Asia's economy has bottomed and growth will pick up starting into 2013. This has been the forecast of the International Monetary Fund (IMF). The region is expected to grow by 5.9% in 2013, with China – the world’s second largest economy – to grow at a healthy 8.2% in 2013. The gradual recovery of the United States and European economies is seen as one factor that will further strengthen these positive predictions.
Asia's economy has bottomed and growth will pick up starting into 2013. This has been the forecast of the International Monetary Fund (IMF). The region is expected to grow by 5.9% in 2013, with China – the world’s second largest economy – to grow at a healthy 8.2% in 2013. The gradual recovery of the United States and European economies is seen as one factor that will further strengthen these positive predictions.
Industrial activities in the Asia Pacific region have been bullish. Strong domestic demand in India, Southeast Asia and East Asian countries are pushing demand for plastics. In addition, the strong manufacturing centres in Japan, South Korea, and Taiwan are at their best – reflecting robust production of plastics and plastics-related industries.
The start of the Asian countries’ negotiations to create one of the world’s biggest trade pacts is being welcomed by most analysts as an important move towards the integration of the region. Sixteen countries, including China, Japan, India and Australia, hope to establish the Regional Comprehensive Economic Partnership (RCEP), which will facilitate greater and smoother flow of goods and services in member countries.
The next few years will see enhanced focus on sustainability in the plastics industry as Asian countries acknowledge it as a megatrend. This has been the consensus of over 200 delegates from 10 Asian countries who attended the 22nd Asia Plastics Forum (APF) in Vietnam on 23 October 2012. The event introduced delegates to what constitutes a megatrend; how sustainability is emerging as a megatrend; and how the plastics industry contributes towards sustainable development. As Callum Chen, Secretary-General of the APF, stressed, “The topic of sustainability is more relevant now and in the coming future as countries and governments put in place environmental criteria for companies to adopt and when selecting suppliers.”
For this Outlook 2013 report, International Plastics News for Asia gathered the insights of leading companies, their assessment of the market and future planOff White X Max 180-90
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