Last week was a
case in point. Economic data from the world’s two largest economies – US fourth
quarter GDP and China’s February purchasing managers’ index (PMI) -- were disappointing,
indicating that the global economic recovery may be hitting a speed bump.
US fourth
quarter gross domestic product (GDP) growth was revised downwards to 2.5% from
3.2% (refer to Chart 1) while China’s February PMI, a measure of manufacturing
activity, dropped to a 5-month low of 50.2 (refer to Chart 2).
![](data:image/png;base64,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)
While the data is bad for the two countries and the global economy, it actually is good news in the short term for the stock markets of emerging economies, Malaysia included. It means the tapering of quantitative easing (QE) could be delayed or slowed. That will in turn delay the rise in US interest rates and the outflow of foreign portfolio funds from this region.
This will be
positive for the local stockmarket and ringgit in the short-term, although it
is unlikely to be sustained in the long term.
Over the longer term, a slower than expected recovery in the US will
only delay, but not remove – the likelihood of QE tapering. However, if the US
recovery stalls and China slows, there will be further negative repercussions
on Malaysia’s economic prospects.
The above forms part of The Edge weekly update on The State of the Nation. Read the full article in the upcoming Edge.
The above forms part of The Edge weekly update on The State of the Nation. Read the full article in the upcoming Edge.
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