Malaysian Timber Council South Asia, Middle East and Africa international business development division director Khairul Anwar said that moving forward, the council will pitch into the market potential of specific cities, rather than an overall region, to find the best potential for the country’s timber players.
Nepal’s economy is anticipated to grow by 4.1% in the fiscal year 2022, up from an estimated growth of 2.3% in 2021, while in Bangladesh, the continued recovery in exports and consumption will help growth rates improve to 6.4% in the fiscal year 2021 to 2022. The resurgence of hardwood prices is likely to continue through 2022, including an increase in sawn timber prices due to improved demand from hotel and resort renovation in the Maldives, as well as five-star properties in India and Sri Lanka.
UAE estimates 1.2% GDP growth in 2021 and 2.5% in 2022 to 2023, to be further driven by government as well as private expenditure, while Saudi Arabia will be supported by firmer global oil demand with GDP growth expected to reach 2.4% in 2021.
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