Southeast Asia’s rapid growth has led to a rise in income which has enabled its citizens to enjoy leisure travel in the form of long-haul destinations and micro-trips. The region’s budget travel market, including low-cost flights, is also expected to grow exponentially. The rise of low-cost airlines and the growing affluent middle class in the region has changed the landscape of the tourism industry immensely.

A handful of companies from the technology and consumer durables sectors are aiming to launch IPOs in Southeast Asia later this year, pointing to an upturn after pandemic-hit markets and weak economic growth slashed fundraising.

Shrinking foreign direct investment poses “a fundamental threat” to the ASEAN economy, especially as India is on the rise as a rival to the South-east Asian bloc. This dire scenario was put forward by HSBC analysts, who noted that the previous trend of investment diversion from China to ASEAN has slowed in 2020 amid global uncertainties.