From Stability to Prosperity for All
|
|
- Rodney Manning
- 5 years ago
- Views:
Transcription
1 From Stability to Prosperity for All March 2012 PQU Press Presentation Rogier van den Brink, Lead Economist Karl Kendrick Chua, Country Economist Poverty Reduction and Economic Management (PREM) Unit World Bank Manila Office 19 March 2012
2 Recent Economic Developments
3 Percent The Philippine economy grew by 3.7 percent in 2011, broadly in line with its neighbors Regional GDP Growth Rates (%) China Indonesia Malaysia Philippines Thailand Vietnam Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Source: Haver Analytics
4 Percentage point Percentage point however it was slower than expected. Weaker public spending and external demand Only consumption was strong Investment growth artificial Demand Side: Contribution to YoY GDP Growth Supply Side: Contribution to Growth -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4-2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Discrepancy Investment Private Consumption Net Exports Govt Consumption GDP growth Agriculture Industry Services Source: National Statistical Coordination Board (NSCB)
5 Millions Percent New jobs were largely driven by falling income and not by new demand Labor Force and Job Creation Oct 07 Oct 08 Oct 09 Oct 10 Oct 11 Change in actual labor force Job Creation Share of formal employment (rhs) 50 Source: National Statistics Office (NSO). 5
6 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 Percent Percent The country s external position remains resilient, amid weak exports Exports performance deteriorated further Robust remittances and portfolio investment inflows continue to buoy BOP Electronics imports, book-to-bill ratio & VOPI Electronics imports growth Book-to-bill Volume of production index (rhs) Remittance Growth, 3 mma Nominal USD Nominal Php Real Php Source: BSP, NSO and semi.org 6
7 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 PHP billion Philippine bonds and equity markets are Riding on the country s positive outlook. Standard & Poor s raised its outlook from stable to positive in December 2011 Net foreign buying of Philippine stocks driving growth in the PSEi 6,000 5,000 4,000 3,000 2,000 1,000 - Philippine Stock Market Performance Net Foreign Buy (rhs) PSEi (5) (10) (15) Source: Philippine Stock Exchange (PSE) 7
8 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Percent Lower food prices resulted in a benign inflation environment, allowing space for monetary policy 6 Contribution to YoY Inflation Others Transport Fuel, Light and Water Inflation Rate Food and Beverage Source: Bangko Sentral ng Pilipinas 8
9 but the fiscal sector remains structurally weak Tax effort (percent of GDP) 2011 Q1 Q2 Q3 Q4 Year GAP 1 (PHP, billions) Total Revenues Total Expenditure Interest Payment Primary Spending Capital Outlays Net Gap (fiscal balance) GAP (% of Annual GDP) Total Revenues Total Expenditure Interest Payment Primary Spending Capital Outlays Others BOC BIR Net Gap (fiscal balance) Source: Department of Finance, Bureau of Treasury, and Department of Budget and Management, and WB staff calculations. 1/ Actual less programmed. Government spending in 2011 was lower than programmed despite accelerated spending in Q4. Modest improvement in tax effort to 12.3 percent of GDP, largely on account of improved tax administration but still below target. 9
10 Prospects
11 Latest growth projections downgraded Forecast Change from October / USA EU Japan China Asean World /Estimated full year growth Source: World Bank's Global Economic Prospects January 2012 China s growth is expected to decelerate further growth projection was lowered in early March to 7.5 percent, down from the GEP projection of 8.3 percent. 11
12 Preliminary base case Philippine macroeconomic framework Historical Prel. Acct. Forecast Key variables 1/ GDP growth Inflation Investment Tax effort NG spending NG balance NG debt Currant account balance Exports goods growth 2/ Import goods growth 2/ Remittance growth Source: World Bank staff estimates for projections, official sources for historical 1/ In percent of GDP unless otherwise stated, 2/BOP for historical, NSO for 2011 preliminary accounts 12
13 Estimated impact of government spending on GDP growth in 2012 Fiscal accounts Actual spending as % of total appropriations Government spending growth (%) National income accounts Contribution to GDP growth (ppt) Source: Bureau of Treasury (BTr), DBM, NSCB, World Bank staff estimates GDP growth (%) 13
14 Debt broadly sustainable but faces vulnerabilities Using one-half SD shock to interest rate, growth rate and primary balance Combined shock 2/ Using one SD shock to interest rate, growth rate and primary balance Combined shock 2/ combined shock combined shock Baseline Baseline Sources: World Bank staff estimates. 1/ Shaded areas represent actual data. Figures represent average projections for the respective variables in the baseline and scenario being presented. 2/ Permanent standard deviation shocks applied to real interest rate, growth rate, and primary balance;. 14
15 Medium to Long-term Agenda Begins Today
16 Percent Average per capita growth has been very low at 1.4 percent in the last 50 years. GDP per Capita Growth Rate HP Filtered GDP per Capita GR GDP per Capita GR 16
