Housing Matters | Market Snapshot - Asia Pacific & Middle East
Market Snapshot - Asia Pacific & Middle East
The Current Landscape
The global economy grew just 2.4% in 2019, the slowest rate since the global economic crisis more than a decade ago. The World Bank expects a modest recovery with a global growth forecast of 2.5% in 2020.
The world’s two largest economies, the United States and China, are still locked in a trade war, without significant progress despite continuous negotiations. Prolonged civil unrest in Hong Kong has deeply impacted its economy, sending it into a recession. The COVID-19 coronavirus outbreak is also expected to greatly impact China and the region in 2020, with several Asian governments introducing significant measures to control the disease and protect their economies.
Expatriate movements in the second half of 2019 have generally followed historical trends. Rents for residential properties have remained mostly stable, with the exception of decreases in Hong Kong and the United Arab Emirates.