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Below is a list of our Emerging Asia Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep

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global oil prices

18 Oct 2022 Emerging Asia Monitor Indonesia's Commodities Boost is Fading, but Q3 Trade was Solid

  • Export growth in Indonesia slowed sharply to 20% year-over-year in September, a 19-month low...
  • ...This slump still has plenty of room to run—well into 2023—as the lift from commodity prices unwinds.
  • We reckon the GDP boost from trade continued in Q3; our 7% above-consensus forecast stands.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

27 Sept 2022 Emerging Asia Monitor Fundamentally, the Worst of the Pressure on the Baht Likely is Over

  • Thailand’s customs trade deficit continued to widen sharply in August, due to the slump in exports...
  • ...But shipments should soon stabilise, and the U-turn in surging imports has only just started.
  • The SBV’s unexpected rate hike on Friday was more about exchange rate management than inflation.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

26 Sept 2022 Emerging Asia Monitor Don't Get Excited--At All--if Vietnam's Q3 Beats Expectations

  • We expect a consensus-beating 18.0% Q3 GDP for Vietnam this week; thank base effects, nothing else.
  • The economy is in a broad-based soft patch, and the likely trade lift is due only to collapsing imports.
  • The recent relaxation of credit quotas is too late for 2022; the real battle is with the slump in M2 growth 

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

23 Sept 2022 Emerging Asia Monitor Bank Indonesia's Surprise 50bp Salvo is a One-Off, by Definition

  • Bank Indonesia surprised markets yesterday, hiking its benchmark rate by 50bp, to 4.25%...
  • ...But we see no appetite for this to be the norm; BI easily would ditch the focus on core, if convenient.
  • The BSP’s ongoing worries over inflation make no sense, given the global trends in oil and food prices.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

19 Sept 2022 Emerging Asia Monitor Dear BSP Watchers, No One Ever Really Sees a Turn Until it Happens

  • We’re sticking to our call for an imminent BSP pause, despite expectations for another 50bp hike...
  • ...The peso and FX reserve issue is a distraction; fundamentally, headline inflation is now rolling over.
  • A second straight run-of-the-mill 25bp hike by BI this week is likely; we see no need for bigger steps.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

16 Sept 2022 Emerging Asia Monitor The Coming Price Hit, and Volumes Cushion, in Indonesian Trade

  • Indonesia’s trade surplus beat expectations last month, as predicted, but it will start falling soon...
  • ...Commodity prices will be net-negative shortly, offset only partially by EU and Chinese demand.
  • Expectations for a current account deficit this year still seem off; that’s a mid-2023 story, at the earliest.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

15 Sept 2022 Emerging Asia Monitor Outright WPI Deflation in India is Now in the Picture for Q2

  • WPI inflation in India continued to slow sharply in August, with outright deflation now on the horizon....
  • ...This should build the case for smaller rate hikes, especially with more cracks showing in RBI unity.
  • The trade deficit likely has peaked, thanks to falling oil prices, but don’t expect any help from exports.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

14 Sept 2022 Emerging Asia Monitor The August Inflation Rebound is No Cereal Killer for Smaller RBI Hikes

  • CPI inflation in India surprised slightly to the upside in August, refuelling calls for a 50bp rate hike...
  • ...But we’re sticking to our 25bp call; the jump in food inflation likely is a one-off, and core is steady.
  • The July crash in industrial growth was more than a base effect story, as output clearly is stagnating.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

12 Sept 2022 Emerging Asia Monitor A Steady, if Uninspiring, Catch-Up in Indonesian Retail Sales Persists

  • Retail Sales momentum in Indonesia has ebbed recently, following this year's big Ramadam binge...
  • …An instant hit from the fuel price hike is no surety; 
    we’ll take our cues from the impact on confidence.
  • The misery in Philippine exports is set to continue, 
    even if demand from China recovers shortly

