So far, the Philippines appears to be successfully straddling the geopolitical divide as it tries to improve its political and military ties with the US, while also building on its strong economic relationship with China. But if US-China tensions grow further, that stance may prove harder to maintain.
Meanwhile, the IMF has cut its GDP growth forecasts for many countries in Asia, but in most cases they are still above our own. Many Asian economies are in our view set for their slowest year of growth since the Global Financial Crisis, excluding the pandemic, as weak exports and higher interest rates hurt output.
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