17 Real income drastically fell after 1983 crisis and narrowly averted in Real income Real income per capita BACK 17
18 Investment are very low and indicates lower growth prospects in the years ahead. Investment as share of GDP
19 Manufacturing share to GDP largely flat since 1958 Share in Production Agriculture Manufacturing Industry Service 19
20 Constraints to growth largely structural.
21 Incidence (% of Population) These have resulted in slower poverty reduction Official 1992 Methodology Official 2011 Methodology WB $2/day 2005 PPP (% of popn) Official 2003 Methodology WB $1.25/day 2005 PPP (% of popn) Goal 21
22 and weaker labor market outcomes Underemployment rate Unemployment rate
23 Labor Market Dynamics Current quarter Previous quarter Employed Unemployed Out of Labor Force Total % Employed Unemployed Out of Labor Force Improved Deteriorated Same
24 Many workers work for micro and small
25 Majority have no social insurance Employed Worked for private establishment/corporation Agriculture Traders and related workers
26 Mismatch in education and work sector among college graduates FIELD Rank General Programs Public Administration Whole Sale and Retail Trade Education 27.2% 18.7% 16.1% Education Education Whole Sale and Retail Trade Public Administration Humanities, Religion and Theology Social and Behavior Science, Business, and Law Natural Science, Pure Science, Computer Science Medicine and Health Sciences; Trade, Craft & Industry; Architecture 63.6% 11.4% 7.2% Others Education; Public Administration Whole Sale and Retail Trade 25.1% 15.9%; 15.7% 14.2% Whole Sale and Retail Trade Public Administration Finance 25.3% 18.4% 13.6% Whole Sale and Retail Trade Finance, Real Estate and Other related business activities Manufacturing 21.3% 18.2% 12.4% Whole Sale and Retail Trade; Medical and Social Work Manufacturing; Public Adminsitration Construction; Finance, Real Estate and Other related business activities 17.2%; 17.9% 12.4%; 12.0% 7.4%; 7.3% Agriculture, Forestry and Fisheries; Home Economics Public Administration Whole Sale and Retail Trade Agriculture 25.60% 19.10% 17.30% Services and Trade Others Whole Sale and Retail Trade Medical and Social Work 77.1% 16.5% 13.3% Mass Communication and other programs Public Administration Whole Sale and Retail Trade Transporation and Communication 27.0% 15.9% 11.3%
27 In summary The global recovery is at a difficult juncture with significant downside risks. Slow growth in large middle-income countries and financial turmoil and recession in Europe are generating headwinds. Developing countries need to prepare. A sharp deterioration in conditions could imply a cycle as large as the 2008/09 crisis potentially longer lasting because of reduced policy space. Developing countries activity will be vulnerable to varying degrees to: A further decline in international capital flows Reduced exports Falling commodity prices or remittance levels A reduction in international aid 27
28 Policy implications for Philippines Short-term: growth can be supported by adequate fiscal policy. Public spending needs a lot of catching up relative to 2011 at higher quality. Urgency of passing excise tax and fiscal incentives rationalization bills. Tax expenditure and fiscal risk reporting as integral part of the Budget. Medium-term: growth above 5 percent can be sustained by addressing structural bottlenecks to raise overall competitiveness. Strengthening public financial management Raising tax revenues efficiently and equitably Enhancing competitiveness to attract more investments Urgency of getting reforms properly sequenced and started today Window of opportunity narrowing (political and economic opportunities are here). 28
29 End notes A stronger structural underpinning would allow the country to deal with shocks more effectively, achieve more inclusive growth, and reduce poverty at a faster rate. Thank you. 29
Sustaining Resilience, Expanding Opportunities for Inclusive Growth
1 Sustaining Resilience, Expanding Opportunities for Inclusive Growth Deputy Governor Diwa C. Guinigundo Bangko Sentral ng Pilipinas Source: Google images 2 PH emerges as growth leader in the ASEAN pack
