After enduring a slump for much of 2013, retail sales in Emerging Asia (ex. China) appear to have turned a corner. Growth has picked up strongly across most countries in the region in recent months. With inflation low and monetary policy likely to remain fairly accommodative across the region, the rebound has further to run. The main factor that will hold back spending in some countries is high household debt, which means that Singapore and Thailand are likely to continue to miss out on Asia's retail spending recovery.
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