Asia Monthly Outlook

Regional GDP Growth Outlook

April 2023
Disclaimer

This commentary is published by BMI – A Fitch Solutions Company, and is not a comment on Fitch
Ratings' Credit Ratings. Any comments or data included in the report are solely derived from BMI and
independent sources. Fitch Ratings analysts do not share data or information with BMI.

7
Contents

1. Growth Will Slow In Most Economies

2. Mainland China: Growth To Reach 5.2% In 2023
3. South Korea: Anaemic Growth Ahead
4. Indonesia: Growth To Moderate In 2023
5. Thailand: Growth To Improve Marginally
6. Philippines: Growth To Slow To Below 6%
7. Singapore: Outlook Has Dimmer Further
8. Malaysia: Growth To Slow Sharply
9. Vietnam: Slowing Significantly In 2023
10.India: Outlook Deteriorating
11.Sri Lanka: Shallower Contraction In 2023
12.Pakistan: BOP Crisis To Weigh On Growth
Growth Will Slow In Most Economies
Japan, Mainland China Among The Few Exceptions Exports Contracting For Many
Asia – Real GDP Growth, % Asia – Exports (3M Rolling Sum), % chg y-o-y
15
2021 2022e 2023f
10 10
8 5
6
0
4
2 -5
0 -10
-2
-15
-4
-6 -20
-8
-25
-10

Japan

Australia
Taiwan, China

South Korea

Singapore

Thailand
Vietnam

Indonesia
India

New Zealand

Malaysia

China (Mainland)
Philippines
Japan

Australia

Vietnam
South Korea
Taiwan, China

Thailand

Indonesia
Singapore
Pakistan

India

Bangladesh
New Zealand

Hong Kong, China

Malaysia
Sri Lanka

Philippines
China (Mainland)

Note: May include territories, special administrative regions, provinces and autonomous regions. Note: May include territories, special administrative regions, provinces and autonomous regions.
e/f = estimate/forecast. Source: Local sources, BMI Data is based on latest availability. Source: Macrobond, BMI

3
Mainland China: GDP Growth To Reach 5.2% In 2023
Economic Growth To Pick Up PMI Readings Suggest That Economic Recovery Is Uneven
China (Mainland) – Quarterly Real GDP Growth China (Mainland) – Purchasing Manager’s Index
Actual BMI Forecast Non-manufacturing PMI Manufacturing PMI
7 60
6 55
50
5
45
4
40
3 35
2 30
1 25

Apr-16
Sep-16

Oct-18

Sep-21
Mar-19
Aug-19

Apr-21
Jan-15

Jan-20
Jun-15

Jul-17

May-18

Jun-20

Jul-22
Feb-17

Feb-22
Nov-15

Dec-17

Nov-20

Dec-22
0
Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423

• We have raised Mainland China’s 2023 real GDP growth forecast
to 5.2%, from 5.0% previously, after the economy grew by a
stronger-than-expected 4.5% y-o-y in Q123, from 2.9% in Q422.
• Improvements across the economy were generally broad-based,
but the services sector outperformed.
2023 = forecast. Source: BMI
• Strong policy support, a bottoming out of the real estate sector
and a continued recovery in domestic consumption will underpin
stronger growth over the coming quarters.
• However, China’s external sector will continue to face headwinds
amid weakening global demand.
Source: Wind, BMI

4
5

South Korea: Anaemic Growth Ahead

Gradual Recovery Ahead Investment Stalling
South Korea – Real GDP, % chg y-o-y South Korea – Investment Growth, % chg y-o-y
% q-o-q (LHS) % y-o-y (RHS) Equipment Investment Index (LHS) Facilities Investment (RHS)
2.0 8 30 25
1.5 6 25 20
20 15
1.0 4
15 10
0.5 2 10
5
0.0 0 5
0
-0.5 -2 0
-5 -5
-1.0 -4 -10
BMI forecast -10
-1.5 -6 -15 -15
-2.0 -8 -20 -20
2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

• South Korea’s real GDP rebounded by a seasonally-adjusted 0.3% q- • Over the coming quarters, South Korea’s dominant export sector will
o-q in Q123, but further recovery is likely to be gradual. face continued weakness due to slowing global growth.

