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Softer growth across Asia in the second half of the year
The first-quarter GDP data for Asia indicated signs of a slowdown in economic growth. A positive takeaway, however, is that domestic demand remained resilient across most economies in the region, supported by government spending, particularly in India, Malaysia, Singapore and the Philippines. Indonesia, however, stood out as an exception. Here, the political transition appears to have delayed fiscal disbursements, though we expect this to pick up later in the year....