Emerging Asia is continuing to struggle. While rising demand from the developed world is helping some economies, most notably Korea, it looks like the region as a whole ended the year on a lacklustre note. China’s slowdown is partly to blame, with commodity exporters feeling the brunt. However, cautiousness on the part of consumers also seems to be holding the region back. In a number of economies, their reluctance to spend reflects high household debt levels, which makes a strong turnaround unlikely.
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