Chief Economist, Aletheia Capital

Dr. Jim Walker

Jim Walker is the chief economist at Aletheia Analyst Network Limited, an independent research platform for the Asia Pacific region. Prior to joining Aletheia he was the founder and chief economist at Asianomics Group an economics and strategy research consultancy company formed in late 2007. 

Before establishing Asianomics he was the chief economist at CLSA Asia-Pacific Markets. He joined CLSA in late 1991. Over the years Dr Jim achieved numerous ‘best economist’ rankings in the Asiamoney, Institutional Investor and Greenwich surveys of fund managers. In 1995 he wrote about the prospect of Asia being forced off its de facto dollar peg “within the next two-three years”. The Asian Crisis, precipitated by the Thai baht devaluation, began in July 1997.

In recent years he is best known for forecasting the US 2007 downturn and financial sector meltdown in his series of ‘Apocalypse’ reports. He remains deeply sceptical of the prevailing wisdom in central banks’ approach to monetary policy.

Over the years he has also developed an approach to analysing Asian economies based on profit and credit cycles where the importance of investment spending as the driver of economic activity is explained.

Early in his career he worked in his native Scotland as a research fellow at the Fraser of Allander Institute for Research on the Scottish Economy, and then at The Royal Bank of Scotland’s Edinburgh headquarters. He holds a Bachelor of Arts Honours degree and a doctorate in economics from the University of Strathclyde, Glasgow.

Chief Economist

India, Indonesia and the Philippines Racing to Cut: What a Difference a Year Makes

Asian Bank HY Credit Weekly: Coronavirus Offsets Positive Issuance News in Asian Credit Spreads

Asian Bank HY Credit Weekly: The Novel Coronavirus and Credit

Philippines: Spotlight on Growth - Not Returns

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

Philippines Stock Exchange PSEi Index (PCOMP INDEX)

<p>After our visit to Manila at the end of August, we are not ready to upgrade the equity market from our current underweight recommendation. There is no doubt in our mind that growth is at a turning point after a very weak first half (around 5.5% YoY) but we were left unconvinced in our conversations that the conditions are in place for a robust and sustainable turnaround in activity. Moreover, we worry about the continued emphasis and reliance on government spending as the lead growth-driver for the country. Policies to unleash the private sector and, in particular, moves to encourage foreign direct investment would be much more to our liking.</p>

After our visit to Manila at the end of August, we are not ready to upgrade the equity market from our current underweight recommendation. There is no doubt in our mind that growth is at a turning point after a very weak first half (around 5.5% YoY) but we were left unconvinced in our conversations that the conditions are in place for a robust and sustainable turnaround in activity. Moreover, we worry about the continued emphasis and reliance on government spending as the lead growth-driver for the country. Policies to unleash the private sector and, in particular, moves to encourage foreign direct investment would be much more to our liking.

Turning Point: Philippines Growth Set to Improve But…