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Friday, August 19, 2022

Think tanks: Higher inflation, interest rates to temper PH growth

Think tanks expect the Philippines’ short-term economic growth outlook to be tempered by high consumer prices, while the central bank’s aggressive interest rate hikes are seen to rein in elevated inflation.

“We see a moderately deteriorating outlook, especially in Thailand and the Philippines where inflation pressures are hastening policy normalization,” Lucila Bonilla, emerging markets economist at UK-based Oxford Economics, said in a report on Friday.

In general, “emerging markets look vulnerable to a potential recession in advanced economies as global demand and trade slow,” said the think tank, which identified the Philippines, Chile, Malaysia and Thailand among emerging markets “most in danger of a sharp weakening in trade.”

“Higher inflation is eroding consumer spending. Meanwhile, higher interest rates, slower credit and collapsing equity markets have all…

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