More informationMaking growth work for the poor
Making growth work for the poor A window of opportunity to eradicate extreme poverty and boost shared prosperity within one generation Karl Kendrick Chua Senior Country Economist The World Bank in the
More informationMonitoring the Philippine Economy
Monitoring the Philippine Economy Second Quarter Report for 2015 Project of Angelo King Institute Mitzie Irene P. Conchada 1 Assistant Professor School of Economics Edgardo Manuel Jopson BS-MS Economics
More informationPHILIPPINES QUARTERLY UPDATE FROM STABILITY TO PROSPERITY FOR ALL. March 2012
PHILIPPINES QUARTERLY UPDATE FROM STABILITY TO PROSPERITY FOR ALL March 2012 Poverty Reduction and Economic Management Unit East Asia and Pacific Region Document of the World Bank Preface The Philippines
More informationMonitoring the Philippine Economy First Quarter Report for 2016
Monitoring the Philippine Economy First Quarter Report for 2016 Project of Angelo King Institute Mitzie Irene P. Conchada 1 Assistant Professor School of Economics Regina S. Villasor BS Applied Economics
More informationLAO ECONOMIC MONITOR APRIL 2017
LAO ECONOMIC MONITOR APRIL 2017 May-June 2017 1. Recent Economic Developments and Outlook 2. Health Sector Financing in Lao PDR 1. Recent Economic Developments Contents 1. Key findings 2. Growth and inflation
More informationPHILIPPINE ECONOMIC UPDATE Accelerating Reforms to Sustain Growth December 2012
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PHILIPPINE ECONOMIC UPDATE 75021 Accelerating Reforms to Sustain Growth December 2012
More informationThe Philippine s Socio-economic Performance, Outlook, Challenges, and Vision National Economic and Development Authority
The Philippine s Socio-economic Performance, Outlook, Challenges, and Vision National Economic and Development Authority ILO Trade on Employment Workshop 6-7 October 2016 Socio-economic Performance 1980
More informationMonitoring the Philippine Economy Third Quarter Report for 2016
Monitoring the Philippine Economy Third Quarter Report for 2016 Project of Angelo King Institute Mitzie Irene P. Conchada 1 Assistant Professor School of Economics Regina S. Villasor BS Applied Economics
More informationAsia Bond Monitor November 2018
7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on
More informationMonitoring the Philippine Economy First Quarter Report for 2017
Monitoring the Philippine Economy First Quarter Report for 2017 Project of Angelo King Institute Dr. Mitzie Irene P. Conchada 1 Associate Professor School of Economics Won Hee Cho BS-MS Economics School
More informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationTHIS QUARTER IN ASIA ASEAN SHOWING RESILIENCE WHILE CHINA AND INDIA WEAKENING
Apr-9 Oct-9 Apr-1 Oct-1 Apr-9 Oct-9 Apr-1 Oct-1 THIS QUARTER IN ASIA Asian Business Cycle Indicators (ABCIs), Vol.8 April June 212 Source: OECD Development Centre ASEAN SHOWING RESILIENCE WHILE CHINA AND
More informationPhilippines: 2017 Economic Performance and Socioeconomic Priorities 2018 Onwards. Carlos Bernardo O. Abad Santos Assistant Secretary 09 March 2018
Philippines: 2017 Economic Performance and Socioeconomic Priorities 2018 Onwards Carlos Bernardo O. Abad Santos Assistant Secretary 09 March 2018 The Setting: Where We Are Now PH economic growth in sharp
More informationChikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund
Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund (percent YOY) 8 6 Real GDP Growth ASSUMPTIONS A more gradual monetary policy normalization 4 2 21 211 212
More informationMonitoring the Philippine Economy Second Quarter Report for 2016
Monitoring the Philippine Economy Second Quarter Report for 20 Project of Angelo King Institute Mitzie Irene P. Conchada 1 Assistant Professor School of Economics Regina S. Villasor BS Applied Economics
More informationPHILIPPINES BRIEF. World Bank. November 2007
PHILIPPINES BRIEF World Bank November 27 This Brief is produced by staff from the World Bank s East Asia & Pacific Region in conjunction with the issue of the Region s Semi-Annual East Asia & Pacific Update.
