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

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

<ul><li>We had a number of productive meetings in India this week. We are much more upbeat about the prospects for the Indian stock market and the Indian economy over the next year or two following those meetings. Things seem to be on track at the governmental level, which is very good news but there is more work in the pipeline in terms of reducing red tape and getting businesses up and running in the economy. More on that in the next week or two.</li><li>Japan&amp;#39;s fourth quarter GDP numbers came in at a disappointing figure at 0.1% QoQ (the market was expecting 0.6%), which was then annualised up to 0.2%. On a year on year basis, the economy was up 0.2% which was very weak and that left the full year number at 1.1%. At the meantime, Thailand’s fourth quarter GDP came in at 2.5% YoY which was much more upbeat.</li><li>In Philippines, the central bank decided to cut interest rates from 4.5% to 4.25% which could be a risky strategy given that the peso is a naturally weak currency given the country’s poor external fundamentals.</li></ul>

We had a number of productive meetings in India this week. We are much more upbeat about the prospects for the Indian stock market and the Indian economy over the next year or two following those meetings. Things seem to be on track at the governmental level, which is very good news but there is more work in the pipeline in terms of reducing red tape and getting businesses up and running in the economy. More on that in the next week or two.Japan&amp;#39;s fourth quarter GDP numbers came in at a disappointing figure at 0.1% QoQ (the market was expecting 0.6%), which was then annualised up to 0.2%. On a year on year basis, the economy was up 0.2% which was very weak and that left the full year number at 1.1%. At the meantime, Thailand’s fourth quarter GDP came in at 2.5% YoY which was much more upbeat.In Philippines, the central bank decided to cut interest rates from 4.5% to 4.25% which could be a risky strategy given that the peso is a naturally weak currency given the country’s poor external fundamentals.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 20 Feb 2026