Today, while developed economies face sluggish or negative growth, emerging Asia demonstrates significant growth potential. Key economic indicators in the region, including GDP growth and retail sales, show resilience even amid worsening global recession sentiment, contrasting sharply with the downward pressures faced by developed markets.
Four years ago, the world experienced an unprecedented shutdown due to the global Covid-19 pandemic, leading businesses to close physical stores and move online to stay afloat.
This transition influenced consumer behaviour, creating a shift in preference towards online shopping. As a result, online sales increased from 13% of total global retail sales pre-pandemic to 18% in 2020. To mitigate the economic and health impacts of Covid-19, governments implemented generous stimulus packages. These measures effectively strengthened middle-class spending power and helped prevent low-income families from falling into poverty. As countries slowly reopen, strong consumption persisted, fuelled by high savings rates and pent-up demand further driving global sales.
