Moving forward, policy directions are expected to diverge. Most of the ASEAN-5 economies are gearing for fiscal consolidation, while the other Emerging Asian countries are looking to take an expansionary path. Weakening sentiment in the first quarter of 2019 is underpinned by trade tensions and the slowdown in China’s growth. Nonetheless, private consumption is holding up well. Overall, growth rates in 2019 and 2020 are expected to remain high, at 6.2% in Emerging Asia and 4.9% and 5.0%, respectively, in ASEAN.