The Center for International Trade Studies (CITS) has predicted that the wholesale and retail markets in Indonesia and the Philippines will score the highest growths among the ASEAN countries in 2020.
Indonesia and Vietnam will have higher growth rates than all other countries due to a relatively large number of foreign investments and an increased income per head, the center forecast.
Meanwhile, Thailand’s wholesale and retail markets are expected to grow by just one percent this year and 10 percent in the next five years, according to CITS. However, that will largely depend on the people’s incomes and domestic consumption. Thailand’s modern-day trading is expected to grow while traditional retail trading will be gradually closed down like in other countries.