Asia-Pacific Growth Monitor_ Steady growth continues in March(1)

7April202410:55AMHKTAsia-PacificGrowthMonitor:SteadygrowthcontinuesinMarchnThispublicationsummarizesregionalandcountry-specificgrowthdataacrossAndrewTiltontheAsia-Pacificeconomieswecover.Inmostcases,thelatestdatapointsareforMarch2024.+852-2978-1802andrew.tilton@gs.comGoldmanSachs(Asia)L.L.C.nOurCurrentActivityIndicators(CAIs)showmoderategrowthcontinuedinmosteconomies,basedonthedataavailablesofar—butwithhintsofimprovementAndrewBoak,CFAinsomekeyAsiaEMs.IndiaremainsastandoutwithaCAIof8.1%.+61(2)9321-8576nFinancialconditionsweremixedacrossregionalEMs.InJapan,financialandrew.boak@gs.comconditionsremainexceptionallyloosedespitetheBOJ’sexitfromGoldmanSachsAustraliaPtyLtdunconventionalpolicies.OtherdevelopedeconomiesinAsia-PacificregionalDMsaregenerallyexperiencingfinancialconditionsat/nearthetightestlevelsinGoohoonKwon,CFAyears.+852-2978-0048nFactorysectorindicatorsimprovedinthelargereconomiesinMarch.Thegoohoon.kwon@gs.comweighted-averagemanufacturingPMIwasbackabove50.Theorders-inventoriesGoldmanSachs(Asia)L.L.C.gap,weightedbyeconomicsize,improvedtoitsbestlevelinnearlythreeyears.HuiShannService-sectorPMIs—availableonlyforthethreelargestAsianeconomies—allimprovedinMarch(weusetheaverageoftheofficialandCaixinPMIsforChina).+852-2978-6634hui.shan@gs.comThe“newexportorders”sub-indexinIndia’sservicesPMIreachedthehig...