Thailand: Losing momentum>
Q1 real GDP growth decelerated to +2.8% y/y (+3.6% in Q4) as sluggish external demand hit exports (-4.9% y/y).
Emerging Markets: Under pressure
The economic cycle of Emerging Markets (EM) is currently deteriorating fast, indicated by our aggregate EM manufacturing PMI falling to 49.6 points in May, back below 50 (recession area) for the first time since August 2016.
Indonesia: Growth set to remain robust despite external headwinds
Q1 real GDP growth edged down to +5.1% y/y from +5.2% in Q4 2018.
India: Landslide victory for PM Modi
PM Narendra Modi was overwhelmingly re-elected for a second term.
Japan: Q1 GDP – an illusion
Preliminary estimates show that Q1 real GDP rose by +0.5% q/q after +0.4% q/q in Q4 2018.