Market entry strategy is one of the best ways to increase sales and market share. It will be even more effective if you try to enter a promising market, such as Asia. Experts believe that the economic growth in Asia in 2022 and 2023 is quite promising.
This condition is surely favorable for businesses who want to enter the market in the region. However, it is important to remember that this continent is extremely large and diverse so that you will have different chances of success in different Asia subregions because they offer different opportunities
The Outlook of Economic Growth in Asia
A number of experts estimated that the GDP in Asia in 2022 and 2023 will grow faster than that in Europe and Americas. They believe that the GDP of this region will grow by 5.2% in 2022 and 5.3% in 2023.
It shows that the continent continues to recover amid the pandemic and geopolitical uncertainty. It is thanks to the continued expansion in exports and a strong recovery in domestic demand.
ADB also stated that East Asia, South Asia, and certain Asian subregions will regain the economic growth that they experienced prior to the pandemic. Different Asian countries will experience different economic growth rates.
ADB estimated that South East Asia will grow by 4.9% this year and 5.2% next year. Meanwhile, Central Asia may not experience the most promising economic growth in Asia. Central Asia, along with Caucasus, will grow on average 3.6% in 2022 and 4.0% in 2023.
Moreover, ADB forecast that Asia will suffer from inflation at manageable levels of 3.7% in 2022. However, average inflation in Asia will slow down in 2023 at 3.1%.
Finding the Best Market Opportunities for Your Business Expansion in Asia
From the forecast above, you will see that only certain subregions of Asia that experience the most promising economic growth. Therefore, it is essential for you to expand your business only in these regions.
The regions with the most promising economic growth will surely offer the best market opportunities for your business expansion. To find out these opportunities, you need to get market research services in Asia.
Most market research consultants in Asia will be happy to provide you with those services. However, you must only hire the best consultant for this research. Getting the best market research services in Asia is one of the keys of a successful business expansion in this region.
Asia economic growth will likely rise at promising rates for the next two years. It means that Asians will have a better purchasing power. Consequently, business expansions in this region will be quite profitable for investors and business players.
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