Southeast Asia Outlook 2023: Bouncing Back Stronger
Southeast Asia (SEA) is expected to be one of the leading sources of growth for the global economy as the United States and Europe tiptoe around a potential recession.
Our latest paper explores how Southeast Asia real estate market is positioned to develop given the latest economic and property trends. We look at the impact of China’s re-opening and rising interest rates and provide our views on investment opportunities, rents and capital value outlook for major property markets in SEA.
Singapore’s open economy will be exposed to the global economic slowdown, and GDP growth is expected to decelerate to 0.5% to 2.5% in 2023. While the manufacturing sector is expected to slow as exports fall due to a weaker external demand and a cooling of the semiconductor boom, this would be mitigated by resilient and recovering growth in service-producing industries due to a sustained relocation of businesses towards Singapore, and the reopening of China to bring about positive spillover effects.