Greetings from Singapore! In our latest Economic Commentary, we highlighted the pressing need for Canada to diversify its trade and expand into new international markets. This is especially important given the weakening domestic economy and declining market share on the global stage. Developing economies in Asia present promising opportunities, with some experiencing growth rates of 6% to 7%. The region’s huge population, which accounts for over half of the world’s inhabitants, is a key driver of this growth. However, population growth alone does not guarantee economic success, as rising income is the real driver of prosperity. The changing age structure of many Asian countries is also noteworthy, with aging populations in some areas being offset by increasing numbers of young people entering the workforce. This demographic sweet spot, where there are fewer dependents to support, could be an advantage for Southeast Asian economies.
Learn more here: https://www.edc.ca/en/weekly-commentary/canada-indo-pacific-strategy.html