Malaysia: Strong public
infrastructure spending in Malaysia and Hong Kong will ensure more broad-based
economic growth than other trade-dependent economies,
"In the event that solid external
demand persists and ongoing government infrastructure spending supports a
further wave of investment by private businesses, that could mean that growth
there slows less in 2018 than we currently expect,"
Global demand has picked up since
late last year and that has buoyed Asia Pacific's trade-reliant economies, but
that faster export growth has yet to feed into a more sustainable acceleration
in output growth.
Support to sovereign credit profiles
will be strongest where the export upturn combines with structural reforms and
investment in infrastructure, it said.
"The world's biggest economies are
recovering at the same time, giving a boost to trade. Among them, China and
Japan have been contributing to the global pickup, supporting regional demand.”
Some of those Asian economies that do
not benefit from the pickup in global demand, such as Thailand might end up
depending on additional fiscal stimulus to support their economies.
It noted that trends in gross fixed
capital formation have differed markedly among the region's trade-dependent
economies.
"Some businesses have started to
invest in new or replacement equipment and facilities, while others are still
using existing idle capacity to meet increased demand.”
On the back of signs that global
growth is likely to remain robust through 2018, Moody's has raised its GDP
forecasts for a number of Asia Pacific economies.
"If solid external demand and robust
domestic conditions combined to sustain business investment, that would further
boost the medium-term growth outlook for the economies in question,".
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