Asia Outlook

In Malaysia, consensus growth expectations for 2017 have jumped this month following the release of upbeat Q1 national accounts data, which showed real GDP growth of 5.6% (y-o-y), up from 4.5% in the prior quarter. Robust economic activity was also evident in other parts of Asia, such as Hong Kong, while Singapore and Thailand posted solid performances. However, a loss in growth momentum in India and the Philippines points to an uneven performance across the region. Although the outlook for the global economy has strengthened this year, which bodes well for Asia’s export-oriented economies, the region still faces downside growth risks, namely from US protectionist trade policies and a tightening in global financial conditions.

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