The four Asian markets to put your money on now

Taken together, Asia’s four fastest-growing economies are set to overtake Japan. If you’re after growth, forget the West and head East, says Rupert Foster.

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Across the developed world, investors are holding their breath, wondering which extreme monetary-policy tool central bankers will wield next to try to generate sustainable growth. But if it's growth you're after, forget the major Western economies. The four fastest-growing economies in the world (I am sceptical about China's official GDP data) are all in developing Asia. Each is run by pro-business leaders, and should see accelerating growth over the next two years. They are achieving this without monetary gimmicks, and as the table below shows with relatively "normal" interest rates. Taken together, Indonesia, Vietnam, India and the Philippines comprise the world's fourth-largest economy, and are set to overtake Japan next year to become the third largest. Their success increasingly matters for the rest of us the US will need to grow by more than 1.7% this year to match the contribution of these four to overall global GDP growth.

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CountryNew leaderEst. 2016 GDP growthEst. 2017 GDP growthInterest rate
IndiaNarendra Modi+7.6%+8.0%6.75%
IndonesiaJoko Widodo+5.1%+5.6%5.0%
PhilippinesRodrigo Duterte+6.8%+7.0%5.7%
VietnamNguyen Xuan Phuc+6.1%+6.3%6.5%
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Rupert Foster

Rupert is an investment strategist and adviser at J & C Foster, providing Asian, Consumer and Global Equities Strategy advice to a number of family offices and portfolio management organisations. He writes on Asia and Global Macroeconomics for a number of investment publications including MoneyWeek and HL Investment Times.