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Policy & trendsMarch 6


ASIAN CENTRAL BANKS URGED TO CUT INTEREST RATES

After a period of growth, consumer spending in Asia is set to temper in 2024
unless central banks intervene, says S&P
by Kimberley Long
Share the article

Image: Rony Zakaria/Bloomberg

Consumer spending rates across Asia are forecast to decline in 2024 because
of low wage growth and a lack of action to reduce inflation, according to a
report from S&P Global urging monetary authorities across the region to cut
interest rates.

The report, which focuses on Asean countries, outlines how the emerging
economies of Indonesia, Thailand and the Philippines are all seeing consumer
confidence moderating this year, following boom years after Covid restrictions
were lifted.


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Kimberley Long
Kimberley Long is the Asia editor at The Banker. She joined from Euromoney,
where she spent four years as transaction services editor. She has a BA in
English Language and Literature from the University of Liverpool, and an MA in
Print Journalism from the University of Sheffield. Between degrees she spent a
year teaching English in Japan as part of the JET Programme.
Read more articles from this author


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