LOWER EXPORTS, as well as tighter fiscal and monetary policies, could slow the growth of the Philippines along with other economies in the region, Standard & Poor’s yesterday said in a report.
The ASEAN-5 comprising the Philippines, Indonesia, Malaysia, Thailand and Vietnam is “losing steam,” the debt watcher said, especially in the face of possible recessions in the United States and Europe.
“Although growth prospects for the ASEAN-5 are better than those for the developed economies, several factors that helped lift these countries out of the slowdown in 2009 are gradually losing steam,” the report states.
With ASEAN-5 countries heavily dependent on trading partners, grim growth prospects in the US, Europe and even China could bring down their economies as exports falter.
“We believe slowing growth is inevitable for the ASEAN-5 during 2011 and 2012, and the region could be in for a hard landing if the advanced economies enter another recession,” S&P said.
This may be worse for the Philippines, whose dependence on the three economic giants is among the highest in the region. According to the study, the US accounts for 16.5% of the country’s total exports while Europe contributes 17.4% and China, 14.5%. — D. C. J. Jiao, Businessworld
- Asean unions relaunch online complaints mechanism for migrant workers
- Asean official meets ATUC, receives ATUC Bali Declaration
- ATUC leaders meet in Bali, adopt Declaration on key concerns of labour in Asean
- ATUC youth joins conference on reducing youth unemployment and the future of work
- Making women in leadership a norm
What They Say About Us
- Working through the ASEAN Trade Union Council (ATUC), a number of labor groups from Southeast Asia have proposed the ASEAN Social Charter, which they see …
- Labour rights do not feature prominently on ASEAN’s agenda, but the ASEAN Trade Union Council (ATUC) is pushing for a social charter and a framework for the protection of migrant workers.
- ASEAN22 : The ASEAN Social Charter was designed by the ASEAN Trade Union Council (ATUC) and labour-friendly NGOs as a social counterpart to ASEAN’s economic
c/o Trade Union Congress of the Philippines
No. 2 Kalaw-Ledesma Circle, Tierra Verde 2, Tandang Sora, Quezon City 1116