AS WAS the case in 2015, spending in Asia will underpin the growth of many industries worldwide in 2016. Global trade is likely to expand at around 3%, slightly faster than in 2015, but far below the dizzying 8-9% rates before the financial crisis.
Health-care spending will surge in Asia. Health networks will spread in India as the country works towards building an insurance-based system. China, with 12% growth, will extend its coverage deeper into the countryside, while more rich urbanites will visit private doctors.
In the automotive industry, developed markets are trundling along—but in western Europe even 3% growth in 2016 is almost exhilarating by post-recession standards. By contrast central and eastern Europe will motor along with growth of 9%. Russia, following a few years in the pits, will recover.
Large advertising revenues, due to the summer Olympics and America’s presidential election, will boost the media industry. Worldwide advertising income will grow 5% to $1.9 trn. Digital, above all, will spur growth which in news media spells further pain for traditional print publications. Yet the overall outlook isn't so bleak, newspaper ad spending—print and digital combined—is set for a dignified decline of just 0.4%, while magazines will tick up slightly by 0.5%.
Travel spending will keep growing at around 4% in 2016, again helped by Asia. Over half a million hotel rooms are planned in the Asia-Pacific countries, the most in any region. Despite such eastern promise, how much China's slowdown will dent industries is still unclear.