1、1.The year 2022 has been a tumultuous one in Asian(and global)financial markets.Asurge in inflation drove an abrupt repricing of global rates with the US 2y Treasuryyield up roughly 400bp over the past year(Exhibit 1).Most of the Asia-Pacific regionreopened from Covid,but China doubled down on conta

2、ining the virussuppressingeconomic activity.Russias invasion of Ukraine pushed global commodity priceshigher.Xi Jinping consolidated power at Chinas 20th Party Congress,and US-Chinatensions escalated.Most of these events proved challenging for regional assetprices,with bonds,equities,and regional cu

3、rrencies all taking a beating(Exhibit 2).Despite the headwinds,and a material slowdown in global growth,much of theregion(ex-China/HK)still posted above-trend growth,with particularly strong activityin India and Southeast Asia.Andrew Tilton+852-2978-1802|Goldman Sachs(Asia)L.L.C.Asia Views:2023 Outl

4、ook:Inflation Peaks and Growth Troughs17 November 2022|7:03AM HKTInvestors should consider this report as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to following is a redacted version of the orig

5、inal report published on 17 November 2022 12 pgs.2.Looking ahead to 2023,economic growth is likely to start the year on the weak sideacross most of the Asia-Pacific as a fading reopening boost,slowing globalmanufacturing cycle,and past monetary tightening weigh on activity.As theseheadwinds fade and

6、 Chinas reopening gets underway,we expect growth toreaccelerate.While most of our GDP forecasts are a little below consensus for 2023 asa whole,we are more positive on second-half growth,particularly in China(Exhibit 3).Incontrast,inflation is likely to come off the boil as commodity price gains slo