Southeast Asian economies displayed resilience in 2022 relative to their North Asian peers, says Credit Suisse. While Southeast Asia’s economic growth will probably wane in 2023, the region is still likely to do better than the rest of the world which is edging towards a recession, adds the bank.
Asia saw a North-South divergence in economic and market performance in 2022, notes Citi Global Wealth. In the south, Thailand enjoyed a strong revival of tourism that is likely to accelerate. India saw a notable investment boom and capital inflows. Indonesia and Malaysia rode the commodities boom.
Meanwhile, North Asia, in particular Hong Kong and mainland China, was slower in reopening, says Citi. Geopolitical escalation weighed on Taiwan while South Korea was also hit by the tech bear market, particularly in semiconductors.
