After a relatively strong fourth quarter, Asian economies have been showing a mixed picture. India’s economy is still failing to pick up, while South Korea is facing many challenges for a swift recovery. Meanwhile, China is showing somewhat stronger dynamics, as are the Philippines and Indonesia. Inflation generally remains subdued, suggesting that monetary authorities will remain on the sidelines in most countries. There are, however, increasing downside risks for the region. In the first quarter of 2013, certain countries took important steps to reduce imbalances in the property market. But finding the right balance between these policies and internal demand is a challenge. All in all, we expect GDP growth to remain above 6% in 2013 and 2014.