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Murat trade relations between China and the US remain unsettled.
The poll, commissioned by Eastspring Investments,
found that over the next decade in the rank of supply chain
importance India will become the third most important link,

up from the current fourth and Southeast Asia will also move
up one place in the supply chain ranking.
In contrast, the poll determined Germany will move down
one place and Japan will drop to sixth.
According to the survey, boosting supply chain resilience
is a key business priority with most stating that rebalancing
their supply chain would cost less than the potential risk by
not rebalancing.

Investment poised to fuel growth
According to a regional economic outlook presented by the
IMF's Asia and Pacific Department, Asia will contribute around
60 percent of global economic growth in 2024, an upgrade
of its view on the region.
Overall, the region is projected to grow 4.5 percent this
year before slowing to 4.3 percent growth in 2024.

In terms of real gross domestic product, India is forecast
to grow 6.8 percent this year, the fastest pace of any major
economy, while China expands by 4.6 percent.
Growth in the ASEAN-5, Indonesia, Malaysia, the Philippines,
as home owners, especially young people stared to use Singapore and Thailand are forecast to rise 4.5 percent and
wood for interior decoration along with increased interest in Vietnam is projected to achieve gross domestic product
wooden furniture. growth closer to six percent.
It has been estimated that the domestic Indian furniture The shape and drivers of Asia's growth, however, will
market will grow at a compound annual growth rate (CAGR) of vary significantly among countries. Investment looks poised

13 percent between 2020 and 2024. Because of the growing to fuel much activity in China and India, while private
salaried class, the number of metropolitan families and the consumption provides the main engine for other emerging
rise in disposable income demand for furniture is expected markets according to the IMF.
to continue to grow.
India to become the third-largest construction market
Companies rebalancing their supply chains globally
The results of a poll of global business leaders undertaken The construction sector accounts for nine percent of India’s

by Price Waterhouse Cooper says many are looking at India GDP and is the second-largest employer in the country and
and Southeast Asia as alternative supply chain destinations as the country is seeing a construction boom.