Nomura forecasts a year of rebalancing for Asia

Nomura is bullish on Asia and expects that regional domestic demand will overtake exports to become the main driver of growth in 2010.

Japanese bank Nomura expects 2010 to be a tale of two recoveries with developed economies in Europe and the US experiencing a staggered recovery after the financial crisis, while emerging markets like China and India will enjoy a strong come-back. 
Despite the expectation of rate hikes across Asia, the bank's chief economist for Asia, Robert Subbaraman expects monetary policy in Asia to remain relatively loose this year when measured in inflation-adjusted terms. This, combined with strong economic fundamentals in some countries in the region, will drive domestic recovery and support investment, Subbaraman said at a recent press briefing in Hong Kong. Second, private consumption growth is accelerating in Asia as a...

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