4 March 2025 Emerging Asia Monitor Don't put too much faith into the sudden jump in ASEAN's PMI, yet

• ASEAN’s manufacturing PMI leapt suddenly in February to a seven-month high of 51.5…
• …But it seems to have been flattered by residual seasonality, and pockets of weakness still persist.
• The descent into outright deflation in Indonesia should be short-lived, as the power relief expires.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

EM Asia Datanote: Core Industries, India, January

• In one line: Offsetting base effects all over the place; momentum is solid, otherwise.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

EM Asia Datanote: GDP, India, Q4

• In one line: A trade- and consumption-driven bounce; the economy is still operating below potential.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

EM Asia Datanote: Retail Sales, Thailand, December

• In one line: Finally, back down to earth.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

PANTHEON EM ASIA DATA WRAP 28 February 2025

A surprisingly fast start to 2025 for Philippine trade

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

3 March 2025 Emerging Asia Monitor India's Q4 GDP bounce confirmed, on consumption and exports

• India’s Q4 GDP print was exactly in line wit expectations, at 6.2%, rebounding from 5.6%…
• …Consumption, mainly rural, continues to find its feet, while exports—especially services—are flying.
• The Philippines’ structural RRR cuts are likely over, but they are no substitute for lower TRR rates.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia