Most countries in Emerging Asia should stage a gradual recovery over the coming year helped by continued policy support. Several have announced expansionary budgets or fiscal stimulus packages, while most central banks are likely to cut interest rates further. A gradual recovery in global demand should also provide a modest boost to exports. The key exception is China. With the boom in property construction coming to an end, we think GDP growth in China will slow in 2020 even if the trade deal with the US holds.
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