The US Federal Reserve and the European Central Bank raised rates by 475 bps and 350 bps, respectively, to tame inflation – their most aggressive pace in recent times – but the rate-hike cycle in Asia was more tenuous, they note. .
Additionally, China’s reopening benefits the rest of the region, while Asia’s other three large economies – Japan, India and Indonesia – all have economy-specific factors driving domestic demand, MS said.
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