains very high and is negatively impacting the economy and consumption, whilst the low unemployment rate is…

Sri Lanka is grappling with multiple issues including weak economic freedom, corruption, and denial of human rights. Furthermore, an economic crisis led to political instability and trigged hyperinflation, although prices have fallen fast, and output…