Asia Pacific

Economic
Outlook
October 2013

China
India
Singapore
Vietnam

China:
Signs of stabilization
By Dr. Ira Kalish

Economy stabilizing
The Chinese government says that the economy is showing signs of stabilizing and that the
desired 7.5 percent rate of growth appears to
be attainable. The recent purchasing managers
indices (PMIs) for manufacturing suggest that the
manufacturing sector is rebounding after a period
of uncertainty. A PMI for manufacturing published by HSBC and Markit increased from 47.7 in
July to 50.1 in August.1 The shift above 50.0 indicates modest growth of the sector after a period of
decline. Moreover, this was the biggest month-tomonth gain in the PMI in three years. In addition, an official PMI published by the government
increased to a 16-month high of 51.0. There was
yet another sign that the Chinese economy is
stabilizing: It was reported that, in July, industrial
company profits were up 11.0 percent from a year

earlier.2 This was far better than the 6.3 percent

increase in June. On the other hand, a sub-index
of the PMI for export orders was in negative territory, suggesting that any improvement in Chinas
economy is coming from domestic rather than
external demand.
As for the stabilization of growth, government
incentives for small businesses and infrastructure
investment appear to be working. Moreover, the
continued expansion of credit through the sale of
wealth management products by banks is fueling
investment in fixed assets, especially property. Of
course, the economy is suffering from weak export
demand, credit market difficulties, and a declining labor force. However, the factors that are likely
to sustain growth in the future include strong
consumer demand, increasing urbanization, and
catch-up growth in less developed regions of
China. The biggest risk to the Chinese economy

Asia Pacific Economic OutlookOctober 2013

While the government sees a huge potential positive

return from urbanization, there is growing concern
about the potential costs of urbanization.
is the excessive level of debt and the problems
servicing that debt. With respect to that issue,
the China Banking Regulatory Commission is
encouraging banks to securitize troubled loans in
order to remove them from bank balance sheets.
These securities will necessarily be priced at a
discount. Still, ultimately financial market pricing will have to be liberalized in order to prevent
future imbalances from developing. Meanwhile,
bank profit margins are very high as banks unload
loans through securitization.

Urbanization
The Chinese government has set November as
the date for the Communist Partys next plenary
meeting. This is expected to be the meeting at
which the leadership will approve a detailed set of
reforms. Among the areas likely to be addressed
are financial market liberalization, privatization of
state-owned enterprises, reform of the household
registration system (hukou), and labor market
regulations. This will be an opportunity for the
leadership to set the agenda for the next five years.
This is widely anticipated especially because the
government has signaled that it is more concerned
with structural reforms than short-term stimulus.
One of the important drivers of economic
growth that the leadership wants to promote
is urbanization. Given that China has already
engaged in massive urbanization, this may seem

odd. After all, in the last 20 years, the urban share

of Chinas population increased from less than 30
percent to more than 50 percent. Yet more will be
needed to sustain growth. The view is that when
workers move from farms to factories or offices,
their productivity increases strongly, thereby helping to drive strong economic growth. This is critically important because, due to the lagged impact
of the one-child policy, the working-age population has stopped growing. Thus boosting the
urban labor force will require more migration. Yet
the pace of migration has dwindled due to worker
frustration with low wages, poor living conditions, and second-class status owing to the hukou
system. This slower pace is one reason that the
government is likely to reform the hukou system.
While the government sees a huge potential
positive return from urbanization, there is growing concern about the potential costs of urbanization. A new report prepared jointly by the United
Nations and a Chinese government think tank
says that, over the next two decades, it will cost
at least 41 trillion Chinese yuan ($6.8 trillion) to
facilitate the migration of 210 million workers.3
The study anticipates that Chinas urban population will rise from 666 million in 2010 to 976
million in 2030. It also says that the costs could
be even higher if investments are undertaken to
close the gap between migrants and others in
terms of living standards. The question arises as
to how to fund this investment. Already local

Asia Pacific Economic OutlookOctober 2013

governments are awash in debt that they may not

be able to service. The challenge will be to use the
positive return on migration to finance the cost
of migration. Premier Li Keqiang recently said,
Urbanization will usher in a huge amount of
consumption and investment demand, increase

job opportunities, create wealth for farmers,

and bring benefits to the people.4 All true, but
many challenges remain, including financing
the infrastructure needed for migrants as well as
dealing with the social disruption that comes from
mass migration.

