India emerges strongest in Asia
A snapshot of consumer spending and sentiment shows that Asians fall into two camps one suffering the impact of high interest rates and oil prices and another bolstered by rising incomes and robust jobs markets.
South Korea, Thailand and Malaysia are in the first category, with signs consumption growth is slowing, reinforcing a view that interest rates have peaked or are close to doing so. In contrast, consumers in China, India, Singapore and Hong Kong are expected to remain confident for the rest of 2006.
It is a pretty mixed picture and the strongest in the region are India and China in terms of the consumer spending outlook, followed by Singapore where we look for a second-half pick-up in retail sales, said Sailesh Jha, senior regional economist at Credit Suisse. Countries where we expect weakness are Thailand and Korea followed by Malaysia.
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