Asian middle class key to Australia holding top growth spot, says Deloitte report

iaSERVICING the changing needs of the rising middle class in Asia is the key to maintaining Australia’s position as the fastest growing developed Western nation in the world in the coming decade, a report says.

GIBS Information Centre / GIBSIC‘s insight:

Asia’s middle-class– “The Deloitte report, Positioning for Prosperity, identifies another 19 smaller growth pockets that could contribute a further $150 billion as the Australian economy pivots away from being a quarry to a provider of key services for ­increasingly affluent Asian markets.  –  China’s upper middle class is forecast to include more than half of the country’s urban households by 2020 — up from just 14 per cent in 2012.  –  After a period of bad news and rising unemployment as the mining boom slows, report co-author Deloitte partner Chris Richardson is upbeat Australia will benefit from a period of stable economic growth in Asia.  –  “Our future prosperity will come from a more diversified spread of sectors, enabling Australia to remains the fastest-growing developed Western nation in the world in the coming decade,” he said.  –  “Asia’s boom is not ending. It is just changing and Australia is well positioned to exploit these opportunities especially in tourism, wealth management and food processing as we are a trusted brand — for being boring and safe.”

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