More informationIndonesia Economic Quarterly Launch Jakarta, March 18, Jim Brumby Sector Manager and Lead Economist
Indonesia Economic Quarterly Launch Jakarta, March 18, 214 Jim Brumby Sector Manager and Lead Economist MARCH 214 IEQ: INVESTMENT IN FLUX Fixed investment: subdued, and risks Risks to fiscal space needed
More informationGlobal Economic Prospects and the Developing Countries William Shaw December 1999
Global Economic Prospects and the Developing Countries 2000 William Shaw December 1999 Prospects for Growth and Poverty Reduction in Developing Countries Recovery from financial crisis uneven International
More informationEmerging Global Challenges and implications for Indonesia
Emerging Global Challenges and implications for Indonesia Muhammad Chatib Basri Harvard Kennedy School and University of Indonesia Short term problems: macroeconomic stability 2 The macroeconomic impact
More informationIndonesia Economic Quarterly, July 2014 Hard choices. Ndiamé Diop Lead Economist
Indonesia Economic Quarterly, July 214 Hard choices Ndiamé Diop Lead Economist The new administration will face major near-term challenges Fiscal pressures Economic growth Poverty and inequality reduction
More informationPresentation. Global Financial Crisis and the Asia-Pacific Economies: Lessons Learnt and Challenges Introduction of the Issues
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 211, Manila,
More informationFigure 1. Nepal: Recent Fiscal Developments
Jul/Aug Aug/Sept Sept/Oct Oct/Nov Nov/Dec Dec/Jan Jan/Feb Feb/Mar Mar/Apr Apr/May May/Jun Jun/Jul Figure 1. : Recent Fiscal Developments Strong revenue growth combined with subdued capital spending kept
More informationPHILIPPINE ECONOMIC UPDATE ACCELERATING REFORMS TO SUSTAIN GROWTH
PHILIPPINE ECONOMIC UPDATE ACCELERATING REFORMS TO SUSTAIN GROWTH December 2012 Poverty Reduction and Economic Management Unit East Asia and Pacific Region Document of the World Bank Preface The Philippine
More informationPHILIPPINES QUARTERLY UPDATE Sustaining Growth in Uncertain Times. December Public Disclosure Authorized. Public Disclosure Authorized
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PHILIPPINES QUARTERLY UPDATE Sustaining Growth in Uncertain Times December 2011 PHILIPPINES
More informationThe Philippine Economy
The Philippine Economy RECENT PERFORMANCE & PRIORITY REFORMS FOR SUSTAINED GROWTH ADORACION M. NAVARRO Undersecretary, Regional Development Office National Economic and Development Authority 1 8 6 4 PH
More informationGROWTH IN ASEAN SHOWS RESILIENCE UNDER GLOBAL LIQUIDITY INFUSION
May-1 Nov-1 May-1 Nov-1 THIS QUARTER IN ASIA Asian Business Cycle Indicators (ABCIs), Vol.11 April July 213 Source: OECD Development Centre GROWTH IN ASEAN SHOWS RESILIENCE UNDER GLOBAL LIQUIDITY INFUSION
More informationPURSUING SHARED PROSPERITY IN AN ERA OF TURBULENCE AND HIGH COMMODITY PRICES
2012 Key messages Asia-Pacific growth to slow in 2012 amidst global turbulence: Spillovers of the euro zone turmoil Global oil price hikes Excess liquidity and volatile capital flows Key long-term challenge:
More informationINDONESIA ECONOMIC QUARTERLY MARCH 2013
INDONESIA ECONOMIC QUARTERLY MARCH 213 PRESSURES MOUNTING Jim Brumby, PREM Sector Manager & Lead Economist Paramadina Public Policy Institute, March 213 www.worldbank.org/id MARCH 213 IEQ LAUNCH PRESENTATION
More informationOutlook for the Texas Economy. Luis Bernardo Torres Ruiz, Ph.D. August 26, 2016
Outlook for the Texas Economy Luis Bernardo Torres Ruiz, Ph.D. August 26, 2016 Research Economist Texas Society of Architects Contents 1. U.S. Economic Outlook 2. Texas Economic Outlook 3. Challenges and
More informationUnderstanding the Global ASEAN Consumer
Understanding the Global ASEAN Consumer The Philippines Millennials Roberto B. Tan Treasurer of the Philippines February 2015 ASEAN Offers a Future of Prosperity and Stability Combined GDP of nearly USD3tr
More informationSustaining Momentum to Achieve Inclusive Growth and Development
Sustaining Momentum to Achieve Inclusive Growth and Development Rosemarie G. Edillon, PhD Deputy Director-General National Economic and Development Authority 1 KEY MESSAGES Momentum has been building up.
