The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreOct 2018
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Asia Pacific is one of the fastest-growing regions in the world, driven by strong manufacturing and services sectors in major economies such as India, China, Japan and Singapore. Furthermore, countries such as Hong Kong and Singapore attract large foreign direct investment (FDI). Rising exports result in trade surpluses boosted by free trade agreements (FTAs). However, a major challenge will be China’s economy, which remains uncertain amid a slowdown and patchy trade relations with the USA.
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Asia Pacific GDP growth is driven by a strong manufacturing sector, which is supported by the well-developed automobile market in countries such as China and Japan. The services sector contributes more than 50.0% of GDP in major economies such as India and China, which can be credited to sectors like information technology and healthcare that are also traded globally as a result of globalisation.
Asia Pacific is the largest FDI recipient region. Strong manufacturing growth, infrastructure advancement, and impressive market development has boosted investor confidence in Asian markets. China is the major FDI inflow economy in the region. Moreover, Hong Kong and Singapore also received high FDI inflows, due to the former being a free port and the latter being the regional financial hub.
Remittance inflows in the region are supported by economic growth in the Russian and American economies. Asia Pacific nationals primarily migrate to Gulf nations (such as the UAE and Saudi Arabia), Russia and the USA in search of work. A rise in remittance inflows in 2017 can be partly credited to the rise in oil prices in Gulf nations.
The Trump administration started a trade war with China, where the USA imposed tariffs on its steel and aluminum imports along with a new 10.0% tariff on Chinese goods worth US$200 billion. Moreover, the war intensified when China retaliated with duties on 128 food imports from the USA and new tariffs of 5.0-10.0% on US goods worth US$60.0 billion.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.