Major indices have retreated, failing to sustain a comeback. American tech stocks, typically the high-growth darlings of Wall Street, have been humbled by the rout, with the Nasdaq plummeting by about a third.
Inflation is biting everywhere, and while Russia's invasion of Ukraine rocked Europe, China's economy has struggled with ongoing Covid lockdowns. Meanwhile, much of the developing world reeled under food and energy shortages caused by geopolitical conflict and climate disasters.
Southeast Asia, in particular, holds the potential for renewed growth.
The region's economy is on the rise, thanks partly to its strategic position at the intersection of two major trade pacts: RCEP and CPTPP.
The World Economic Forum estimates 140 million new consumers will arrive there by 2030. Hence, many companies are looking to tap into this market.
The Asian Development Bank estimates the region will achieve a 5% GDP growth next year, above its average estimate for broader Developing Asia.