Asia's political backdrop has recently become less favorable for growth. |
Assuming the two-percentage-point increase goes through in January, we will undertake a full review of the ratings, ... is what we are looking for from a ratings perspective. |
I don't think we will change our rating on Hong Kong in the foreseeable future because we have not seen any commitment from the government to introduce a goods services tax that will address volatility in its public finance and revenue sources. |
If the political turmoil continues, we may need to revise growth rates in countries like Thailand. |
It still feels like a dream. |
It still feels like a dream. I was just ecstatic to be able to come on a tour like this and to have the opportunity to experience Super 14 rugby, which I thought had passed me by at 29 years of age. |
Notwithstanding ongoing regional integration with China, growth in Asia remains highly leveraged to external demand, and particularly the US consumer, whom we believe to be overstretched. |
So if the effective interest rate on Philippines government debt goes up, it just takes more of their revenues to service their debts, so these are issues that really do need to be addressed. |
The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves. |
The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves. They seem to have managed reasonably well so far. |
The combined growth and external sector strengths allow Chinese policy makers to better address the country's structural economic challenges, and they have been taking the opportunity to do so. |
The continuing strength of China's external sector, including the increase in its foreign exchange reserves and exports, are a positive. However, an increase in reserves which we expect to eventually reach a trillion US dollars, will not necessarily lead to a ratings upgrade. |
The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues. |
The entire episode really damaged fiscal policy credibility in the Philippines. |
The fruit of previous investment is being reflected in the slower import figures, and that's good for medium-term growth. |