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-trips-per-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.