At the 2023 Asia Real Estate Summit, Sumana Rajarethnam, Director of South-East Asia at the Economist Intelligence Corporate Network, delivered an insightful keynote on Asia’s evolving economic landscape. Despite a slowing China, Asia is expected to remain the world’s primary growth driver in 2024, with South-East Asia (SEA) emerging as a key green industry hub. The shift of global value chains away from China has elevated SEA’s profile, especially in sectors like battery production and electric vehicle (EV) components.
Rajarethnam emphasized the rise of Asia’s middle class, which is transforming consumption patterns and increasing demand for modern financial services and international consumer goods. ASEAN nations, in particular, are poised for rapid growth, driven by a young, tech-savvy population and increasing digitalization.
With elections taking place in countries that house over half the world’s population, global democratic trends will also come into focus. Meanwhile, the rise of generative AI, such as ChatGPT, is revolutionizing service operations, improving productivity, and cutting costs across industries.
As the clean-energy transition reshapes global power dynamics, SEA’s strategic role in green industries signals that the region will remain influential in the shifting energy market. Though Asia’s future presents challenges, it is filled with opportunities for those who invest wisely.
Curious about which Asian nations are set to lead the charge in economic growth? Find out here!
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