Endnotes
1. Markit, HSBC China Manufacturing PMI, September 2, 2013, http://www.markiteconomics.com/Survey/PressRelease.mvc/ddf3bd97162247348ab421d1f65527fb, accessed September 11, 2013.
2. National Bureau of Statistics of China, Industrial profits from principal business increased from January to July,
August 27, 2013, http://www.stats.gov.cn/english/pressrelease/t20130827_402922433.htm, accessed September 11,
2013.
3. UNDP China and Institute of Urban and Environmental Studies of Chinese Academy of Social Sciences,
China National Human Development Report 2013, http://www.undp.org/content/dam/china/docs/Publications/
UNDP-CH_2013%20NHDR_EN.pdf, accessed September 3, 2013.
4. Bloomberg News, China urban migrants cost seen at least $6.8 trillion: Economy, August 28, 2013, http://www.
bloomberg.com/news/2013-08-28/china-urban-migrants-cost-seen-at-least-6-8-trillion-economy.html, accessed
September 3, 2013.

Asia Pacific Economic OutlookOctober 2013

India:
Policies and confidence
crisis impact growth
By Dr. Rumki Majumdar

HE Indian economy experienced a downpour

of economic events in June, coinciding with
the heavy early-monsoon rains, making the clouds
of economic uncertainty murkier. Economic
activities have been showing signs of weaknesses;
events during MayJune exposed new challenges
to the growth outlook. The US Federal Reserves
indication in late May that it was tapering its
purchasing program sooner than expected led to
a series of events that adversely impacted Indias
equity market, currency, and capital account
balance. While a better-than-average and welldistributed monsoon in the following months
brought some relief to planted crops across India,
the challenges intensified for the Indian economy.

Heading toward an
unsustainable situation
The last time we visited the Indian economic
outlook in July, the economy was showing a few

signs of improvement.1 Fiscal and current account

deficits were revised down for fiscal year (FY)
201213 from their earlier estimates, and inflation had been trending down.2 However, we had
expressed doubts about the sustainability of these
improvements. The global economic scenario
was rapidly changing, and we expected that these
changes would unequivocally increase domestic
economic uncertainties. The recent data releases
indicate that our doubts were correct.
The GDP grew at a disappointing rate of 4.4
percent year over year in Q1 of FY 201314. The
growth fell primarily because of poor growth in
the services and manufacturing sectors. After
declining for three consecutive months, headline
inflation, which is measured by the wholesale
price index, reversed in June and rose to 5.8
percent in July 2013. Consumer price inflation
too moved back to double-digit growth of 10.3
percent year over year in June. This increase was
primarily due to food inflation, while fuel and
Asia Pacific Economic OutlookOctober 2013

Perhaps India now needs more than just monetary

policy to correct its course.
non-food inflation declined. The trade deficit rose
9.3 percent year over year in Q1 of FY 201314
and is estimated to have widened to 11.5 percent
of GDP in Q1 of FY 2013 due to deteriorating
export performance and increasing gold imports.
Growth in industrial production declined
by 3.5 percent year over year in June, and all its
constituent subsectors, barring consumer nondurables, experienced a contraction. The indices of
mining, manufacturing, and electricity registered
respective growth of -4.5 percent, -1.2 percent,
and 3.5 percent in Q1 of FY 201314. Contraction
in the manufacturing and mining sectors since
April 2013 reflects deteriorating investment
conditions in the production sector. Although
the manufacturing PMI improved modestly in
June, the pace of expansion was anemic. Most
lead indicators point to continuing headwinds for
manufacturing and services sector activity.
The rising market expectations of the United
States reducing its purchase of Treasury equivalents before the end of 2013 led to a rise in interest
rates and rapid appreciation of the US dollar. As a
result, the domestic exchange market came under
stress. Internal economic uncertaintiessuch as
a rising trade deficit, slower economic activity,
uncertain government policies, and poor perception of the governments ability to manage its
account among institutional investorsled to
huge outflows of portfolio investment, particularly from the debt segment. The business and
consumer confidence index continued to remain
low in Q1 of FY 201314. The Indian currency,
which has been under pressure for more than two
years, nosedived 23 percent against the US dollar
during AprilAugust 2013. By the end of August,
the equity market had fallen by nearly 4.5 percent
since the beginning of FY 201314.