More informationHIGHLIGHTS from CHAPTER 1: GLOBAL OUTLOOK DARKENING SKIES
Key Points HIGHLIGHTS from CHAPTER 1: GLOBAL OUTLOOK DARKENING SKIES Global growth has moderated, and it is expected to slow from 3 percent in 18 to.9 percent in. International trade and manufacturing
More informationThe Long Journey to Recovery. Russia Economic Report April 2016 Edition No. 35
The Long Journey to Recovery Russia Economic Report April 216 Edition No. 35 1 2 3 The anticipated recovery was delayed and the economy adjusted through a sharp income drop. The government s policy response
More informationAsia and the Pacific: Economic Outlook. PFTAC Steering Committee Meeting March 27, 2018 Suva, Fiji
Asia and the Pacific: Economic Outlook PFTAC Steering Committee Meeting March 27, 2018 Suva, Fiji 1 Growth in the region remains strong... Growth Projections: World and Selected Asia (Percent change from
More informationImproved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year
ECONOMIC REPORT Business & Consumer Confidence 17 April 2018 Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year MIER s CSI rebounded to 3.5-year high. Underpin by
More informationBNM Maintains OPR at 3.25%, Hawkish About Economic Outlook
7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,
More informationAsia Bond Monitor March 2015
June 1 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Malaysia accelerated to.1% year-on-year (y-o-y) in May from 1.8% y-o-y in April, mainly due
More informationIndonesia Economic Outlook and Policy Challenges
Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27
More informationIndonesia Economic Quarterly: October 2012 Maintaining resilience
Indonesia Economic Quarterly: October 1 Maintaining resilience Ndiame Diop Lead Economist & Economic Advisor, Indonesia World Bank October 15, 1 Paramadina Public Policy Institute www.worldbank.org/id
More informationNational Economic and Development Authority
fa Republic of the Philippines National Economic and Development Authority National Planning and Policy Staff NEDA s Inputs the Project Link s Country Report October 2016 I. Recent Trends 1. The Philippine
More informationThe Economic & Financial Outlook
The Economic & Financial Outlook James Marple Director & Senior Economist TD Economics May 3, 2018 Global Economies Break Pattern Of Serial Disappointment 4.0 World GDP, Year/Year % Change 3.9 3.8 3.7
More informationAsia and the Pacific: Economic Outlook and Drivers
2018/FDM1/004 Session 2.1 Asia and the Pacific: Economic Outlook and Drivers Purpose: Information Submitted by: International Monetary Fund Finance and Central Bank Deputies Meeting Port Moresby, Papua
More informationNdiame Diop, Lead Economist & Economic Advisor World Bank Indonesia BKPM, December 16, 2013
Ndiame Diop, Lead Economist & Economic Advisor World Bank Indonesia BKPM, December 16, 2013 Overview of recent economic developments Framing the policy choices for the current account and growth in 2014
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationPHILIPPINE ECONOMIC UPDATE ACCELERATING REFORMS TO MEET THE JOBS CHALLENGE. May 2013
PHILIPPINE ECONOMIC UPDATE ACCELERATING REFORMS TO MEET THE JOBS CHALLENGE May 2013 Poverty Reduction and Economic Management Unit East Asia and Pacific Region Document of the World Bank 1 PREFACE The
More informationAsia Bond Monitor November 2015
1 February 16 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Bangko Sentral ng Pilipinas (BSP) decided on 11 February to keep unchanged the overnight borrowing rate at.% and
More informationRecent Economic Developments
REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin
More informationL-1 Part 2 Introduction to Indonesia Case Study
L-1 Part 2 Introduction to Indonesia Case Study IMF Singapore Regional Training Institute OT 18.52 Macroeconomic Diagnostics February 26 March 2, 2018 Presenter Stephan Danninger This training material
More informationMonthly Update of the ASEAN+3 Regional Economic Outlook (AREO)
Monthly Update of the ASEAN+3 Regional Economic Outlook (AREO) Special Edition ASEAN+3 Macroeconomic Research Office (AMRO) Singapore January 2018 This Monthly Update of the AREO was prepared by the Regional
More informationZambia s Economic Outlook
