Cool heads required in hot construction markets

摘要

Asia-Pacific continues to lead global growth; except in Japan, regional GDP is projected to expand 5.5% in 2016, well above the world average of 2.5%. Growth will accelerate slightly to 5.6% in 2017 and 5.7% in 2018. Yet the headline number conceals variation across economies. New manufacturing hubs, such as Vietnam, are emerging in Southeast Asia and South Asia as China loses cost competitiveness. The information technology-business process outsourcing industry is set for continued rapid growth, not just in India, but also in Malaysia and the Philippines. Looking ahead, Japan, Malaysia and Vietnam would be major beneficiaries if the Trans-Pacific Partnership is implemented.