25 July 2025 Emerging Asia Monitor India's PMIs continue to recover, but downside risk to 2026 building

India’s PMIs continued to regain momentum in July on a three-month rolling basis, despite services dip.
They point to waning downside risk to GDP growth this year, but the clouds over 2026 are darkening.
Thailand’s near-full Q2 trade data point to a smaller but still-big net GDP boost, at +4.4pp from +7.0pp.

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