• Across 2023 as a whole, we expect that the economy will grow by • Elevated levels of debt amid high interest rates will also constrain the
only 1.5%, versus 2.6% in 2022. domestic recovery.

Note: 2023 = BMI forecast. Source: Macrobond, BMI Note: 2023 = BMI forecast. Source: Macrobond, BMI

5
6

Indonesia: Growth To Moderate In 2023

Slower Growth In 2023 Commodity Price Tailwind To Fade
Indonesia – Real GDP, % chg y-o-y Indonesia – Exports & Commodity Prices
Exports (LHS)
Actual BMI Forecast BMI Commodity Price Index (RHS)
7 BMI Commodity Price Forecast (RHS)
6 30 500
5 25
4 400
3 20
300
2
15
1
200
0 10
-1 100
-2 5
-3 0 0
2013

2018

2023
2010

2011

2012

2014

2015

2016

2017

2019

2020

2021

2022

2022
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2023

2024
• We forecast a slowdown in Indonesia’s real GDP growth from 5.3% in • The economy will receive less support from commodity prices in 2023
2022 to 4.8% in 2023. too.

• Exports are likely to be a weak spot due to lacklustre external demand • High borrowing costs and continued fiscal restraint are also likely to
and the government’s move to limit commodity exports in an effort to act as a near-term drag on domestic demand.
develop the downstream industries.
2023 = BMI forecast. Source: Bank Indonesia, BMI Note: Forecast is end of period. 2023-2024 = BMI forecast. Source: Macrobond, BMI

6
 Thailand: Growth To Improve Only Marginally In 2023
Growth To Pick Up In 2023 Tourism Picking Up, But Still Below Pre-Pandemic Levels
Thailand – Real GDP By Component, pp Thailand – International Arrivals, mn
4.5
Private Final Consumption Government Final Consumption
4.0
Gross Capital Formation Net Exports
3.5
Real GDP Growth, % y-o-y 3.0
6 2.5
4 2.0
2 1.5
0 1.0
-2
0.5
-4
0.0
-6

Oct-18
Oct-11
May-12

Feb-14

May-19

Feb-21
Mar-11

Mar-18
Nov-15
Apr-15

Sep-21

Nov-22
Apr-22
Jan-10
Aug-10

Sep-14

Jan-17
Aug-17
Dec-12
Jul-13

Jun-16

Dec-19
Jul-20
-8
2019 2020 2021 2022 2023f

• We now expect GDP growth in Thailand to accelerate slightly to 3.0% in • Tighter monetary conditions and a slowdown in global growth will
2023, from 2.6% in 2022. continue to pose greater headwinds to the economy.

• We have pared back our optimism for Thailand’s economy after Q422’s • However, we still think that the Thai economy will grow at a faster
growth outturn came in relatively weak at 1.4% y-o-y, reflecting the pace in 2023 on the back of a sustained recovery in the tourism sector
severity of external demand weakness. following China’s reopening.
f = forecast. Source: BMI Source: Macrobond, BMI

7
 Philippines: Growth To Slow Below 6% Amid Tight Monetary Settings
Economy Momentum To Wane Inflation Remains Sticky
Philippines – Real GDP Growth By Component, pp Philippines – Consumer Price Index, % chg y-o-y

Private Consumption Government Consumption Actual BSP's upper range BSP's lower range
Fixed Capital Formation Net Export 10
Real GDP Growth, % y-o-y 9
8
15 7
10 6
5
5 4
0 3
2
-5 1
-10 0

Jul-20
Mar-17
Jul-17

Mar-18
Jul-18

Mar-19
Jul-19

Mar-20

Mar-21
Jul-21

Mar-22
Jul-22

Mar-23
Jul-23
Nov-17

Nov-18

Nov-19

Nov-20

Nov-21

Nov-22

Nov-23
-15
2019 2020 2021 2022 2023f

• We expect growth to slow from 7.6% in 2022 to 5.9% in 2023, which is
slightly more downbeat than the government’s forecast of 6.0-7.0%.
• Q422 data showed real GDP growth in the Philippines falling only
marginally to 7.2%, from 7.6% in Q322. However, we think that a more
pronounced slowdown will likely take hold over the coming quarters.
f = BMI forecast. Source: PSA, BMI
• Soon the lagged impact of high inflation and monetary tightening is
likely to weigh more significantly on domestic activity, with the policy
rate likely to peak at 6.50%, which is the highest in more than 15 years.
• The Philippines will also receive little support on the external front as
weakening global demand will act as a drag on Philippine exports.
Source: Macrobond, BMI