Monetary policy action

The Reserve Bank of India (RBI) promptly
instituted several measures post May to contain
the exchange rate volatility and current account
deficit. The objectives of these measures were to
contain gold imports, check speculations in the
currency market, and tighten liquidity in the
economy. These measures are likely to be repealed
once the exchange rate stabilizes. As prompt as
they were, these monetary measures have failed
to contain the fall in currencyan indication that
investors are probably losing faith in the Indian
growth story. This is also evident from the significant amount of funds being withdrawn by foreign
institutional investors during the last couple
of months.
Raghuram Rajan, who took over as the new
governor of the RBI on September 4, 2013,
announced his plans in his inaugural speech:
stabilizing the currency, strengthening the monetary policy framework, and generating financial
development and inclusion. He highlighted how
competition among banks will be improved by
granting new licenses to banks and increasing
the participation of foreign banks. Additionally,
he stressed increasing the independence of
banks in decision making, reducing the requirements of banks to invest in government securities, and improving efficiency in priority-sector
lending requirements.
At the time of this writing, while the governor
is yet to elaborate on the policy stance that is to
be announced on September 20, 2013, market
participants have received his message positively.
However, given the current economic scenario,
implementing these actions will not be easy for
the new governor. Perhaps India now needs more
than just monetary policy to correct its course.

Asia Pacific Economic OutlookOctober 2013

Analyzing public policies

The government has the most important role
in reviving economic growth, initiating meaningful reforms, and checking the fiscal balance.
It has undertaken some reforms in the last two
months to revive foreign direct investment and
has also worked on speeding the approval process.
Several important bills have been passed during
this session of parliament to improve the investment climate: the company bill, aiming to enhance
transparency in company operations; the food
security bill, aiming to ensure nutritional security
and thus improve living standards for the poor;
and the land acquisition bill, aiming to ensure fair
compensation to farmers.3
However, the effectiveness of the government in undertaking reforms has been widely
criticized. At the same time, the passing of some
bills is widely debated, with the food security
and land acquisition bills considered populist
reform measures to appease voters with national
government elections less than a year away. It is
feared that some of these bills will raise the cost
of business and delay investments. Additionally,
the food security bill is expected to increase the
governments expense on subsidies, which may
impede containing deficits to 4.8 percent of GDP
this fiscal year.

Are we looking at another

crisis like that of 1991?
While the economic situation looks gloomy
due to the sharply falling currency, rising current
account deficit, and investors recent questioning of Indias growth prospects, our answer to the
question above is no. Indias currency predicament
is similar to that of many other emerging economies experiencing a similar sell-off by foreign
investors. The exchange rate is now market-determined, and India still has comfortable foreign
exchange reserves, with over six months import
cover. Moreover, the banking system is healthy
and transparent. Falling growth is undoubtedly a
concern, but Indias growth is still stronger than
that of other emerging economies.
India is suffering from a crisis of confidence,
which requires effective government actions
to correct the external and fiscal balance. The
government needs to effectively communicate
its policies to contain the current account deficit
and inflation. The bottlenecks to infrastructure
and manufacturing investment must be addressed
and removed promptly, which in turn will boost
investment sentiments. But with elections just
few months away, there is little the government
can do. Most likely, there will be no change in the
mood of investors, and growth will remain stagnant until after the elections.

