Building Investment (November-December 2020)

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NEWS & EVENTS(Source: asia.nikkei.com)COVID-19 ravaged construction industry in Southand Southeast Asia set to post V-shaped recovery in2021, says GlobalDataThe stringent lockdowns and social distancing norms due toCOVID-19 have severely disrupted the construction industryacross South and Southeast Asia. Consequently, the industry isexpected to contract by 8.5% in 2020 in the region. However,assuming that a widespread second wave of infections is avoided,output will rise sharply in 2021 because of the low base effect andas well as the underlying potential for growth in the region giventhe rising middle class population, as well as investment in housingand infrastructure, says GlobalData, a leading data and analyticscompany.The slump in the output is reflected in the unprecedentedsharp contraction in the second quarter in countries such asSingapore (59.3%), India (50.3%), Malaysia (44.5%) and thePhilippines (33.5%).However, industrial construction could benefit indirectlyfrom the COVID-19 crisis in the medium to long-term period, asthe industrialized countries seek to diversify their supply chainaway from China. South and South-East Asia provide an attractivealternative with low labour costs as well as a large captive marketin the form of an expanding middle class population.Dhananjay Sharma, Construction Analyst at GlobalData,comments: “Infrastructure is expected to be a key growth driverin 2021 and beyond as governments across the region look atinvestments in infrastructure to stimulate the economy and createjobs. This would be aided by in Chinese investments in Belt andRoad Initiative (BRI) projects in the South and South-East Asiaregion, which will support infrastructure growth in Pakistan,Bangladesh as well as ASEAN members including Myanmar,Vietnam, Malaysia and Indonesia. Increasing investments inrenewable energy projects and in 5G infrastructure would alsosupport growth over the medium to long-term.”The residential market was weak in several countries in theregion even prior to the COVID-19 outbreak, but the pandemic(Source: asianews.it)and the subsequent lockdowns have worsened the situation. Thesector will continue to struggle as economic activity weakens,remittances decline and unemployment rises. Unsold inventorieswill further put pressure as developers would hold off or cancelprojects in the short-term.Nevertheless, over the medium to long-term period, the risingmiddle-class population will create demand for housing, whichwould drive growth in the residential market with support by therespective governments for affordable housing segment.The commercial sector is expected to be severely affectedby the virus outbreak. Investments in the commercial market areexpected to be cancelled or pushed back reflecting the collapse inthe travel and tourism industry.Sharma concludes: “The industrial sector is expected tosuffer in the short-term, affected by the temporary shutdownof the production units of various companies across the region.This will affect the investments as companies could cut back ontheir expansion plans. However, in the long-term, the industrialconstruction segment is likely to benefit from the US-China tradewar as well as the move to diversify supply chain from Chinafollowing the disruption in early 2020.”12 Nov-Dec 2020 | www.b-i.biz
Nov-Dec 2020 | www.b-i.biz 13
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ENQUIRIES:ETX Industries Sdn Bhd (1
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