8
 Singapore: Growth Outlook Has Dimmed Further
Economy Is Losing Momentum Exports In Contraction For Fifth Straight Month
Singapore – Contribution To Real GDP Growth, pp (2016-2023)
Singapore – Exports, % chg y-o-y
q-o-q, SA y-o-y
20
15
10
5
0
-5
-10
-15
Q316
Q116

Q117

Q317

Q118

Q318

Q119

Q319

Q120

Q320

Q121

Q321

Q122

Q322

Q123
• After Singapore’s economy edged out real GDP growth of only 0.1% y-
• One slight mitigating factor is that the MAS has kept its monetary
o-y in Q123, we have lowered our 2023 forecast to 1.4%, from 2.1%.
policy settings unchanged at its latest April 14 announcement, which
• Global monetary conditions have continued to tighten more than we will prevent credit conditions from becoming more restrictive.
had expected, and this will weigh heavily on the export-oriented
• Tighter fiscal policy, which entails higher GST, levies, and excise taxes
manufacturing sector, trade, and investment.
on a range of products, will also weigh on domestic consumption.
Source: Macrobond, Singstat, BMI Source: Macrobond, BMI

9
 Malaysia: Growth To Slow Sharply As Pent-Up Demand Fades
Savings Have Been Unwinding Rapidly Since April 2022 Sentiment Is More Downbeat Than 2022
Malaysia – Savings Deposits, MYRmn Malaysia – Business Tendency Survey & Manufacturing PMI

280,000 Business Tendency Survey (LHS) Manufacturing PMI (RHS)

30 60
260,000
20 55
240,000
10 50
220,000
0 45
200,000
-10 40
180,000
-20 35
160,000
-30 30
140,000
-40 25
120,000 -50 20
May-18

May-19

May-20

May-21

May-22
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Mar-20

Mar-21

Mar-22

Mar-23
May-20

May-21

May-22
Nov-20

Nov-21

Jul-22

Nov-22
Sep-20

Sep-21

Sep-22
Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jan-23
• We expect Malaysia’s real GDP growth to slow sharply to 4.0% in 2023, • Investment growth will also start to slow markedly due to rising
from 8.7% in 2022. borrowing costs both domestically and globally; sentiment is turning
increasingly downbeat.
• Base effects will turn unfavourable in 2023 after Malaysia posted its
highest growth rate since 2000. Households and businesses have • Export growth will weaken as the reopening of China will be
already drawn down on their savings considerably since April 2022. insufficient to offset the impact of weaker global demand.
Source: Macrobond, BMI Source: Macrobond, BMI

10
11

Vietnam: Slowing Significantly In 2023

Underperforming Potential Reliant On US Demand
Vietnam – Real GDP, % chg y-o-y Vietnam – Merchandise Exports By Destination, % of total
30
Actual BMIForecast 2014-19 Average
9.0 25
8.0
7.0 20
6.0
5.0 15
4.0
3.0 10
2.0
5
1.0
0.0
0
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
United States China (Mainland) Japan & South ASEAN
Korea

• Vietnam’s economy grew by 3.3% y-o-y in Q123, and we forecast • A light recession in the US would remove a major source of external
growth to average 5.8% across 2023 as a whole. support for Vietnam.

