During the period of “fighting targets,” our economic planners forecast growth rates that were nearly impossible for the real economy to achieve. In every year we had “fighting targets,” our economic growth failed expectations.
Our fiscal managers try to reassure us that the outstanding public debt is not that bad. The debt service remains within the prudential norms. Two-thirds of the public debt is incurred domestically and in pesos. That reduces the risks posed by dramatically realigning currency exchange rates. In fact, the adjustment is significant. As adjusted, our growth targets now more closely approximate the forecasts of multilateral institutions and corporate think tanks. We are no longer in the business of making wild growth forecasts.
A combination of geopolitical factors will keep oil prices high. OPEC is maintaining its reduced production. Ukraine has developed enough drone technology to hit Russian refineries far inland from the borders, knocking off 15 percent of Russian production. The US needs to refill its strategic reserves – although it is in little hurry to do so because of domestic political implications. In fact, one US spokesman publicly pleaded with Ukraine to desist from hitting Russian oil facilities.
The Chinese economy is troubled. It is forecast to grow at 3 percent or less. The property development balloon has burst with serious possibly financial consequences for the world’s second largest economy. We cannot afford to postpone reforms. The nation’s capacity for delivering a better future rests on realizing these reforms.Beautycon 2024: Highlights, spotted celebs, top brands from the beauty event of the yearUS Powerball jackpot spiked to $975 million and you can join from the Philippines
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