With the exception of Indonesia, Q3 GDP figures published across emerging Asia so far have been weak. Exports have been hit by low demand from the West, and growing fears for the global outlook are undermining confidence at home. Accordingly, policymakers’ concerns are increasingly shifting away from tackling inflation towards supporting growth. Central banks in Indonesia and Australia have cut their policy rates in recent weeks. We think it is only a matter of time before other central banks in Asia follow suit.