Endnotes
1. Rumki Majumdar, India, Asia Pacific Economic Outlook, July 2013, http://dupress.com/articles/
asia-pacific-economic-outlook-july-2013-india.
2. The fiscal year in India begins on April 1 of the year referred.
3. The last bill has been passed by the lower house but is yet to be passed by the upper house.

Asia Pacific Economic OutlookOctober 2013

Singapore:
Cause for optimism
By Akrur Barua

CONOMIC fortunes seem to be improving in

Singapore, with GDP in Q2 2013 expanding at
its fastest pace in two years. The quarter witnessed
a nascent recovery in manufacturing, with exports
also reviving due to better economic activity in
the West. Meanwhile, domestic private consumption remains strong as households benefit from
wage growth and low unemployment. However,
the city-state will continue to face challenges
both cyclical as well as structural. Slowing growth
in emerging markets, especially in Asia, could
dent export demand. In the medium to long term,
the economy will encounter rising labor costs,
given increasing restrictions on foreign workers
and an aging population.

Healthy growth in Q2 2013;

positive news in manufacturing
The economy picked up in Q2 2013, growing
3.8 percent year over year, up from 0.2 percent in

Q1. While services growth more than doubled to

5.5 percent during this period, it was the reversal
of fortunes in manufacturing that drew much
attention. Manufacturing grew a mere 0.2 percent;
however, this was a turnaround from the contractions of the past three quarters, including a 6.7
percent fall in Q1 2013. Growth in the segment
was driven by higher electronics and biomedical
production. The former, which accounts for onefourth of total exports, posted growth for the first
time in nine quarters. Encouragingly, the positive
trend in manufacturing continued in July, with
output rising 2.7 percent year over year, aided by
strong contributions from transport engineering
and electronics clusters.
On a cautionary note, the uptick in manufacturing could prove short-lived if export
orders decline due to slowing growth in Asian
markets. Also, biomedical production is volatile
in nature; Q3 2013 growth in this segment is
likely to decline. Recent data highlight some of
Asia Pacific Economic OutlookOctober 2013

Since mid-May, the Singapore dollar has fallen 2

percent against the greenback, way better than the
above15 percent declines in the Indian rupee and the
Indonesian rupiah.
these concerns. For example, the manufacturing
purchasing managers index (PMI) for August
came in at 50.5, the slowest pace of growth since
February. However, on the brighter side, export
orders went up during the month, with the electronics PMI also rising.

Exports revive even as

consumption remains strong
Exports, which amount to more than 1.5 times
the countrys GDP, recovered in Q2 2013. In real
terms, they expanded 3.1 percent, a significant
improvement from the 4.1 percent decline in Q1.
Exports demand in the short to medium term
will come up against two opposing forces: higher
economic activity in the United States and Europe,
and slowing growth in China and other Asian
economies. Consequently, exports growth will
average only 0.71.2 percent this year, with the
pace likely to pick up to 4.04.5 percent in 2014.
Meanwhile, private consumption continues to
remain strong (2.7 percent growth in Q2 2013),
aided by wage gains due to a tight labor market.
Although unemployment rose marginally to
2.1 percent in June from 1.9 percent in March,
curbs on foreign workers are likely to keep wages
high. According to the Monetary Authority of
Singapore (MAS), wage growth is likely to be
about 3 percent in 2013, up from 2.3 percent in
2012. Consequently, private consumption growth
in 2013 is likely to end up in the range of 2.53.0
percent. Consumers, however, could face pressure
from slowing asset prices and a mild uptick in
inflation in the second half of 2013.

Equity prices have fallen since mid-May,

when the US Federal Reserve (Fed) first hinted
about winding down its quantitative easing (QE)
program. Since then, Singapores Straits Times
Index has shed 12 percent. House prices have also
slowed this year due to a slew of government measures, including rebates to public housing.

