Asia-Pacific rebound softens for some countries: S&P
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Although Asia-Pacific continues to record strong real GDP growth relative to other regions, activity indicators early this year suggest that the rebound that began in the second half of last year has lost some traction, according Standard & Poor's Ratings
In a report published yesterday, the rating agency said that as a result of the softer-than-anticipated traction, it has lowered slightly its base case forecasts of 2013 real economic growth for some countries.
This sees China revised to 7.9 per cent, Hong Kong to 3 per cent, India to 6 per cent, Japan to 0.6 per cent, South Korea to 2.8 per cent, Singapore to 1.9 per cent, Thailand to 4.2 per cent and Vietnam to 5.3 per cent.
An upward revision has been made to Malaysia, which is now 5.5 per cent and to the Philippines
to 6.5 per cent and to Taiwan to 3.8 per cent, reflecting the ongoing strength of those economies.
“Our revised base case outlook for Asia-Pacific is that growth in most of the region will hold steady or pick up slightly into 2014.”
The Bank of Thailand forecasts economic growth this year at 5.1 per cent.
S&P expects that notwithstanding Asia-Pacific’s economic performance relative to other regions, the fortunes of the region’s economies, developed and emerging, are still vulnerable to any deepening of the economic or political crisis in the eurozone, a slowdown in US growth and ongoing fiscal management, and any slowdown in China’s economy.
