Prolonged uncertainty following the COVID-19 pandemic, regulatory pressure, rising inflation, labour shortages, increased materials and energy prices and supply chain strains combined to affect the growth of the construction market in the Asia Pacific region in 2022.
However, changes in government policies and spending on infrastructure projects are expected to play a pivotal role in the revival of the industry in the region from 2023 and beyond.
Globally, the construction sector is expected to grow by US$4.5tn to US$15tn between 2020 and 2030, with a significant proportion of this growth coming from Asia.
Amid this renewed optimism there are a myriad of challenges which will require risk managers to get to grips with an array of emerging as well as existing risks.
