According to Asian Investor, one of the key economic drivers is clearly industrialization, powered by foreign direct investments (FDI), which have not slowed down significantly despite the pandemic. Another key driver is the rise in domestic consumption.

The surge of foreign investments in recent years has created jobs and a vibrant middle class, and nurtured many local small and medium business owners who have become suppliers to the big manufacturers.

The emergence of the middle class – those earning at least 700 USD a month – is boosting domestic consumption.