The Region is Back in Business
As COVID travel and meeting restrictions come down around the region, business is back on the growth track as companies are returning to normal. In addition, weakness in supply chains exposed by the pandemic is seeing interest in relocating some activities away from China with eyes on a few Southeast Asian countries. Many of the Southeast Asian countries have strong ties with a few western markets and are seen as a safe hedge to an over reliance on China.
Travel into and between Southeast Asian counties has normalized and all countries are open for business and hungry for deals.
According to the Asia Development Bank (ADB), GDP growth in developing Asia will be 4.8% in 2023.
Looking more specifically at Southeast Asian markets 2023 GDP growth ranges between a low in Singapore of 2% to a high in Vietnam of 6.5%. All the markets are in the positive range and the bigger more developed markets of Malaysia, Indonesia, Vietnam, Thailand and the Philippines are all showing strong growth.
It might be time to set your plans to enter Southeast Asia and APAC TEAM - Your A-Team in Asia is ready and staffed to support you in all the key markets. Get in touch with us on how we can jump start your entry and growth in the region.
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