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

9 Sept 2022 Emerging Asia Monitor Don't Count on Filipinos Spending More as Soon as Inflation Cools

  • Short-term trends in the Philippines’ volume of net sales index continued to deteriorate in July...
  • ...The inflation squeeze on households will peak this quarter, but so too should the lift from remittances.
  • Unemployment is nearing the pre-Covid level, but participation rates are also extremely elevated.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

7 Sept 2022 Emerging Asia Monitor Here Comes the Turn in Philippine Inflation... All Eyes on the BSP

  • Inflation in the Philippines slowed unexpectedly in August, with non-core headaches finally easing.
  • We continue to expect a BSP pause this month, but the peso’s demise—in its eyes—is a risk factor.
  • India’s PMI numbers for August offer much-needed reassurance on both the growth and inflation.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

5 Sept 2022 Emerging Asia Monitor Thai Consumers aren't Immune to Inflation, but a Cushion is Forming

  • Base effects are flattering Thai consumption, but the inflation bite is coming, lasting well into 2023.
  • Food prices, the largest driver of the rise in inflation in Indonesia, appear finally to have turned a corner.
  • India’s urban unemployment rate fell further in Q2, to a series low, despite the economy’s soft patch.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

1 Sept 2022 Emerging Asia Monitor Recession Revealed... Brace for a Q3 Collapse in GDP Growth in India

  • GDP growth in India disappointed in Q2, jumping merely to 13.5%, despite huge Delta base effects.
  • The headline should collapse in Q3, especially with the drag from oil prices persisting until early 2023.
  • The road ahead for consumption and investment will be rockier, rising inflation and credit costs aside.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

30 Aug 2022 Emerging Asia Monitor Base Effects Should Guarantee a 20%-Plus Q2 GDP Print in India

We expect India’s Q2 GDP report tomorrow to beat expectations, with growth surging to over 20%...
...The boost from Delta base effects will be strong, and consumers regained energy, post-Omicron.
The overall q/q profile will be soft, though, due to non-existent new investment and a bigger trade hit.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

22 Aug 2022 Emerging Asia Monitor Q2 was a Real Turning Point for the Revival in ASEAN Tourism

Tourism in ASEAN is skyrocketing, and we see no reason to panic over Thailand’s underperformance.

Visitors from China aren’t entirely M.I.A., but their near-absence ultimately will impose a hard ceiling.

We maintain that a pause by the BSP is imminent, despite last week’s continued tightening in policy.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

17 Aug 2022 Emerging Asia Monitor The Details of July's WPI Offer a Lot of Hope for Smaller RBI Hikes

WPI inflation in India plunged to a five-month low in July, opening the door further for smaller rate hikes.

Upstream core disinflation is gathering pace, while oil prices should ensure a slowdown in non-core.

Our +1.2% forecast for Indonesia’s current account this year is unchanged, despite the July trade data.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

16 Aug 2022 Emerging Asia Monitor Don't Count on a Repeat of Thailand's Growth Drivers in Q3

GDP growth in Thailand disappointed in Q2, inching up to 2.5% year-over-year, from 2.3% in Q1.

Private consumption and inventories were the main drivers, but these sources of support will fade.

Net trade was a drag, but the strong revival in tourism should be more evident this quarter.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

11 Aug 2022 Emerging Asia Monitor Expect a Follow-Up Hike from the Bank of Thailand in September

The Bank of Thailand joined the chorus of monetary tightening yesterday, hiking the policy rate to 0.75%.

The unwinding of Covid-era cuts—via relatively small rate hikes—looks like the MPC’s end-game.

Expect the next move in September, with inflation still lofty, which won’t be the case come November.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

9 Aug 2022 Emerging Asia Monitor RBI Surveys Suggest Diminishing Urgency for Aggressive Rate Hikes

Elevated inflation expectations in India continue to tick down, lowering the need for more big rate hikes.

Widespread plans for price rises are unlikely to be realised fully, with inventories also historically high.

Long overdue fuel-related disinflation is now surfacing in the worst-hit countries in EM ASEAN.

Miguel Chanco (Chief EM Asia Economist)Emerging Asia

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