Zambia s Economic Outlook F R A N C I S C H I P I M O D I R E C T O R E C O N O M I C S B A N K O F Z A M B I A Z A M B I A I N V E S T M E N T C O N F E R E N C E N O V E M B E R 4, 2 0 1 5 L O N D O
More informationRadu Mihai Balan, Edilberto L. Segura
April 15 GDP expanded by.9% yoy in 1, reaching EUR 15.7 billion. Industrial output expanded 1.% yoy in January, slowing down from 3.1% yoy in December. The consolidated budget deficit posted a.33% of GDP
More informationWorld Bank Thailand Economic Monitor November Press Launch November 4, 2009
World Bank Thailand Economic Monitor November 2009 Press Launch November 4, 2009 overview The Thai economy is rebounding from a rocky first half of 2009, but the medium-term outlook is uncertain. The Thai
More informationIndonesia: Building on Resilience and Prospering Amid Global Economic Uncertainty
Indonesia: Building on Resilience and Prospering Amid Global Economic Uncertainty 2016 Article IV Consultation Report on Indonesia John G. Nelmes IMF Senior Resident Representative for Indonesia Academic
More informationEconomic Monthly ASEAN & India
Economic Monthly ASEAN & India AKI FUKUCHI ECONOMIC RESEARCH OFFICE TOKYO YUMA TSUCHIYA ECONOMIC RESEARCH OFFICE SINGAPORE APRIL 8 (ORIGINAL JAPANESE VERSION RELEASED ON APRIL 8) MUFG Bank, Ltd. A member
More informationGlobal Economic Prospects
Global Economic Prospects Slow and halting progress Andrew Burns DEC Prospects Group October, 22, 2012 1 Despite better financial conditions, stronger growth remains elusive May/June financial turmoil
More informationPHILIPPINES QUARTERLY UPDATE Laying Out the Exit Strategies. February 2010
PHILIPPINES QUARTERLY UPDATE Laying Out the Exit Strategies February 2010 Laying Out the Exit Strategies TABLE OF CONTENTS Executive Summary...3 Recent Economic Developments...4 Output and Demand...4
More informationEurope Outlook. Third Quarter 2015
Europe Outlook Third Quarter 2015 Main messages 1 2 3 4 5 Moderation of global growth and slowdown in emerging economies, with downside risks The recovery continues in the eurozone, but still marked by
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2017 Roadmap Global Economy The global outlook remains favorable Global growth positive momentum continues, with a synchronized
More informationIndonesia Economic Quarterly June 2017 Upgraded. Hans Anand Beck Acting Lead Economist, Indonesia
Indonesia Economic Quarterly June 2017 Upgraded Hans Anand Beck Acting Lead Economist, Indonesia June 15, 2017 Key Takeaways S&P upgrade acknowledged strong economic fundamentals and management. S&P returned
More informationGlobal Economic Prospects. South Asia. June 2014 Andrew Burns
Global Economic Prospects South Asia June 214 Andrew Burns Main Messages 214 Global forecast has been downgraded, mainly reflecting one-off factors Financing conditions have eased temporarily, but are
More information1. Macroeconomic Highlights
1. Macroeconomic Highlights ht Macroeconomic Highlights Resilient growth over the last 2 years, despite the global economic slowdown Banking industry robust with high level of CAR and low NPLN. In 2008
More informationGlobal Economic Prospects: Spillovers amid Weak Growth. Select Publications from DECPG
// Global Economic Prospects: Spillovers amid Weak Growth February M. Ayhan Kose Disclaimer! The views presented here are those of the authors and do NOT necessarily reflect the views and policies of the
More informationMongolia Monthly Economic Brief
Mongolia Monthly Economic Brief June 21 Mongolia s economic growth in Q1 21, slowed to.% (y/y), down from % in the previous quarter. Investment sharply contracted by 1.% from the same quarter a year ago,
More informationMyanmar Economic Monitor May 2018 Growth Amidst Uncertainty. Hans Anand Beck Lead Economist, Myanmar
Myanmar Economic Monitor May 2018 Growth Amidst Uncertainty Hans Anand Beck Lead Economist, Myanmar May 17, 2018 Key Takeaways The economy performed better in 2017/18 amidst uncertainty. A stronger-than-expected
More informationRegional Economic Outlook
Regional Economic Outlook Caucasus and Central Asia Azim Sadikov International Monetary Fund Resident Representative November 6, 2013 Outline Global Outlook CCA: Recent Developments, Outlook, and Risks
More informationNIGERIA S ECONOMIC OVERVIEW
