Our forecasts for GDP growth across emerging Asia in 2021 are much higher than consensus expectations across the board. Even so, in many places, output will still be below the pre-crisis level until the end of the year and it will remain well below its pre-crisis trend in nearly all. In this environment, with inflation subdued, we expect interest rates in many places to be cut further and to remain low for the foreseeable future. The exception is China, which is likely to start hiking interest rates next year.
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