Asia Market Outlook 2023: Regional Resilience Amid Strained Global Markets

Despite global economic headwinds, including a likely recession in developed markets, we believe economic growth in many Asian markets will remain resilient in 2023 as the recovery from COVID-19 continues. We think China’s faster-than-expected reopening – which began with the end of its zero-COVID strategy in early December – may also boost both the global and regional economies, in particular for tourism-reliant Thailand and China-growth-sensitive Malaysia. Our baseline 2023 annual GDP growth forecast for China is above 5%, which we expect to be led by pent-up consumer demand, up from 3% in...