Chair, Asia-Pacific Region
New 2016 Reports
Region Will Continue to Pace Global Growth in 2016
Despite short-term headwinds from the global economy, Asia-Pacific will continue to be the leader for global growth over the medium term. Growth in the emerging Asia (Southeast Asia, China and India) is projected to moderate gradually to an average of 6.2% annually.
China is slowing to a more sustainable pace and this will affect the growth prospects of the rest of the region as export demand drops and investment flows decline. Japan is expected to see growth pick up following a year of stagnation.
The widening difference in economic performance between Asia’s two giants is expected to be increasingly evident in 2016 with India’s economic expansion continuing to outpace that of China. India’s output is expected to grow by 7.6% this year compared with China’s 6.4%,
Indonesia and Malaysia, being exporters of non-oil commodities (prices have fallen sharply), will be affected by the trade swing. India, on the other hand, is expected to pick up to one of the highest levels in the region. Among the ASEAN-5 and the CLM (Cambodia, Lao PDR and Myanmar) countries, growth in the Philippines and Vietnam will lead with 5.2%.
As a region of oil importers and supply chain participants, Asia is set to benefit from the recent decline in world oil prices and the ongoing recovery in advanced economies. Lower oil prices will temporarily push down headline inflation and current account balances will increase.
The good news for Asia amidst the volatile economic scenario is the creation of the ASEAN Economic Community (AEC) on 31 Dec, 2015. The region awaits with positive anticipation as the vision of AEC unfolds. The results, however, will take time to show.
The creation of the community is a positive sign as it allows the entire ASEAN region to be converted into a single marketplace, removing any trade barriers between countries. This could potentially lead to increased cross-border activity and hence more hiring across companies in the ASEAN region in the long run. It will be interesting to observe the impact of AEC on Executive Search trends in the region.
As Asia becomes the vanguard of economic development, Cornerstone with its strong network of over 60 offices globally – 18 in the region — will be at the forefront of Executive Search and HR consulting, providing strong support to multinationals and local business in Asia.
The free movement across ASEAN might mean a greater emphasis on working collaboratively for our offices in this region, since the talent pool theoretically expands from country to ASEAN level. Our expert knowledge of local culture combined with expert knowledge of business trends will make Cornerstone the preferred partner for Retained Executive Search in the Region.
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