The sharp drop in Korean unemployment last month suggests that the economy is bouncing back following a fall in COVID-19 infections and the easing of containment measures. Following GDP growth of 1.2% q/q in Q4, we think the economy will expand by 1.7% this quarter.
The Philippines central bank (BSP) is stuck between a rock and a hard place as it prepares for its scheduled meeting on Thursday. Despite the weakness of the economy, high inflation means the central bank has little room to loosen policy.
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