Asia Pacific

Macau, China benefits from political stability, but its ageing population could make increasing demands on government finances in the future. As the world’s largest gambling hub, Macau’s economy is heavily dependent on revenues from casinos, making…

Malaysia’s economic freedom is ‘moderately free’ and the state is addressing corruption. However, the new government has yet to prove its democratic credentials. The economy grew extremely strongly in 2022 and, although output expansion is expected…

Political stability is being addressed by the Solih government, in particular state corruption. Economic growth should return in 2021, following the deleterious effect of the Coronavirus (COVID-19) pandemic in 2020, but the country needs to move…

Mongolia is a peaceful country, but with high levels of corruption and fragile governance. The economic growth should accelerate in 2023, supported by the vast mining sector, but the country’s dependence on this sector leaves it vulnerable.…

Myanmar’s military has created significant instability for the country, whilst corruption continues to be rife and economic freedom has worsened. High inflation is causing the economy to stall and the foreign investment climate has worsened…

Nauru’s political landscape is stable, but is sometimes autocratic in nature. The country’s biggest challenge is to diversify the economy away from phosphate production. Nevertheless, planned infrastructure projects could enhance Nauru’s appeal. Its…

Political upheaval has been caused by transitioning to a new constitution, whilst economic freedom is suppressed, given ineffective observance of the rule of law. The economy could outperform peers, owing to strength in agriculture and greater…

Significant divisions exist between New Caledonia’s indigenous population and its European counterparts, creating political instability. Substantial reliance on nickel is a risk for the economy, which was in recession in 2020. The prospect of…

North Korea’s autocratic regime is the most repressed globally for economic freedom, which propagates corruption, but sanctions could bring the country to the negotiating table. The command economy has been crippled by these sanctions, and remains…

Pakistan’s ‘repressed’ status for economic freedom is largely due to political instability and the undue influence of the military. The economy performed better than peers, but suffers from high inflation and interest rates that suppress growth,…

Papua New Guinea faces considerable hurdles, marked by pervasive corruption and limited economic freedom. Country’s economy, heavily reliant on the uncertain global commodity market, is further strained by low productivity due to extensive…

Samoa is a politically stable country with a budget surplus. However, the large influence of the state and significant exposure to tourism could weigh on economic performance in the medium term. Although the country is young and growing, its…

Singapore’s economic freedom is the best in the world, although civil liberties are restricted and corruption is on the rise. Economic momentum is slowing and the external sector is susceptible to global cyclical changes, but inflation is well…

Although government finances are solid and monetary freedom rank high, the Solomon Islands suffers from pervasive corruption and low investment freedom. Economic performance is expected to be below peers over the near term. The population is young…

Although South Korea enjoys significant economic freedom, corruption amongst high-ranking officials is a blot on its political scene. Inflation is low and a trade deal could help exports, but the economy is slowing and foreign investment could be…

Sri Lanka is grappling with multiple issues including weak economic freedom, corruption, and denial of human rights. Furthermore, an economic crisis led to political instability and trigged hyperinflation, although prices have fallen fast, and output…

Respect of the rule of law and a dynamic private sector have led to superior economic freedom for Taiwan. However, geopolitical tensions are negatively impacting both the political and economic landscapes. Inflation has been controlled well, but the…

Authoritarian rule has created political stability in Tajikistan, but economic freedom has suffered as a result. The economy is expected to outperform peers in the short term, but a narrow export base creates risks for the external sector. Tajikistan…

Thailand is prone to bouts of political instability, which has adversely affected economic freedom. Moreover, the military’s stranglehold and the influence of the monarch over politics have weakened the rule of law. Returning tourism has helped to…

Although the tax burden is reducing, the Philippines remains ‘mostly unfree’ for economic freedom and geopolitical tensions are growing. Solid remittances helped the economy to outperform peers and infrastructure upgrades could support output…

