Economic Snapshot for East & South Asia
July 20, 2022
GDP growth to lose steam in 2022
Regional growth will almost halve this year. In China (including Hong Kong), Covid-19 restrictions and the property market downturn will weigh on momentum, spilling over to affecting neighbors in the form of supply disruptions and weaker exports. Beyond China, Covid-19 flare-ups and rising interest rates and inflation could also dampen demand. A prolonged Chinese slowdown is a key risk.
Inflation to average higher compared to 2021
Regional inflation rose from 2.4x% in May to 2.8y% in June on higher inflation price pressures in China, Korea and Taiwan. Inflation will average higher in 2022 than in 2021, on currency weakening, elevated commodity prices and supply disruptions. China’s Covid-19 restrictions, extra government measures to reduce inflation, and the evolution of currencies will be key factors to watch.
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5 years of East & South Asia economic forecasts for more than 30 economic indicators.
East & South Asia Economic News
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Australia: Consumer sentiment weakens in August
August 9, 2022
The Westpac-Melbourne Institute consumer sentiment index decreased to 81.2 in August from 83.8 in July, marking the lowest reading since August 2020.
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Australia: Business confidence strengthens in July
August 9, 2022
The business confidence index produced by National Australia Bank (NAB) rose to 7.0 points in July from 1..4 points in June.
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India: Reserve Bank of India hikes rates again in August
August 5, 2022
On 5 August, the Reserve Bank of India (RBI) decided to increase the repo rate—its main policy instrument—by 50 basis points to 5.40%.
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Australia: RBA hikes rate further in August; hints at further hikes ahead
August 3, 2022
At its monetary policy meeting on 2 August, the Reserve Bank of Australia (RBA) hiked the official cash rate (OCR) from 1.35% to 1.85%, as had been widely expected by markets.
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India: Composite PMI deteriorates in July but continues to point to expansion
August 3, 2022
The S&P Global Composite Purchasing Managers' Index (PMI) came in at 56.6 in July, down from June's 58.2.
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