Asian PMIs still point to rapid growth, but for how long?

The March manufacturing PMIs for emerging Asia (ex-China) were generally weaker but still signal that exports and industry will keep improving in coming months. Nevertheless, global conditions will probably become tougher later this year, which means that economic upswings will have to rely increasingly on domestic demand. Domestic demand should hold up well in India but will probably not be robust enough in Korea, Taiwan, and Australia to head off a GDP slowdown in 2011.