Asia’s four tigers are not burning as brightly as they once did.
In 2023, Hong Kong recorded a real gross domestic product (GDP) growth of 3.2%, Singapore 1.1%, South Korea 1.36% and Taiwan 1.31%.
In contrast, growth in Asia and the Pacific was 5% for the year.
The International Monetary Fund (IMF) is predicting growth of 4.5% this year.
The IMF’s economic outlook for Asia Pacific ranks the region as the world’s most dynamic in 2023, contributing nearly two-thirds of global growth.
Whereas the growth of the Asian Tigers was driven by exports, both domestic consumption and exports, primarily of electronics, were drivers of economic activity, particularly in emerging Asia.
Resilient consumer demand has created markets for South African fresh produce.
The Far East and Asian markets are predicted to consume 33% of apple exports and 17% of pears from South Africa this year.
- To read our latest Freight Features edition, click here: "Focus Far East."
