Asia Pacific

The number of households is set to increase moderately in Vietnam over 2021-2040, with couples with children remaining the dominant household type. While household earnings have already recovered from the COVID-19 impact, the fastest household…

The number of households is set to increase moderately in Sri Lanka over 2021-2040, with couples with children remaining the dominant household type. While household earnings will reach pre-pandemic levels by 2022, the fastest household expenditure…

Over the long term, the consumer market in Sri Lanka is forecast to expand at a faster pace compared to regional countries, thanks to economic reforms and a gradual transition towards a more urbanised economy built around manufacturing and services…

Vietnam’s consumer income is expected to more than double by 2040, facilitated by robust economic growth. Purchasing power will be largely concentrated in the hands of younger generations. Generations Y and Z are expected to shape luxury-spending…

The report examines the economic landscape of Pakistan and provides information on major monetary indicators, foreign trade, investments and government finance. The economy in Pakistan grew in real terms in 2022, driven by rising public and private…

This report assesses the business environment in Laos, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and innovative…

Lack of government integrity, prevalent corruption, skills shortages, and difficult access to financing are among the key obstacles to doing business in Bangladesh. Low internet penetration is another major factor hindering faster economic…

This report assesses the business environment in Azerbaijan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

This report assesses the business environment in Cambodia, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

This report assesses the business environment in Turkmenistan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

This report assesses the business environment in Kazakhstan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

Due to China’s strict COVID-19 containment measures, business confidence in the country deteriorated over 2022, while China’s ranking in economic freedom dropped significantly. The state interference in the financial sector, widespread corruption and…

Hong Kong continued to rank as the best place to do business globally, thanks to its simple and efficient tax system, support to small and medium-sized enterprises, efficient banking system, investment incentives, well-developed infrastructure, high…

India remains among the lower third countries globally in the Economic Freedom Index, weighed down by poor fiscal health and lack of monetary freedom. In addition, an inefficient judicial system, skills shortages and lagging digitalisation further…

Given Indonesia’s strong economic performance in 2022, business confidence continued to increase, with the country witnessing considerable growth in FDI flows and exports over the year. Indonesia recorded significant improvements in terms of labour…

Malaysia offers a favourable environment for business operations, ranking among the top third in the Economic Freedom ranking. The country’s businesses benefit from robust economic expansion, numerous free trade agreements, strategic location and…

South Korea’s business environment remains attractive to foreign investors, due to its efficient government regulation and world-class infrastructure, as well as its high capacity for innovation and ICT adoption, which continues to improve on the…

Taiwan secured a place among the top 10 countries globally in the 2021 Index of Economic Freedom Ranking, riding on its major strengths of a highly skilled workforce, a robust financial system, sound investment incentives, and a well-established…

This report assesses the business environment in Uzbekistan, focusing on the regulatory environment, stability of the financial system, FDI intake, labour market flexibility and skillset, trade openness, mobility infrastructure, ICT adoption and…

Thailand still holds appeal as a desirable location for less value-added industries, such as agriculture and manufacturing, due to its advantageous labour costs and supportive FDI policies. In addition, Thailand is increasing investments into its…

Pakistan’s business environment is limited by an unstable macroeconomic environment and prevalent corruption. Moreover, a difficult financing landscape and relatively weak labour market, with complex regulations and a significant gender gap, limit…

Myanmar struggles with lack of political and economic stability, weak financial sector and widespread corruption, limiting its business environment. The country also face increasing issues with its vast informal labour market, poor financial system,…

Japan stands among leading economies globally, offering friendly business environment, stable and transparent judicial system, advanced mobility and logistics infrastructure, highly skilled labour and strong innovative capabilities. Financial…

In 2022, the Philippines struggled with monetary freedom and judicial effectiveness, and has seen a decline in its tax burden ranking. However, the country’s flexible business regulations, convenient location and financial sector improvements have…

Singapore continues to lead in terms of economic freedoms globally, offering major opportunities for businesses. Its favourable regulations, investment incentives, high innovation capacity, skilled workforce and high productivity offer a solid base…

In 2022, Vietnam's business environment enjoyed a large working-age population and political stability. Vietnam is emerging as a tech and electronics export hub, with machinery and electronics accounting for a significant portion of its GDP. However,…

