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ANZ analysts suggest that amid weakening investment and export activity, private and public consumption have been supporting growth in Asian economies but on the flip side private consumption growth has moderated.

Key Quotes

“This is reinforced by the slowdown in high frequency indicators in six Asian economies (India, Indonesia, the Philippines, South Korea, Malaysia, and Thailand) where private consumption has been a major driver of growth.”

“The underlying fundamentals remain resilient in Indonesia, the Philippines, and Malaysia but the uncertain macroeconomic environment will likely limit the upside.”

“In South Korea, India and Thailand, private consumption should remain lacklustre with further downside risks.”