A key contributor to the economy, manufacturing accounted for 24.5% of Malaysia’s GDP in 2013, ranking it second only to the services sector (55.2%) and well ahead of mining (8.1%), agriculture (7.1%) and construction (3.8%). As Malaysia increases its global trade via participation in trade agreements such as ASEAN and the Trans-Pacific Partnership Agreement (TPPA), enhancing efficiencies and...
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Chapter | Industry & Retail from The Report: Malaysia 2014
Malaysia’s natural resources and its well-educated population are some of the many credentials that keep the country in good stead, with priorities centred on preparing for the ASEAN Economic Community in 2015 and steering the policy framework toward more inclusive political representation. The economy is built around global trade, and the government is working to encourage greater private investment.
Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
The only monarchy in North Africa, Morocco has one of the more diversified GDP mixes in the region, and the mainstays of the economy include agriculture, tourism, and the textiles industry; higher-end manufacturing, IT and communications, and outsourcing are also all becoming increasingly important. The past few years have seen some significant changes, yet the kingdom has remained stable, even amidst the broader regional turmoil.
The retail sector in Oman is set to enjoy solid growth in 2014, with disposable incomes on the rise and economic expansion being fed by higher levels of state investment, though a rapid expansion of retail space in the capital may soon leave shoppers spoiled for choice, putting pressure on rental charges and returns.
High levels of liquidity and continued solid growth in the domestic economy are feeding into the Philippines’ retail sector, with sales rising on a tide of improving consumer sentiment. However, the central bank could move to take some of the heat out of the market in an effort to counter the creeping inflation fuelled by supply side pressures.