Asia-Pacific will be more resilient to the economic slowdown than the rest of the world

It is clear that we are at the start of a global economic slowdown, due in particular to the cyclical downturn in investment, home buying and car buying. We believe that Asia-Pacific will be more resilient to this cyclical slowdown than the rest of the world, due in particular to: High productivity gains; A move up the value chain by economies; The fact that there is no overall external deficit due to a high savings rate; The large amount of trade between Asian countries.