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1、D E C E M B E R D E C E M B E R 2 0 2 22 0 2 2KNIGHT FRANK2023:PivotingTowardsOpportunitiesAsia-Pacific Outlook2023:PIVOTING TOWARDS OPPORTUNITIESAsia-Pacific OutlookEven as the economic rebound strengthens in the post-pandemic recovery,the surging inflation that accompanied it has complicated the o

2、utlook.Exacerbated by the conflict in Ukraine,global inflation in 2022,expected at over 8%,is at its highest since 1996.As most central banks in Asia-Pacific(APAC)turn the screws on monetary policies to stave off inflation,growth will inevitably slow.Across much of the region,growth momentum will co

3、ntinue to normalise,although some economies will still play catch up.While Chinas economy will lag potential output,growth could outperform expectations as pandemic restrictions were somewhat eased towards the end of 2022,which could signal an evolving zero-tolerance stand.Still,recovering demand in

4、 domestic-oriented economies,particularly emerging Southeast Asia and India,should broadly support growth;Asia-Pacific will remain the worlds fastest-growing region.There were also positive developments on the geopolitical front.The first face-to-face meeting in Bali between the presidents of the wo

5、rlds largest economies during the G20 meeting in November 2022 could signal thawing US-China Relations.While it is unlikely to resolve all differences,a more consultative approach will revitalise global trade flows a crucial cog in the regions export dependent economies.-1012345678JapanAustraliaNew

6、ZealandSouth KoreaSingaporeTaiwanMalaysiaIndonesiaPhilippinesIndiaVietnamThailandHong Kong SARChinese MainlandCambodiaReal GDP Growth(%)Projected GDP growth of APAC markets20222023ModeratingMendingFigure 1:APAC growth momentum to normalise Source:IMF WEO,Macrobond2HOMERESIDENTIALOFFICELOGISTICSCAPIT