Recent economic data on Asia-Pacific economies such as manufacturing purchasing managers' index (PMI), capital expenditures, international trade and industrial output are generally cold, and Australia and South Korea announced their second-quarter gross domestic product (GDP) growth this week. Also worse than expected. Analysts believe that the Asia-Pacific economies, which are affected by many factors and whose exports account for a large proportion of the economy, will slow down in the second half of this year. The leading indicators generally weakened into the second half of the year, and the growth prospects of the Asia-Pacific economies are generally not optimistic, which is mainly reflected in the leading economic indicators such as foreign trade, PMI, and industrial output. For example, in July this year, China's Hong Kong exports fell 3.5% year-on-year, which was the second consecutive month of year-on-year decline; Thailand's exports fell 4.46% year-on-year, a decrease from the previous 2.3% in January; India's exports fell sharply by 14.8% year-on-year. For the third consecutive month, export declines; Indonesia's exports fell by 7.3% year-on-year, although the decline was less than the previous 16% in January, but it has been the fourth consecutive month of export decline. In terms of commodity exporting countries in this region. In the past year to July, New Zealand had a trade deficit of 853 million New Zealand dollars (about 693 million US dollars), and the deficit scale increased by 11.50%. New Zealand has ended its trade surplus since April and has experienced a trade deficit for three consecutive months. In the second quarter of this year, Australia had a current account deficit of A$11.8 billion (US$12.1 billion), and the deficit was significantly larger than the $6 billion in the third quarter of last year. In July this year, Japan’s industrial output contracted by 1.2% from the previous month, which was a far cry from the market’s expected growth of 1.7%, and was even lower than the 0.4% increase in June. The number of Australian building permits in July fell sharply by 17.3% from the previous month, the largest month-on-month decline since November 2002. The PMI, which is considered to measure economic confidence and reflect the economic outlook, is even less optimistic. For example, Singapore's manufacturing PIM fell to 49.1 in August from 49.8 in July, which was below the dry line for the second consecutive month, indicating that the country's manufacturing activity continued to shrink; Japan's manufacturing PMI was 47.7, the third consecutive. The month is below 50; the Australian manufacturing PMI is 45.3, which is below 50 for the sixth consecutive month; the Indian manufacturing PMI fell to 52.8 from 52.9 in July, continuing below the long-term average of 55.8. Multi-national economic growth slowed in the second quarter. The Bank of Korea announced on the 6th that South Korea’s GDP in the second quarter of this year increased by 2.3% year-on-year and 0.3% quarter-on-quarter. The growth rate was lower than the market expectation of 2.4%, 0.4% and 2.8% in the first quarter of this year. And 0.9%. The data showed that the weak export in the second quarter became the main factor dragging down the overall performance of the Korean economy. The export of goods and services fell by 0.6% in the quarter, with commodity exports falling by 1.4%. The Bank of Korea said that exports of automobiles and petrochemical products fell the most. Due to poor export prospects in the second half of the year, domestic demand and corporate investment growth were weaker than previously expected, Goldman Sachs lowered its forecast for South Korea’s economic growth this year on the 6th, and the previously announced 3% fell to 2.6%, which is lower than expected. The growth rate expectations given by the South Korean government and the Bank of Korea. It can be said that South Korea is a microcosm of the recent decline in the growth rate of the Asia-Pacific economy or worse than expected. According to previously released data, Australia's GDP growth in the second quarter was only 0.6%, and the growth rate was 1.4% lower than the revised first quarter. In the second quarter, the GDP of the Philippines increased by 5.9% year-on-year, lower than the 6.3% in the first quarter. Japan’s GDP growth was only 0.3%, significantly lower than the 1.3% in the first quarter. As early as July this year, the International Monetary Fund (IMF) has cut the economic growth rate of developing and emerging economies in Asia this year and next, from 7.4% and 7.9% to 7.1% and 7.5%.
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