Humanising Financial Services

Asian Banks to Bite the Bullet

Asian central banks have largely maintained a dovish fiscal position versus the hawks in US and Europe. Firstly, on Malaysia's 2022 Budget which is widely expected to be expansionary. Its debt ceiling will be raised to 65%. By the same vein, Thailand will raise it debt ceiling to 70% of GDP but that has had a knock-on effect on Thai Baht.

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Indonesia - Point of No Return

Going forward, we believe ESG-friendly policies are no longer optional for the government. This has become more important for the government, especially given Indonesia's need for major investments to boost economic growth, which was stagnant at c.5% in 2015-19

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ASEAN Increasingly Complementary with China

In 2020, for the first time since China's reforms, ASEAN became its largest trading partner, while the EU is second, followed by the US.

With rising wages, the US-China trade and tech war, as well as China's rapid industrial upgrading, ASEAN has become increasingly complementary with China.

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