NIGERIA S ECONOMIC OVERVIEW Presented at the Plenary Session of UK-Nigeria Trade & Investment Forum By Senator Udoma Udo Udoma, CON Honourable Minister Ministry of Budget and National Planning 17 th April,2018
More informationMONITORING THE PHILIPPINE ECONOMY
MONITORING THE PHILIPPINE ECONOMY Volume VI, No. 3, 2016 ISSN # 2094-3342 MONITORING THE PHILIPPINE ECONOMY YEAR-END REPORT FOR 2015 The Philippine economy expanded by 5.9% for the year 2015, fortifying
More informationGlobal Economic Prospects
Global Economic Prospects Assuring growth over the medium term Andrew Burns DEC Prospects Group January 213 1 Despite better financial conditions, stronger growth remains elusive More than 4 years after
More informationMonthly Economic and Financial Developments April 2006
Release Date: 30 May Monthly Economic and Financial Developments April In an effort to provide the public with more frequent information on its economic surveillance activities, the Central Bank has decided
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationGlobal Markets Group. Trade Performance: Narrowing Surplus Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report
Global Markets Group Trade Outlook Monthly Report Economic Research November 2016 Trade Performance: Narrowing Surplus Author: Juniman Chief Economist Trade Highlights Exports in September 2016 fell to
More informationChina Economic Update Q1 2015
Key Developments in Brief Economic development Growth drivers Risks GDP growth slows to 7. Slowdown challenging, but manageable More easing policies expected Reforms progressing slowly Services and retail
More informationeregionaloutlooksincharts
eregionaloutlooksincharts (clickonregion) EastAsiaandPaci c EuropeandCentralAsia LatinAmericaandtheCaribbean MiddleEastandNorthAfrica SouthAsia Sub-SaharanAfrica The Economic Outlook for East Asia and
More informationDEVELOPMENTS IN THE PHILIPPINE STOCK MARKET
THE PHILIPPINE STOCK EXCHANGE, INC. DEVELOPMENTS IN THE PHILIPPINE STOCK MARKET FACTORS THAT LED US TO BE AMONG THE BEST Hans B. Sicat President and CEO 07 NOV 2013 Discussion Outline Economic Performance
More informationPresentation. Global Financial Crisis: Impact on Kazakhstan, Lessons from the Past, Current Challenges
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 2011, Manila,
More informationKBank Capital Markets Perspectives 29 February 2016
KBank Capital Markets Perspectives 29 February 2016 Thailand Economic Monitor and BoT Forecast : March 2016 Thailand s economy steadied in February, though domestic demand decelerated slightly from January
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: October 24, 2018 Prepared by the UNL College of Business, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident Economic
More informationEconomic Briefing for the Philippine Association of National Advertisers. 24 February 2010
Economic Briefing for the Philippine Association of National Advertisers 24 February 2010 1 Presentation flow 11 themes for 2011 1. Economic growth is real. 2. Service oriented economy. 3. Consumption
More informationValentyn Povroznyuk, Radu Mihai Balan, Edilberto L. Segura
September 214 GDP grew by 1.2% yoy in Q2 214. Industrial output growth was equal to 1.4% yoy in June 214. The consolidated budget deficit narrowed to.2% of GDP in January-July 214. Consumer inflation slightly
More informationTrade Balance (LHS) Exports (RHS) Imports (RHS)
14,000 RM Million % change y-o-y 50.0 12,000 40.0 10,000 30.0 8,000 20.0 6,000 10.0 4,000 0.0 2,000 (10.0) 0 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16
More informationAsia Bond Monitor November 2018
January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets L ast week, the Philippines raised USD. billion from the sale of -year global bonds priced at basis points above benchmark
More informationA PROPOSAL FOR MONTH YEAR (ALL CAPS) CHARTBOOK. Market Indicators
A PROPOSAL FOR MONTH YEAR (ALL CAPS) CHARTBOOK Market Indicators November 2015 For more information, contact: Janlo de los Reyes Manager Research and Consultancy janlo.delosreyes@ap.cushwake.com Leo De
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: August 15, 2014 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Graduate Research Assistants:
More informationThe real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.
QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates
More informationThe Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 2009
The Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 29 Anoop Singh Asia and Pacific Department IMF 1 Five key questions
More informationModerating External Trade Caused IPI to Hit 3-Month Low at 3%
12 July 2018 ECONOMIC REVIEW May 2018 Industrial Production Index Moderating External Trade Caused IPI to Hit 3-Month Low at 3% IPI meets market estimates. Malaysia s industrial production expands by 3%yoy
More informationMongolia Economic Brief
September 216 http://www.worldbank.org/mongolia Mongolia Economic Brief The budget deficit sharply rose in the first seven months of 216 amid spending increases and revenue shortfalls. The deficit reached
More informationPRESENTATION BY PROF. E. TUMUSIIME-MUTEBILE, GOVERNOR, BANK OF UGANDA, TO THE NRM RETREAT, KYANKWANZI, JANUARY
BANK OF UGANDA PRESENTATION BY PROF. E. TUMUSIIME-MUTEBILE, GOVERNOR, BANK OF UGANDA, TO THE NRM RETREAT, KYANKWANZI, JANUARY 19, 2012 MACROECONOMIC MANAGEMENT IN TURBULENT TIMES Introduction I want to
More informationPRELIMINARY IMPACT OF GLOBAL CRISIS IN INDONESIA
PRELIMINARY IMPACT OF GLOBAL CRISIS IN INDONESIA 1 Preliminary Impacts Up to January 2009, some economic indicators still showed strong results while others started to reflect impact at early stage GDP
More informationMonthly Economic Insight
Monthly Economic Insight Prepared by : TMB Analytics Date: 22 February 2018 Executive Summary Synchronized global economic growth continued to brighten global economic outlook and global trade outlook.
More informationEconomic Projections For 2014 And 2015
Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic
More informationErdem Başçi: Recent economic and financial developments in Turkey
Erdem Başçi: Recent economic and financial developments in Turkey Speech by Mr Erdem Başçi, Governor of the Central Bank of the Republic of Turkey, at the press conference for the presentation of the April
More informationAsia Key Economic and Financial Indicators 13-Jul-17
Asia Key Economic and Financial Indicators -Jul-7 ASEAN Brunei (BN) Cambodia (KH) Indonesia () Laos (LA) Malaysia () Myanmar (MM) Philippines () Singapore () Thailand () Vietnam () East Asia China (CN)
More informationEconomic Monthly ASEAN & India
Economic Monthly ASEAN & India AKI FUKUCHI, SHOHEI TAKASE ECONOMIC RESEARCH OFFICE TOKYO YUMA TSUCHIYA, MAKIKO STOKES ECONOMIC RESEARCH OFFICE SINGAPORE 1 DECEMBER 1 (ORIGINAL JAPANESE VERSION RELEASED
More informationAPPENDIX: A SNAPSHOT OF INDONESIAN ECONOMIC INDICATORS
APPENDIX: A SNAPSHOT OF INDONESIAN ECONOMIC INDICATORS Appendix Figure : Quarterly and annual GDP growth (percent growth) Appendix Figure : Contributions to GDP expenditures (quarter-on-quarter, seasonally
More informationEconomic Monthly ASEAN & India
Economic Monthly ASEAN & India AKI FUKUCHI ECONOMIC RESEARCH OFFICE TOKYO YUMA TSUCHIYA ECONOMIC RESEARCH OFFICE SINGAPORE 13 NOVEMBER 17 (ORIGINAL JAPANESE VERSION RELEASED ON OCTOBER 17) The Bank of
More informationMexico: Dealing with international financial uncertainty. Manuel Sánchez
Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery
More informationMalaysia Economic Monitor The Quest for Productivity Growth
Malaysia Economic Monitor The Quest for Productivity Growth 1 Contents RECENT ECONOMIC DEVELOPMENTS AND OUTLOOK External environment Domestic economic developments Outlook THE QUEST FOR PRODUCTIVITY GROWTH
More information