• We think that the export-oriented economy will be fairly hard-hit by a • Domestically, we think that the real estate sector will be a key source
slowdown in global growth, which will only be partially offset by of vulnerability due to credit stress among property developers.
China’s reopening. Note: May include territories, special administrative regions, provinces and autonomous regions.
2023 = BMI forecast. Source: Macrobond, BMI Source: Macrobond, BMI

11
12

India: Outlook Deteriorating

Growth Set To Slow Steep Hikes This Cycle
India – Real GDP, % India – Policy Rate, Cumulative Basis Points Change, T = Start Of Hiking Cycles
Actual BMI Forecast 2010-2019 Average T = April 2022 T = February 2010 T = September 2005
12 300
Dark blue line includes BMI
10
250 forecasts for current
8 tightening cycle
6 200
4
2 150
0
100
-2
-4 50
-6
0
2007

2013
2001

2003

2005

2009

2011

2015

2017

2019

2021

2023
T T+2 T+4 T+6 T+8 T+10 T+12 T+14 T+16

• The sharp slowdown in real GDP growth to 4.4% y-o-y in Q422 led us • The Reserve Bank of India (RBI)’s monetary tightening cycle has been
to lower our FY2023 growth forecast from 6.5% to 5.8%. very aggressive, and further policy rate hikes remain on the cards.

• This would be a very poor performance by India’s usual standards; • Lingering upside inflation risks and external pressures will prevent the
growth averaged 6.8% during FY2010-2019. RBI from switching to rate cuts any time soon.

2022-2023 = BMI forecast. Source: Macrobond, BMI Source: Macrobond, Focus Economics, BMI

12
 Sri Lanka: Shallower Economic Contraction In 2023
Milder Contraction In 2023 PMI In Expansionary Territory
Sri Lanka – Real GDP By Sector, pp contribution to growth Sri Lanka – Services & Manufacturing PMI, >50 = Expansion

Actual BMI Forecast Manufacturing Services

6 70
4 Expansion
60
2
0 50
-2 40
-4
30
-6 Contraction
-8 20

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Apr-19
Apr-18

Apr-20

Apr-21

Apr-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
-10
2018 2019 2020 2021 2022 2023f

• We expect the Sri Lankan economy to contract by a further 1.0% in • We think the economy will likely continue to contract in H123,
2023, following a record contraction of 7.8% in 2022. before a modest recovery starts in H223.

• Tight monetary and fiscal settings will continue to weigh on economic • The latest March prints for the manufacturing and services PMI are
activity, but easing FX shortages following the IMF disbursement and in expansion territory, for the first time since March 2022,
improving tourism outlook will be supportive of growth. suggesting early signs of a recovery.
f = BMI forecast. Source: Department Of Census And Statistics, BMI Source: Macrobond, BMI

13
 Pakistan: Balance Of Payments Crisis To Weigh On Growth
Recession In FY2022/23 Before Rebound In FY2023/24 Production Continues To Contract
Pakistan – Real GDP By Sector, pp contribution to growth Pakistan – Quantum Index Of Large-Scale Manufacturing. % chg y-o-y

Private Consumption Government Consumption 80

Gross Fixed Capital Formation Net Exports 60
Growth 40
15 20

10 0
-20
5
-40
0 -60

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22

Jan-23
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
-5
FY2019/20 FY2020/21 FY2021/22 FY2022/23f FY2023/24f

• We forecast the Pakistani economy to contract by 0.8% in
FY2022/23 (Jul-Jun) before rebounding by 2.5% in FY2023/24.
• The economy is facing severe balance of payments stresses, and we
expect FX shortages, skyrocketing inflation and tight fiscal and
monetary conditions to severely disrupt economic activity.
f = BMI forecast. Source: Macrobond, BMI
• The latest February print in the large-scale manufacturing index
showed the sharpest contraction since 2020.
• We expect FX shortages to ease following renewed disbursements
from the IMF alongside greater political stability after the October
election will see economic activity start to normalise thereafter.
Source: Macrobond, BMI

