In fact, China is the only country in the region that expects a deceleration in output in 2022 amid weak economic performance and the trenchant impact of the pandemic. Net growth for this year is expected to be -5%.
This year’s report is also proud to announce the inclusion of a new region, the South Pacific, which posits +8.6% in net growth over 2021. Expectations for 2022, however, are less rosy at +0.9%. We will continue to track the development of these Pacific island nations over time.
While most countries have returned to pre-pandemic levels of turnover, there are still 9 markets expected to take longer than 2022 to recover. Provided no new shocks appear on the horizon that may destabilise the industry further, 2023 may be the year when Thailand, Hong Kong, Malaysia, Taiwan, Bangladesh, Cambodia, Myanmar, Sri Lanka, and Laos officially recover from the worst effects of the pandemic.
The turnover left untapped in the past two years, however, may well haunt the industry for longer.