ChemOrbis 6th Asia Petrochemical Conference: Emerging Asia driving global demand growth
Mr. Kaymaz commented that the global economy grew by 3.4% in 2014 while in 2015, the economy is expected to grow by 3.5%. By 2020, world output is expected to rise to $41.5 trillion, with 70% of this growth driven by emerging markets and developing economies. Asia’s growing middle class, which may expand to 2.7 billion people by 2025, is expected to be one of the major drivers of global demand growth in the coming years.
Mr. Kaymaz stated that most economies are growing below expectations while the US has exceeded growth expectations.
Mr. Kaymaz commented that most Asian economies are seeing a positive impact from lower oil prices, adding that the windfall gain in real purchasing power from falling oil prices amounts to around 1.7% of GDP on average for Asian economies in 2015. Among individual Asian economies, the windfall from lower oil prices is estimated at 5% for Thailand, 2% for India, 1.9% for Singapore, 1.1% for Indonesia and 0.7% for Malaysia.
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