Economic Outlook

• revision

Economic Outlook Asia Fourth Quarter 2011 Economic Analysis • Growth in Asia has continued to moderate due to weakening external demand. Strong domestic demand has been a partial offset, but with exports slowing, the growth rebound previously expected in the second half of the year has not materialized. • The growth outlook is still robust, although downside risks have increased due to the uncertain global environment. We have revised down our 2011-12 Asian growth projections, but only modestly on expectations of strong domestic demand and a gradual rebound in exports during the course of 2012.

• firm grip on monetary policy
• further pressure
• global outlook
• indicators point to a soft landing
• prospects of further housing market adjustments
• strong credit growth
• economic outlook
• growth