Tourism, real estate among 5 industries that grew the most in 2023

The department also forecast that in 2024, the following businesses would see growth:

▪︎ Tourism-related businesses, including MICE (meetings, incentives, conferences and exhibitions) hotels, resorts, apartments, guesthouses, tour guides, travel agencies, restaurants, and foreign currency exchange

▪︎ Health-related businesses, such as personal care products and services, aesthetics clinics, hospitals, specialised clinics, pharmaceutical retail, and senior care

▪︎ Lifestyle businesses, including pet care, pet food and equipment, recycling, and environmental consulting

▪︎ Digital businesses, including online retail, digital payment, website development, software development and consulting

Oramon said the department had collected data from various aspects and agencies, including the number of new business registrations, employment rate, and investment value. External factors such as popularity, government policies and economic indices were also used to weigh the estimates.

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