Weak investments to
weigh on growth in 2013;
reversal likely next year
Investment was a drag on the economy in
the first half of 2013, with gross fixed capital
formation declining 4.8 percent year over year.
Subdued external demand and a slowdown in
civil construction are the likely key causes for
this. However, the scenario is expected to change,
albeit slowly. Investments will benefit from
planned government investments in infrastructure, primarily transportation. Also, to counter
labor supply restrictions, firms are likely to invest
more in enhancing productivity. The government
is encouraging this and has earmarked about $4
billion to aid firms in the process. However, the
impact of all these actions is likely to be felt more
in 201415 than this year. Consequently, fixed
capital formation in 2013 will dip relative to 2012,
partially offsetting gains in private consumption
and exports.
Not surprisingly, higher government spending
on infrastructure, health, and social welfare will
aid wider GDP growth. Overall, the economy is
expected to grow at 2.32.6 percent this year. As

Asia Pacific Economic OutlookOctober 2013

investments recover in 2014 and exports gather

pace, GDP growth is likely to move up to 3.43.8
percent. However, a return to growth above 5 percent, as witnessed in the previous decade, is not
likely before 201617.

rupee and the Indonesian rupiah. However, as

inflation is reined in and there is greater clarity on
QE tapering, MAS is likely to review its strategy
as unabated currency strengthening will lead to a
loss in export competitiveness.

Inflation edging lower; MAS likely

to encourage currency stability

A new challenge for the PAP

Price pressures have eased since Q2 2013,

although a tight labor market poses risks. Inflation
fell from an average 4 percent year over year in
Q1 to 1.9 percent in July, thanks to government
intervention to counter housing and transportation costs. The latter fell 1.3 percent in Q2 2013,
compared to a 9.7 percent rise in Q1 owing to
tighter conditions for vehicle loans and higher
taxes on luxury cars. A stable Singapore dollar has
also helped counter inflation, and MAS is likely to
continue supporting the currency. The currency
has remained fairly unscathed relative to Asian
peers post the Feds hint of winding down QE. For
example, since mid-May, the Singapore dollar has
fallen 2 percent against the greenback, way better
than the above15 percent declines in the Indian

The ruling Peoples Action Party (PAP) is likely

to face increasing questions about its economic
agenda. Arguments have become sharper after a
February 2013 white paper discussed the governments proposal to increase the population, to
6.56.8 million by 2030 from the current 5.3 million. This has stoked fears of an influx of foreigners, with negative impact on wages, house prices,
infrastructure, and equality. Critics have also
argued that the decline in the share of citizens in
the population will dilute the Singapore identity.
The manner in which the government tackles
such criticism will determine the future course of
politics in the country. Although the PAP is likely
to hold on to power, economic growth might not
be enough to quell political and social discontent.

Asia Pacific Economic OutlookOctober 2013

Vietnam: Not out

of the woods yet
By Navya Kumar

HE Vietnamese economy was a shade better

in Q2 2013, but not what it used to beit is
still expected to register one of the lowest rates of
annual growth in 14 years. The situation is driven
in part by global factors, but more so by the sluggish pace of domestic economic reforms. Slow
reforms have significantly affected the countrys
banking sector, which remains mired in bad
debt and wary of lending, thus hindering economic growth. The few bright spots that Vietnam
appears to enjoy, such as double-digit growth in
exports and growing inflows of foreign direct
investment (FDI), also reveal challenges upon
closer examination.

Growth subdued by domestic

and external hurdles
Vietnam registered real GDP growth of 5.0
percent year over year in Q2 2013, just a small
increase over the first quarters growth of 4.8

percent, driven by a slightly better performance

in manufacturing and services. On a half-yearly
basis, real GDP growth for the first half of 2013
was 4.9 percent year over year, a touch better than
the 4.4 percent in the first half of 2012. However,
the improvement does not signal any sharp pickup
in the near term, with the International Monetary
Fund now projecting full-year growth for 2013 at
5.3 percent, lower than its initial estimate of 5.8
percent and far lower than the previous decades
average of 7.2 percent.
Growth has been affected in part by slowing
domestic consumption expenditure, with real
consumption for the first half of 2013 expanding only 4.9 percent, against 6.7 percent for the
first half of 2012. July and August do not appear
to have ushered in any marked improvement on
this front, with persistently high rates of inflation
eating into purchasing power. Consumption also
has likely been hit by credit constraints. Lending
conditions remain tight as the banking sector
Asia Pacific Economic OutlookOctober 2013

