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Saudi Arabia, the region’s largest economy, is progressing towards diversification under Vision 2030. The digital economy is a standout performer, contributing 14% of GDP, while government-led giga-projects open long-term opportunities across various sectors. Despite a dip in oil activities that reduced the current account surplus to 3.2% in 2023, tourism income surged by 38%, boosting the service trade surplus to a record high. The Kingdom’s economy is forecast to grow by 4.6% in 2025. Saudi Arabia offers a dynamic business environment, attracting both large corporations working with government entities and smaller companies leveraging private sector activity. Key sectors like banking, energy and construction are thriving, driven by strategic investment and reforms.
The “Golden Land”, officially known as the Republic of the Union of Myanmar and formerly as Burma, has undergone dramatic reforms in recent years under the administration of President U Thein Sein. The rapid transition from a military junta to an open economy has surprised the global community and will see Myanmar assume the ASEAN chair for the first time in 2014.
The emirate posted robust economic expansion across all sectors in 2013, and its resilience in the years following the global economic downturn has helped to re-build confidence among the global business community. Dubai has set itself the target of reaching 20m visitors per year by 2020 and the emirate received a major boost to this end when it won the right to host World Expo 2020 in November 2013.
The sultanate’s economy continues to enjoy the benefits of petroleum wealth, which has provided budget surpluses in most years and served as a backbone for growth. However, planning is well under way for an era in which oil will not be the main economic driver, with the twin goals of diversification and creating an increased number of private sector jobs at the top of the government’s current agenda.
A diverse country with an intriguing history, the Philippines today is a multi-party, democratic republic, open to foreign investment, and integrated within the regional and international political and economic community.
Over the past decade Peru has seen a period of transformative growth, effectively positioning it as one of the leading economic performers in Latin America. Posting growth rates in excess of 6% from 2010-12, the economy expanded by a further 5.1% in the first half of 2013.
