The Mastercard Economics Institute has released its annual economic outlook for the Asia Pacific region. It predicts modest growth in 2024 as economies stabilize and key drivers of growth, like exports and tourism, recover.
Key Takeaways
- The economic outlook for the Asia Pacific region in 2024 is one of modest growth, with a shift in consumer spending towards discretionary items like travel and entertainment.
- The demand for goods in Asia Pacific is expected to rebound in 2024, driving a convergence in performance between the manufacturing and services sectors in the region.
- Chinese outbound travel is set to recover further in 2024, with destinations in Northeast Asia, North America, and Europe expected to catch up, signaling the need for tourism authorities and retailers to adapt their strategies for Chinese visitors.
Singapore, Malaysia, the Philippines, Thailand, Taiwan, and…