10

Rising land and labor costs, skill shortages, as

well as infrastructure and policy challenges have
hampered investments.
remains burdened with substantial amounts of
bad debt. Total credit by commercial banks grew
a mere 35 percent year over year in the first half
of 2013, compared to the State Bank of Vietnams
(SBV) target of 12 percent for this year.
Adding to Vietnams growth hurdles, exports
have also decelerated. Exports for the first seven
months of this year grew 14.3 percent year over
year, compared to 19 percent in the same period
last year. The loss in pace was due mainly to an
8 percent decline in agro-fishery exports (1519
percent of total exports) and a 15.6 percent fall in
exports of coal, crude oil, and oil products (811
percent of total exports). Agro exports were hit
by various factors, including bad weather, farmers withholding stock for better global prices, and
soft demand from slowdown-hit Western markets. In addition, coal exports have been affected
by policies to divert fuel to meet local energy
needs, while oil exports were hurt by a fall in
global prices.
Meanwhile, a steep rise in imports has substantially worsened Vietnams trade deficit, which
reached $733 million in the first seven months
of 201313 times the value for the same period
last year. A double-digit rise in the imports of
raw materials such as chemicals, fabrics, and
electronic and telephone components, which
sustain Vietnams export industries, has widened
the deficit.

Industry and foreign

investment face challenges
Weakness in the mining and quarrying sector, especially in coal and crude oil extraction,
restricted the growth of Vietnams industrial
production index for the first eight months of

2013 to 5.3 percent year over year. Coal extraction

fell 3.4 percent, while other mining and quarrying
operations shrank 6.4 percent. This is in contrast
to the manufacturing and utilities sectors, which
expanded 69 percent.
On the investments front, while realized FDI
for the first seven months of 2013 grew a comfortable 6.4 percent year over year, the overall trend
has been highly volatile in recent years. Of even
greater concern is the wide gap between registered
and realized FDI. From 2008 to the first half of
2013, FDI worth $143.9 billion has been registered
in Vietnam, but realized FDI stands at only $59.7
billion, or 41.5 percent of the amount registered.
Rising land and labor costs, skill shortages, as well
as infrastructure and policy challenges have hampered investments. In such a scenario, the governments spending on investment development,
which includes capital construction, actually
declined 7 percent year over year in the first seven
months of 2013.

Monetary and fiscal

easing to spur growth
To boost the economy, the SBV reduced the
key interest rate in May 2013 by 100 basis points
to 7 percent. This was the central banks seventh
rate cut totaling 800 basis points since January
2012. At the same time, the government has
sought to provide fiscal stimulus by increasing its
spending by 6.4 percent year over year for the first
seven months of 2013. In particular, the outlay for
socioeconomic development and defense (71 percent of total fiscal expenditure) grew 11.6 percent.
However, the loose monetary and fiscal policy
appears to have stoked a price rise, with inflation
averaging 7.4 percent in July and August 2013, the

Asia Pacific Economic OutlookOctober 2013

11

highest in 12 months, and exceeding the SBVs

target range of 6.06.5 percent. As a result, further
rate cuts may be off the table in the near term. In
addition, the government fiscal deficit has widened 11.5 percent year over year, to 101.9 trillion Vietnamese dong, in the first seven months
of 2013.

