Asia Economy

Despite concerns over a slowdown in some of its main overseas markets, the Philippines rounded out 2012 with solid growth. Domestic demand has helped drive economic expansion, a trend that is forecast to continue into 2013.

The government in Brunei Darussalam is moving to speed up business processes and improve communication between the public and the private sectors amid calls for the introduction of measures to boost foreign direct investment (FDI).

Malaysia has been one of the big movers in the latest World Bank survey on the ease of doing business, moving up six rungs on the international ladder to be ranked 12th overall. However, making it easier to obtain construction permits and start a business, two areas signalled out for improvement, will help the country achieve its goal of breaking into the top 10.

Despite global uncertainty, Malaysia looks set to achieve its GDP growth target this year, thanks to a benign domestic climate, rising investment and fiscal stimulus.

Healthy trade figures and predictions that Mongolia will rank among the world’s top-10 fastest-growing economies in the next 40 years has been the source of confidence in the country’s long-term financial potential. However, concerns over trade, regulatory uncertainty and budget deficits threaten the outlook for the near term.

The new government has targeted post-electoral stability with pledges to tame the budget deficit, boost infrastructure and curb expenditure. However, Papua New Guinea’s (PNG’s) opposition says Port Moresby’s plan to accept a large loan from China is an early misstep on the path to long-term growth.