SEOUL - At -0.3% q/q sa (+1.8% y/y), South Korea's preliminary Q1 GDP performance for 2019 was the weakest since the global financial crisis. The weakness was broad-based, with the decline in exports deepening and feeding into final domestic demand (particularly investment), according to an ANZ Bank research note.
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HONG KONG - Whlle China's Q1 GDP allows for cautious optimism for the Chinese economy, it does not signal a full-fledged recovery given slower growth in private investment. But one certainty is that, as the Chinese economy starts to stabilise, the incentive for the People's Bank of China to conduct further stimulus may not be as strong as before, says Natixis in a research note.
JAKARTA - In a research note on the outcome of Indonesia's general election the French banking group, Natixis, said it believes the re-election of Jokowi would allow him to finish what he started - increasing infrastructure supply - with 245 on-going and planned national projects to build roads, railways, seaports and refineries which amount to 31% of GDP or US$304 billion. "And if he is able to do so, Indonesia will go beyond the 5% growth range," the note says.
SINGAPORE - There are further signs that the current growth slowdown in Asia may be close to a trough, ANZ Bank says in a research note. "China's Q1 GDP growth has beat expectations but more importantly, the activity indicators for March showed improving momentum," it says.