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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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