14
BMI Vs
Consensus
BMI Vs Consensus
2023 Real GDP Growth End-2023 Exchange Rate
% Currency

BMI Bloomberg Consensus Consensus Last Month

BMI Bloomberg Consensus Consensus Last Month
Australia 1.85 1.70 1.70 USD/AUD 0.76 0.71 0.72
Bangladesh 6.47 5.70 6.45 BDT/USD 115.00 - -
China (Mainland) 5.18 5.30 5.30 CNY/USD 7.00 6.70 6.70
Hong Kong, China 3.78 3.55 3.50 HKD/USD 7.80 7.80 7.80
India 5.77 6.00 6.00 INR/USD 84.00 80.00 80.00
Indonesia 4.79 4.80 4.85 IDR/USD 15,600.00 14,870.00 14,900.00
Japan 1.28 1.00 1.10 JPY/USD 128.00 125.00 125.50
Macao, China 37.52 - - MOP/USD 7.99 - -
Malaysia 3.96 4.00 4.00 MYR/USD 4.35 4.28 4.24
Myanmar 2.51 - - MMK/USD 2,376.00 - -
New Zealand 1.08 1.25 1.50 USD/NZD 0.64 0.65 0.66
North Korea 1.00 - - KPW/USD 143.00 - -
Pakistan -0.83 0.10 1.50 PKR/USD 290.00 - -
Philippines 5.86 5.60 5.50 PHP/USD 57.50 53.80 54.00
Singapore 1.40 1.80 1.90 SGD/USD 1.32 1.30 1.31
South Korea 1.49 1.40 1.40 KRW/USD 1,200.00 1,230.00 1,225.00
Sri Lanka -0.99 -1.00 3.00 LKR/USD 390.00 - -
Taiwan, China 1.39 1.90 1.90 TWD/USD 29.50 29.80 29.90
Thailand 2.99 3.65 3.60 THB/USD 30.50 33.00 33.25
Vietnam 5.77 5.95 6.00 VND/USD 23,700.00 23,350.00 23,400.00
Note: May include territories, special administrative regions, provinces and autonomous regions. Source: Bloomberg, BMI. Last updated: April 4 2023

16
BMI Vs Consensus
2023 Average Inflation End-2023 Policy Interest Rate
% %
BMI Bloomberg Consensus Consensus Last Month BMI Bloomberg Consensus Consensus Last Month
Australia 4.80 5.55 5.50 Australia 3.85 3.85 3.95
Bangladesh 8.20 8.65 - Bangladesh 6.50 - -
China (Mainland) 1.50 2.30 2.30 China (Mainland) 2.65 4.30 4.30
Hong Kong, China 5.75 - -
Hong Kong, China 2.18 2.50 2.40
India 6.75 6.05 6.05
India 5.10 5.20 5.25
Indonesia 6.00 5.75 5.75
Indonesia 4.50 4.00 4.00
Japan -0.10 0.00 0.00
Japan 2.30 2.40 2.30
Macao, China 5.25 - -
Macao, China 2.00 - -
Malaysia 2.90 3.00 3.00 Malaysia 3.00 3.00 3.00
Myanmar 18.00 - - Myanmar 7.00 - -
New Zealand 5.00 5.20 5.20 New Zealand 5.50 5.00 4.95
North Korea - - - North Korea - - -
Pakistan 29.20 28.00 23.65 Pakistan 22.00 20.65 15.40
Philippines 6.50 5.65 5.40 Philippines 6.50 6.05 6.00
Singapore 4.80 4.90 4.60 Singapore - - -
South Korea 3.40 3.30 3.30 South Korea 3.75 3.40 3.35
Sri Lanka 22.70 26.50 22.50 Sri Lanka 16.50 - -
Taiwan, China 1.80 2.00 2.00 Taiwan, China 1.88 1.75 1.75
Thailand 2.70 2.80 2.80 Thailand 2.00 1.90 1.90
Vietnam 4.50 3.70 3.80 Vietnam 5.00 5.85 6.40
Note: May include territories, special administrative regions, provinces and autonomous regions. Source: Bloomberg, BMI. Last updated: April 4 2023

17
Data Pack
 0
2
4
6
8

0
5
10
15

-15
-5

-20
-10
Bangladesh
Singapore
Vietnam
Hong Kong, China
Philippines
Taiwan, China
India
South Korea
Data Pack

Mongolia
Thailand
China
Japan (Mainland)
Indonesia
Vietnam
Malaysia
Malaysia
Sri Lanka
China (Mainland)
Pakistan
Indonesia
Growth Outlook

Thailand
Australia
Singapore
Current Account Outlook

Sri Lanka

Bangladesh Taiwan, China

Average Real GDP Growth, % (2023-2027)

India Australia

Pakistan South Korea

Average Current Account Balance, % of GDP (2023-2027)

