The global macroeconomic landscape con­tinues its shift away from highly-accommodative monetary policy, deflation and the low-growth environment seen over the past five years, and toward fiscal stimulus, reflation and a higher-growth environment. Against this backdrop, Asia Pacific’s economy is gaining momentum, benefiting from stronger global growth as well as more-aggressive fiscal stimulus packages. In addition, structural trends, such as demographic and technological shifts, continue to influence growth patterns and investment strategies in the region. Morgan Stanley Real Estate Investing believes these factors continue to create a very favourable environment for real estate investing across the Asia Pacific region.

Macroeconomic environment

According to its June 2017 macroeconomic update, Morgan Stanley Research expects global GDP growth to accelerate to 3.6 percent in 2017 and 3.8 percent in 2018, from 3.0 percent in 2016, led by private secto