CIFF Guangzhou is not only the world’s largest furniture fair, but also the most important business platform in the sector in Asia, thus making it the essential point of reference for both the Chinese and Asian markets.
The International Monetary Fund's (IMF) October outlook estimates that China is expected to grow at a rate of 5.4% in 2023 and 4.6% in 2024, with different gross domestic product trends for the Association of Southeast Asian Nations (ASEAN) countries.
The Philippines projects a change of 5.3% in 2023 and a further increase to 5.9% in 2024.
The IMF forecasts a gradual increase over the two-year period for Thailand, with growth rates of 2.7% and 3.2%.
Vietnam has the highest delta with a GDP of +4.7% in 2023 and a projection of 5.8% in 2024.
Indonesia at +5% for both 2023 and 2024 and Laos at +4% over the two-year period, keep a steady trend.
Malaysia shows incremental figures of 4% for 2023 and 4.3% for 2024. Myanmar is expected to show a 2.6% increase in both 2023 and 2024, while Singapore, with the highest GDP per capita, is expected to expand by 1% and 2.1% in the 2023 and 2024 respectively.
Brunei, the region's smallest economy, is expected to decline 0.8% in 2023, followed by a significant recovery to 3.5% in 2024. Cambodia has the best performance, with a GDP increase of 5.6% in 2023 and a further increase of 6.1% in 2024.
