MANILA, Philippines – The Hongkong Shanghai Banking Corp. (HSBC) upgraded yesterday its 2009 and 2010 economic growth forecasts for the Philippines as Asian economies are set to lead global economic recovery.
In a report titled “Emerging Markets Index” HSBC said that the country’s gross domestic product is set to expand by 1.8 percent instead of one percent this year and by 4.2 percent instead of three percent next year.
HSBC’s GDP growth forecast for the Philippines is at the high end of the government’s projection of 0.8 percent to 1.8 percent this year.
The country’s GDP growth slowed down to one percent in the first half of this year from four percent last year.
The Philippines avoided a recession after it posted a stronger-than-expected GDP growth of 1.5 percent in the second quarter after a dismal 0.6 percent expansion in the first quarter of the year.
China is expected to lead the emerging markets with an 8.1-percent GDP growth this year followed by India with 6.2 percent, Sri Lanka with four percent, and Australia with 0.8 percent.
“Emerging markets continue to power the growth in the global economy,” HSBC Group chief executive officer Michael Geoghegan said in the report.
However, HSBC believes that the Philippines would fall behind its neighbors in Southeast Asia in terms of GDP growth next year.
The country’s projected GDP growth of 4.2 percent would be lower than Vietnam’s 6.8 percent, Malaysia’s 6.8 percent, Singapore’s 6.5 percent, Thailand’s 4.5 percent, and Taiwan’s 4.4 percent.
HSBC also revised its inflation forecast this year due to easing consumer prices. It expects inflation to average 3.2 percent instead of 3.5 percent this year but kept its inflation projection of 4.8 percent for next year.
Inflation averaged 3.4 percent in the first nine months of the year from 9.2 percent in the same period last year. Consumer prices rose to 0.7 percent in September after easing for six straight months to a 20-year low of 0.1 percent in August.
HSBC expects the peso to strengthen to 46 to $1 by the end of 2009 and improve further to 43.50 next year. Policy rates are also exfected to remain low this year. –-Lawrence Agcaoili (The Philippine Star)with Ted Torres
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
