Guest Opinion: ASEAN's Better-Than-Anticipated Growth Will Likely Moderate In 2011 As Stimulus Measures Are Wound Back Sep 10

Standard & Poors, September 2010

Abstract
The global economy bounced back to record an impressive 5% GDP growth in the first quarter of 2010 and much of the unanticipated surge came from robust growth in Asia, despite renewed uncertainty around Europe's sovereign debt problems. In fact, many Association of South East Asian Nations (ASEAN) economies and Newly Industrialized Economies (NIEs) had already seen growth indicators turn around in second-half 2009. Specifically, the ASEAN-5 (Indonesia, Malaysia, Philippines, Thailand, and Vietnam: of the 10 ASEAN countries this report considers only these five) rebounded in third-quarter 2009 led by aggressive monetary and fiscal policy measures, the inventory cycle bottoming out, and capital flowing back into the region. Resilient demand from China also lifted growth as did a modest turnaround...

Companies mentioned in this report are: Malaysia,Thailand (Kingdom of),China (People's Republic of ),Indonesia (Republic of),Philippines (Republic of the),Vietnam (Socialist Republic of)

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Malaysia,Thailand (Kingdom of),China (People's Republic of ),Indonesia (Republic of),Philippines (Republic of the),Vietnam (Socialist Republic of)

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