Still a long road ahead

for structural reforms
In an attempt to aid the struggling banking sector and boost lending, the state-owned
Vietnam Asset Management Company (VAMC)
was put into action in July 2013 to absorb banks
bad debts for a fixed time period. The VAMC
plans to acquire $474 million worth of bad debt

by October as it begins to address the countrys

bad-loan problem worth $5 billion. However,
the VAMC is only a first and already overdue
step, with further banking reforms related to bad
debt reporting and provisioning delayed until
June 2014.
Little headway has been made on restructuring state-owned enterprises (SOEs), which are
estimated to account for nearly half of the banking sectors bad debts. As part of its 201115 SOE
restructuring plans, the government intends to
divest its stake in several SOEs, and intends for
SOEs to exit from noncore (and risky) operations
such as real estate. But with shares sold in only
12 of the 93 divestitures targeted for 2012, much
remains to be accomplished.

Asia Pacific Economic OutlookOctober 2013

12

About the economists

Editor

Contributors

Dr. Ira Kalish

Deloitte Research
Deloitte Services LP
Tel: +1 213 688 4765
E-mail: ikalish@deloitte.com

Dr. Rumki Majumdar

Deloitte Research
Deloitte Services LP
Tel: +1 615 209 4090
E-mail: rmajumdar@deloitte.com

Dr. Ira Kalish is director of global

economics at Deloitte Research. He is an
expert on global economic issues as well
as the effects of economic, demographic,
and social trends on the global business
environment.

Navya Kumar
Deloitte Research
Deloitte Services LP
Tel: +1 678 299 7123
E-mail: knavya@deloitte.com

Akrur Barua
Deloitte Research
Deloitte Services LP
Tel: +1 678 299 9766
E-mail: abarua@deloitte.com

Managing Editor
Aditi Rao
Deloitte Research
Deloitte Services LP
Tel: +1 615 209 3941
E-mail: aditirao@deloitte.com

Additional resources

Global Economic Outlook Q3 2013

China, Japan, United States, Eurozone, United Kingdom, India, Russia, Brazil

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Disegno di Pininfarina: An hour with Paolo Pininfarina
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Asia Pacific Economic OutlookOctober 2013

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Asia Pacific Economic OutlookOctober 2013

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US Industry Leaders
Banking & Securities and Financial Services
Robert Contri
Deloitte LLP
USA Tel: +1 212 436 2043
E-mail: rcontri@deloitte.com

Power & Utilities and Energy & Resources

John McCue
Deloitte LLP
USA Tel: +216 830 6606
E-mail: jmccue@deloitte.com

Consumer & Industrial Products

Craig Giffi
Deloitte LLP
USA Tel: +1 216 830 6604
E-mail: cgiffi@deloitte.com

Telecommunications, Media & Technology

Eric Openshaw
Deloitte LLP
USA Tel: +1 714 913 1370
E-mail: eopenshaw@deloitte.com

Health Plans and Health Sciences & Government

John Bigalke
Deloitte LLP
USA Tel: +1 407 246 8235
E-mail: jbigalke@deloitte.com

Asia Pacific Industry Leaders

Consumer Business
Yoshio Matsushita
Deloitte Touche Tohmatsu
Japan Tel: +81 3 4218 7502
E-mail: yomatsushita@tohmatsu.co.jp

Life Sciences & Health Care

Ko Asami
Deloitte Touche Tohmatsu
Japan Tel: +81 3 4218 7419
E-mail: koasami@deloitte.com

Energy & Resources

Adi Karev
Deloitte Touche Tohmatsu LLC
Hong Kong Tel: +852 2852 6442
E-mail: adikarev@deloitte.com.hk

Manufacturing
Kumar Kandaswami
Deloitte Touche Tohmatsu
India Tel: +91 44 6688 5401
E-mail: kkumar@deloitte.com

Financial Services
Karen Bowman
Deloitte & Touche LLP
Hong Kong Tel: +852 2852 6786
E-mail: kbowman@deloitte.com.hk

Telecommunications, Media & Technology

Yoshi Asaeda
Deloitte Touche Tohmatsu
Japan Tel: +81 3 6213 3488
E-mail: yoshitaka.asaeda@tohmatsu.co.jp

Asia Pacific Economic OutlookOctober 2013

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