South Korea is expected to experience a moderate increase in the number of households over 2022-2027, with single-person households continuing to dominate. In 2022, household spending was impacted by a 5.1% inflation rate, leading to higher living…

The digitalisation and expansion of high-tech industries in South Korea are poised to fuel consumer growth, surpassing the regional average. The rise of a burgeoning middle class and an expanding affluent consumer segment will serve as pillars for…

China is projected to experience a moderate increase in the number of households between 2022 and 2027, with single-person households becoming the leading type. Household heads are expected primarily to be older males, aged 60+ years, with secondary…

With China’s economy reopening, consumer spending and income growth are expected to accelerate. Over the period to 2027, the lower middle class (socioeconomic group D) is set to experience the fastest expansion, while the lowest income class…

In 2022, the Philippines was characterised by low-income households; however, per capita gross income is projected to increase in real terms between 2022 and 2027. The Middle Youth population is set to become the dominant group in the top-income…

Japan is set to witness a slight increase in the number of households between 2022 and 2027, with single-person households remaining the leading household type. In 2022, household spending was impacted by a 2.5% inflation rate, resulting in higher…

The number of households in the Philippines grew in 2022, with couples with children remaining the leading household type. Disposable income per household is projected to rise in real terms over 2022 and 2027, while the unemployment rate is set to…

Per capita income levels in Japan are among the highest regionally, but are set to record a slight decline in real terms over the period to 2027. Medium-term consumer market development is set to be hindered by deepening social and gender inequality,…

The number of households is set to increase moderately in India over 2022-2027, as couples with children remain the dominant household type. The fastest household expenditure growth is set to be recorded by couples without children households, with…

With Hong Kong’s economy reopening, consumer spending and income growth are expected to accelerate. However, elevated prices lead to more cautious consumer behaviour, while income inequalities persist at high levels, with wealth concentrated among a…

The number of households is set to increase moderately in Hong Kong over 2022-2027, with couples with children remaining the dominant type. In 2022, household spending was notably affected by elevated prices, with a fifth of annual household spending…

With India’s strong economic development, consumer spending and incomes are expected to grow at a comparatively faster pace. However, elevated prices will continue to pressure the vast low-income class, while income inequalities will continue to…

The number of households is set to increase moderately in Singapore over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 6.1%, elevating living costs.…

The number of households is set to increase moderately in Indonesia, with couples with children remaining the dominant household type by 2027. The fastest household expenditure growth is set to be recorded by couples without children households, yet…

The number of households is set to increase moderately in Malaysia over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 3.4%, elevating living costs.…

Taiwan is expected to see a significant increase in per capita income. Middle Youth will continue to lead luxury spending trends. However, income inequality is projected to rise but remain at a moderate level in global terms. Social class A is poised…

Thailand's per capita income is set to rise by 17.9% from 2022 to 2027. Middle Youth will continue to lead luxury spending, while income inequality will decrease. Social class C will grow fastest, but social class D will remain dominant. Bangkok will…

Malaysia is projected to experience robust income growth, with the country expected to achieve high-income status between 2024 and 2028, according to World Bank estimates. In 2027, individuals aged 30-34 are forecast to maintain the highest per…

Myanmar's per capita income is expected to see a modest increase. Middle Youth will continue to shape luxury spending trends. However, income inequality is set to rise to extremely high levels in global terms. Social class A is poised for rapid…

Despite slower income growth from 2022 to 2027, Singapore will maintain one of the highest per capita income levels in the region. The prevalence of sectors such as finance, tech, healthcare and research are set to continue to sustain higher income…

The number of households is set to increase moderately in Bangladesh over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was impacted by a 7.7% inflation rate, increasing living expenses. The…

The number of households in Taiwan is set to increase slightly over 2022-2027, with couples with children remaining the leading household type. In 2022, household spending was affected by inflation, which increased living costs. The fastest household…

The number of households in Thailand is set to increase moderately over 2022-2027, with singletons remaining the leading household type. In 2022, household spending was affected by inflation, standing at 6.1%, and increasing living costs. The fastest…

The number of households is set to increase moderately in Pakistan over 2022-2027, with couples with children remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 19.9%, elevating living costs.…