For Asia, at Least, This Is Not the Depression

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In The Media

For Asia, at Least, This Is Not the Depression

Mobility restrictions, especially in economies dependent on domestic demand such as India, Indonesia, and the Philippines, have suppressed already shy spenders.

By Trinh Nguyen

Published on Jun 4, 2020

Source: Financial Times

Economic data is frightful right now — from retail sales to exports, growth engines are sputtering sharply. After a supply shock from China’s factory closures in February, Asia is confronting both domestic and external demand shocks in the second quarter. Mobility restrictions, especially in economies dependent on domestic demand such as India, Indonesia and the Philippines, have suppressed already shy spenders. Even in countries with “normalised” mobility, self-restraint has left shopkeepers wanting. Missing tourists, falling export sales, weakening remittances and cautious foreign investors have put income pressure on current account deficit economies, and even excess-saving ones such as China, Singapore and Thailand.

Read the Full Text

This article was originally published by Financial Times.

About the Author

Trinh Nguyen

Former Nonresident Scholar, Asia Program

Trinh Nguyen was a nonresident scholar in the Asia Program at the Carnegie Endowment for International Peace.

Recent Work

Research
BRICS Expansion and the Future of World Order: Perspectives from Member States, Partners, and Aspirants
- +16
  Stewart Patrick, Erica Hogan, Oliver Stuenkel, …
Commentary
Indonesia’s Controversial Fuel Price Hike Was Actually Necessary
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Economy Foreign Policy South Asia East Asia

Carnegie India does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

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