Logistics & Industrial Capital Markets 2024 Outlook Report

Asia Pacific (APAC) – the global growth engine Australia is widely viewed as an integral member of the APAC region and is well-placed to capitalise on further growth going forward. As per Moody’s forecasts, growth in the region is forecast to total 3.5% to 4.0% in 2024 and compares to the global forecast of 2.9% and 1.4% for advanced economies over the same period.

Beyond the economic forecasts, the demographics of the region are changing quickly, including a rapidly growing and affluent middle class. Analysis by Statista shows that by 2030, the middle-class population in the Asia Pacific region is expected to increase from 1.3 billion people in 2015 to 3.5 billion people. At this point in time, the Asia-Pacific region will account for 65% of the globe’s middle-class segment, up from just 30% in 2010.

Figure 23. Global Middle Class Population from 2015-2030 (millions)

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Asia-Pacific

Europe

Americas

Middle East and North Africa

Sub-Saharan Africa

2015

2020 2025

2030

Source: Statista, Cushman & Wakefield

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