Asia market outlook: resilience amid strained global markets

Despite a likely recession in developed markets, we believe economic growth in many Asian markets will remain resilient in 2023. We think China’s faster-than-expected reopening may 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.