The Asian Development Bank (ADB) has raised its economic forecast for developing economies in the Asia-Pacific region after robust domestic demand drove higher-than-expected growth in the People’s Republic of China (PRC) and India.

 

‘Developing Asia continues to grow at a robust pace, despite a challenging global environment,’ comments ADB chief economist Albert Park. ‘Inflation in the region is also gradually coming under control. Still, risks remain, from elevated global interest rates to climate events like El Niño. Governments in Asia and the Pacific need to remain vigilant to ensure that their economies are resilient and that growth is sustainable.’

 

In the third quarter of 2023, the economies of most countries in Southeast Asia showed pockets of growth and resilience despite the cumulative effects of monetary tightening and slower global demand.

 

Labelexpo Southeast Asia revitalizes the region

 

The last edition of Labelexpo Southeast Asia 2023 in Thailand best confirmed the region’s economic climat. It brought together almost 7,500 converters and brand owners from across the ASEAN and broader Asia-Pacific region, mainly from Thailand, but also from Malaysia, China, Indonesia, India, Singapore, the Philippines, Vietnam and Australia.

 

Multinational brands are moving to the region, and advanced retail infrastructure is emerging, leading to growing requirements for higher quality packaging – including from local brands which need to compete with the global giants. Letterpress, offset and screen printing remain robust, but regional label converters are starting to look at flexo and digital.