Although Tonga is ‘moderately free’ for Economic Freedom, it is relatively stable politically and had solid state finances. The economy is overly reliant on remittances and tourism, which could lead it to underperform compared to its peers, whilst it…

Turkmenistan’s authoritarian tendencies have repressed economic freedom, although state finances remain solid. Economic growth has slowed and is highly dependent on hydrocarbons, but infrastructure investment should be supportive in the short run.…

Tuvalu has favourable political freedom, but a high dependency ratio and poor regulatory environment. Economy slowly recovered from COVID-19 pandemic and related slowdown, bolstered by the seafaring sector. Nevertheless, further growth will remain…

Although corruption is being tackled and government finances are strong, Uzbekistan remains an authoritarian state. Thanks to higher remittances, exports and consumption, economic development has been solid, but elevated inflation persists. Reduction…

Limited taxation adds to Vanuatu’s economic freedom. However, competing factions destabilise the political landscape. Exposure to tourism will lead to output underperformance versus peers in the short term, whilst large agricultural activities also…

Although economic freedom is improving, the rule of law in Vietnam remains weak. Strong economic recovery has outpaced regional peers and inflation is not a major issue, but the external sector is susceptible to supply and demand shocks. Higher…

While growth in Asia Pacific pet care sales has slowed in recent years, against a backdrop of rising prices in a number of countries, it has remained positive. Expanding pet populations and more owners moving away from scraps to packaged pet food…

In 2024, pet care is set to record mid-single digit current value growth in China, benefiting from the steady growth in the pet population and the heightened focus on the health, nutrition, and living conditions of pets. Pet food is expected to show…

The pet care industry in Hong Kong continues to present steady value growth in 2024 and is expected to record a further increase over the forecast period. The cat population is experiencing a positive growth trajectory compared to the steady decline…

In 2023, pet care in India is expected to display strong current value growth, driven by increasing pet humanisation and greater accessibility to pet food and pet products. Rising awareness and knowledge of the importance of good nutrition for pets…

Pet care in Indonesia is maintaining positive value and volume growth in 2024, albeit the speed of growth is slowing down compared to the recent review period. The category saw exceptional growth in the period 2020-to-2021, due to the pandemic…

Further price increases across pet care in Japan are evident, helping to drive up retail value sales in 2024. On the other hand, overall demand for some pet care products continues to decline, in line with an overall fall in the pet population.…

Pet care saw solid retail current value growth in Malaysia in 2023, with this trend set to continue in 2024. Improved GDP growth, a subsiding inflation rate, and stable disposable incomes have helped to sustain growth for pet food and pet products in…

Pet care in Singapore is anticipated to encounter several headwinds in 2024, with economic uncertainty, inflationary pressures, and rising GST amongst the foremost concerns expected to dampen consumer spending on non-essential goods, including pet…

Pet care in South Korea has faced challenges amidst economic slowdown, but is expected to continue to demonstrate resilience and growth in both retail volume and current value terms in 2024. As the economy struggled and living expenses surged at the…

Pet ownership is expanding and developing rapidly in Taiwan and the numbers of cats and dogs registered as pets in the country continues to grow substantially, far exceeding the country’s population of babies, infants and young children. As pet…

Pet care in Thailand continues to experience solid growth, albeit against a backdrop of inflationary pressures that is contributing to an ongoing increase in retail prices. As consumer trends evolve towards treating pets as cherished family members,…

In 2023, pet care in the Philippines saw a notable slowdown in retail current value growth, indicating a loss of momentum compared with previous years, when the pandemic drove an increase in pet ownership. The slowdown in this year was mainly…

Pet care in Vietnam is maintaining decent value and volume growth in 2024, supported by baseline demand. That said, economic challenges persist, with high rates of unemployment and low levels of income, which are suppressing potentially stronger…

After many years of double-digit current value growth for pet products in China, growth slowed to single-digit in 2023, and a further slowing of growth is expected in 2024, although remaining solid. The growth of cat litter is expected to stabilise…