Asia Economy

Falling energy and mineral prices ramped up pressure on Papua New Guinea’s economy in 2015, prompting a reduction in state spending that is expected to continue into the new year as the government looks to return the budget to a surplus. 

Higher capital inflows helped to write the latest chapter of Vietnam’s impressive growth story in 2015, with reforms aimed at boosting foreign direct investment (FDI) and a raft of newly signed trade deals setting the scene for another positive year.

Like many of its emerging market peers, Mongolia felt the weight of falling commodities prices and weaker global demand in 2015. However, progress made in moving major mining and transport infrastructure projects forward is expected to pave the way for recovery in the near to medium term.

Strong domestic demand and increased government spending helped sustain high levels of economic expansion in the Philippines throughout 2015, though a slight slowdown was observed late in the year as demand from the country’s main trading partners eased. 

In the wake of general elections earlier this year, Sri Lanka has emerged with a renewed emphasis on economic reforms and fiscal consolidation, which has allayed concerns for many local and foreign investors.

Coming off a weak 2014, with economic growth of just 0.7%, Thailand’s economy staged a slow but steady recovery year-to-date (YTD), and is well placed to build momentum into 2016.