The Google mobility index on retail and recreation activity, for instance, suggests a sharp recovery of economic activities after the Omicron wave, thanks to a sharp pick-up in vaccination rate. In fact, despite concerns on food inflation, spending on consumer goods such as high-margin (60%-70%) bubble tea is still on the rise with the market seeing a US$3.66 billion ($5.1 billion) turnover in 2021, according to venture builder Momentum Works and fintech firm Qlub.
There is short-term volatility in Asean, but long-term opportunities abound in the region for investors.
Even as many countries in the West suffer from rising inflation, interest rate hikes and fears of recession, Asean has been fairly insulated. In fact, analysts expect the growth of the region to remain strong in 2022, a contrast to the rest of the world where growth is decelerating from the post-pandemic pent-up boom, and where recession has been flagged as a real possibility.
