Asia seems to have largely brushed off the impact of the energy price shock, and most economies look set to record solid growth this year, helped by very strong demand for AI-related products, which is boosting exports. Many central banks have raised interest rates in response to the jump in energy prices, but with global prices dropping back, the urgency to hike rates further has eased. While we expect hikes in a few more places, notably Korea and India, a number of countries, including Thailand, Malaysia and Taiwan, look set to leave rates unchanged for the rest of the year.
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