ASIA’S NEW GROWTH PATH

ASIA'S RE-BALANCING ACT

Asia is rapidly becoming less reliant on the G3 economies, but needs to implement key macro measures to prevent setbacks, says Nomura's Robert Subbaraman.

Rupert Walker

Finance Asia, December 21, 2010

“The debate over Asia 'decoupling’ is too black and white for our liking,” said Robert Subbaraman, Nomura’s chief economist for Asia ex-Japan.

Global financial markets are too integrated for Asia to fully decouple from the major industrialised countries. But, on the other hand, Nomura believes that Asia’s economies are in the process of rebalancing towards domestic demand, China, and emerging markets in general.

“This process is happening faster than most people realise,” said Subbaraman during a media call on December 15. He added that Asia is becoming less reliant on the G3 economies of the US, Europe and Japan, and “is well on the way to being able to achieve its full growth potential, even with only 1%-2% growth in the G3”.

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