For this podcast, it’s just yours truly. With 2H25 in mind, I go over trade wars, Middle East tension, and the US economy. Then I take a bunch of questions from clients and colleagues. We go over asset allocation, US debt outlook, attractiveness of Asian sovereign bonds, and a few non-market questions. Enjoy!

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We dive into the presently shifting capital flow dynamic with David Skilling, Founding Director, Landfall Strategy Group. David’s firm provides insights on global economic, geopolitical, and policy developments to firms, investors, and governments, so we begin by getting a sense of the mood of his clients. We then discuss if the ongoing geoeconomic instability is creating room for Europe and Asia to come closer, even with the China-US complications in place. We then delve into his recent publication, Capital Wars, in which he argues that efforts to rebalance global trade flows will contribute to structural change in global capital flows. We go region by region, from the US to Europe, UK to Japan, and then ending with South-East Asia, to take stock of the likely impact of greater competition for capital at the firm and national levels.

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This is a recording from the DBS Asia Insights Conference 2025, held in Jakarta on May 21. I had the privilege of discussing Indonesia’s near and medium term outlook with Chatib Basri, former finance minister. In this conversation, Mr. Basri talks about Indonesia’s strategy during a time of geoeconomic fragmentation, the ability of the economy to absorb shocks, what it would take to reach 8% growth, the challenges to education, health, and infrastructure, sectoral development strategies in place, and the future of jobs amid tech disruption. An erudite speaker, Mr. Basri’s insights are invaluable to those following South East Asia’s most populous economy.

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