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India, China slowing down; ASEAN doing well: ABCIs
By TII News Service
Mar 12, 2013 , Paris |
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Overall growth
momentum in ASEAN continues to show resilience despite ongoing global uncertainty,
while that of China and India are slowing, according to the latest Asian
Business Cycle Indicators (ABCIs).
Domestic demand, backed by private consumption and infrastructure spending,
continues to drive overall ASEAN growth even as they face lower external demand
for their exports. For instance, in Thailand, rising consumer and business
confidence is driving household consumption and investment. The Philippines,
where optimism has been soaring, is growing at an enviable pace supported by
public infrastructure spending and election spending. In Malaysia, resilient
consumer confidence and increased government expenditure ahead of the country’s
general elections in mid-2013 have been supporting economic activity. The Indonesian
economy, backed by robust private consumption and the construction of new factories
and infrastructure, also shows resilience. Growth momentum in export-dependent
Singapore, on the other hand, is weak on account of weaknesses in its externally-oriented
sectors such as electronics, chemicals and precision engineering.
In China and India, growth momentum is also weak. The performance of China’s
manufacturing and services sectors have not been encouraging; while in India,
the central bank had cut interest rates by 25 basis points in January, its
first reduction since April 2012, to support economic growth.
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