Asia Outlook 2023: Darkest before the dawn

We won't see much growth in the region this year, but there are bright spots ahead: inflation is coming down in many economies, and rate policy, currency and other market strains should ease

In this bundle

Asia Outlook 2023: Darkest before the dawn

2023 is not going to be a great year for growth – the region's main external trade partners are all already in, or going into recession, and the…

China

China: Timing of recovery is a big question mark

China has drastically eased its Covid-19 measures. Both domestic mobility and international traffic should increase in 2023. But the question is in which…

Taiwan

Taiwan’s economy under pressure as trade woes continue

Weak global semiconductor demand, limited benefits from China's re-opening, and further rate hikes mean it'll be a tough year ahead for Taiwan

Japan

Japan: A modest recovery will continue to be supported by accommodative macro policies

We expect Japan's GDP growth to slow in 2023 but to remain above its potential rate, supported by an accommodative macro policy environment. The…

South Korea

South Korea: Recovery from recession will only come later in the year

Despite an anaemic start to 2023, we expect conditions to improve in the second half of the year as global demand begins to pick up and the deleveraging…

Indonesia

Indonesia to miss boost from commodity boom as Jokowi’s term winds down

Indonesia benefited from the commodity boom in 2022 but may not be able to bank on this next year

Philippines

Philippines: ‘Revenge’ spending to fade as new central bank governor takes over

Philippine growth received a nice boost from 'revenge' spending but we don't think that will continue in 2023

Singapore

Singapore to feel impact from slowing trade

The projected global downturn will impact Singapore. Will the return of tourists cushion the blow?

India

India will do better than most of its Asian peers in 2023

Proactive policy in 2022 leaves India in a good position to benefit from easier conditions in 2023. India's lesser reliance on trade with China also…

Australia

Australia: GDP growth to remain below 2% this year

While parts of the Australian economy, in particular the labour market, remain robust, there are already clear signs that the economy is slowing, and it…

Report

Asia Outlook 2023: Darkest before the dawn

2023 is not going to be a great year for growth – the region's main external trade partners are all already in, or going into recession, and the…