3.7 SOUTHEAST ASIA
2022 saw a rebound in demand for applied products, with a significant recovery in Southeast Asia compared with 2021; this is partially due to the impact of exchange rates. Most countries in Southeast Asia have recovered beyond pre-pandemic levels. However, some countries could not fully leverage the demand rebound due to lending restrictions and political instability. Overall, the economy is expected to improve in 2023. However, a decline in orders could occur in 2024 due to inflation and energy price hikes.
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