SOUTHEAST
ASIA
ECONOMIC INDICATORS POINT
TO CONTINUED GROWTH
Economic growth in Southeast Asia
has averaged more than 5 percent
annually for the past decade and is
forecast to continue expanding at
the slightly lower rate of 4.6 percent
through 2034. Nine of the top 10 major
industries in the region are of the type
that tends to drive air travel. Urban
and expatriate populations are rapidly increasing, and
both contribute to industry growth and travel demand.
The combined economic and population growth has resulted in
an expanding middle class. Reasonable inflation and interest rates
as well as relatively low unemployment have also contributed to
the evolving middle class. Members of this class tend to have
the financial wherewithal to fly rather than relying on slower
transportation by sea. Per capita income is steadily rising as is
personal disposable income—two common drivers of the air-tripsper-person metric. The upturn in this metric is particularly notable
in Southeast Asia owing to the region’s largely island geography,
where ground transportation typically is not a viable option.