Asia Economy

Rising overseas demand for goods and services pushed Thailand’s GDP towards five-year highs in 2017, with business-friendly fiscal policies and planned spending on infrastructure expected to support further expansion in 2018.

Rising domestic and external demand helped place the Philippines as one of Asia’s best-performing economies in 2017, with many key sectors posting high levels of growth.

Solid growth, supported by strong investment flows, should put Indonesia on a firm footing going into the new year, despite a slight drop in expectations.

Rising domestic and international demand for goods and services saw Malaysia exceed GDP growth expectations this year. However, despite strong performances in most sectors, imbalances in the property market could pose a risk to economic growth heading into 2018.

Steady demand for life products has continued to underpin growth in Thailand’s insurance market, with shifting demographics and government efforts to boost personal and retirement coverage providing opportunities for insurers.

On the back of efforts to encourage more international business activity, the Philippines registered the highest rate of foreign direct investment (FDI) growth in the ASEAN region last year, with the country hoping to capitalise on the global attention generated by hosting the bloc’s most recent summit to enhance trade and investment flows.