Philippines New Zealand

Hong Kong,
New Zealand China
Mongolia Japan
55
60
65
70
75
0
2

-10
-8
-6
-4
-2

Singapore
Sri Lanka
South Korea
India
Taiwan,
China Pakistan
Thailand
China (Mainland)
China
(Mainland) Vietnam
Malaysia
Bangladesh
Hong Kong,
China Philippines
Vietnam
Japan
2020

Note: May include territories, special administrative regions, provinces and autonomous regions. 2023-2027 = BMI forecasts. Source: Local sources, BMI

Bangladesh
Malaysia
Indonesia
Thailand
2025
Fiscal Outlook

India Mongolia
Active Population, % of Total
Demographic Outlook

Sri Lanka Australia

Mongolia Taiwan, China

Australia South Korea

Average Budget Balance, % of GDP (2023-2027)

Philippines Indonesia
New
Zealand Hong Kong, China

Pakistan New Zealand

Japan Singapore
19
 0
20
40
60
80
100
0
20,000
40,000
60,000
80,000
Singapore

South Korea
Singapore
Taiwan, China

New Zealand
Data Pack

Australia Australia

Hong Kong, China

Japan
New Zealand

Country Risk Score

China (Mainland)

Malaysia
Hong Kong,
Vietnam China
Per Capita GDP

BMI’s Risk Indices

Indonesia

Thailand
GDP Per Capita, USD (2021)

Japan
India

Philippines
Operational Risk Score

Bangladesh South Korea

Mongolia

Sri Lanka
Taiwan, China
Pakistan
0
10
20
30
40
50

China
0
5,000
10,000
15,000

(Mainland)
Taiwan, China China
(Mainland)
Note: May include territories, special administrative regions, provinces and autonomous regions. Source: Local sources, BMI

Vietnam

Thailand Malaysia

South Korea
Thailand
Malaysia

Bangladesh Indonesia

Indonesia
Mongolia
Singapore

Japan Sri Lanka

Manufacturing
Per Capita GDP

Philippines
Vietnam
Sri Lanka
GDP Per Capita, USD (2021)

Manufacturing, % of GDP (2022)

India Philippines

Pakistan
Bangladesh
Mongolia

New Zealand India

Australia
Hong Kong, Pakistan
China
20
Contact
fitchsolutions.com/bmi

New York London New York London

T +1 212 908 0800 T +44 (0)20 3530 2400 33 Whitehall Street 30 North Colonnade
usaclientservices@fitchsolutions.com emeaclientservices@fitchsolutions.com New York, NY Canary Wharf
10004 London, E14 5GN

Hong Kong Tokyo

T +852 2263 9999 T +81 3 6897 8986
asiaclient.services@fitchsolutions.com asiaclient.services@fitchsolutions.com

Singapore
T +65 6796 7231
asiaclient.services@fitchsolutions.com

Copyright © 2023 Fitch Solutions, Inc., Fitch Ratings,. Fitch Solutions Group, Inc. and their subsidiaries 38

FR 16x9 2019 v13

This commentary is published by BMI – A Fitch Solutions Company, and is not a comment on Fitch Ratings' Credit Ratings.
Any comments or data included in the report are solely derived from BMI and independent sources. Fitch Ratings analysts
do not share data or information with BMI.

Copyright © 2023 Fitch Solutions Group Limited. All rights reserved.

All information, analysis, forecasts and data provided by Fitch Solutions Group Limited are for the exclusive use of subscribing persons or
organisations (including those using the service on a trial basis). All such content is copyrighted in the name of Fitch Solutions Group
Limited and as such no part of this content may be reproduced, repackaged, copied or redistributed without the express consent of Fitch
Solutions Group Limited. All content, including forecasts, analysis and opinion, is based on information and sources believed to be
accurate and reliable at the time of publishing. Fitch Solutions Group Limited makes no representation or warranty of any kind as to the
accuracy or completeness of any information provided, and accepts no liability whatsoever for any loss or damage resulting from
opinion, errors, inaccuracies or omissions affecting any part of the content. This report from BMI – A Fitch Solutions Company is a
product of Fitch Solutions Group Limited; UK Company registration number 08789939 (‘FSG’). FSG is an affiliate of Fitch Ratings Inc.
(‘Fitch Ratings’). FSG is solely responsible for the content of this report, without any input from Fitch Ratings.

Copyright © 2023 Fitch Solutions Group Limited