The economic forecast for many countries
these days ranges from shaky to dismal, especially among industrialized
countries. Yet, the Philippines and Indonesia stand out as rare examples of
emerging Asian economies with positive rating outlooks.
According
to a report titled “Two Emerging Asian Economies Stand Out With Positive
Outlooks Amid Sobering Economic News Elsewhere,” just published on
RatingsDirect, Standard & Poor’s Ratings Services said that these two
countries were among only 10 in the world that have positive rating outlooks,
and none were industrialized economies.
Generally,
the bond markets are treating the Philippines and Indonesia pretty well. And
the cost to insure the two countries’ debt using credit default swaps also
illustrates the favorable treatment the credit markets are giving the two
countries.
Meantime,
Southeast Asian countries have reaffirmed plans to integrate their economies by
2015, carrying hopes the move will make the region a key growth leader for the
global economy.
At the
end of the three-day World Economic Forum for East Asia held in Bangkok Friday,
member-countries of the Association of Southeast Nations (Asean) committed to
pursue the Asean integration plan as scheduled by 2015.
Under
the economic integration plan, their financial systems and capital markets will
be interconnected, trade will be easier through the elimination of many
tariffs, and freer movement of labor across borders will be allowed.
In a
statement released by the World Economic Forum (WEF), Southeast Asian leaders
cited the benefits of an integrated region. “Leaders of four Asean countries
reaffirmed the 10-member grouping’s commitment to form the Asean Economic
Community as scheduled in 2015,” WEF said in the statement.
WEF
said Asean members also raised hopes the group would be joined by other Asian
countries in the future.
The
economic integration by 2015 is expected to transform Southeast Asia into a
major growth force in Asia and the world, together with China and India.
The
Philippines is supportive of the region’s integration, saying doing so would
help accelerate growth of member-economies. The country’s economic officials
believe the integration will help member-countries pursue the goal of
“inclusive” growth.
Economists
said that while the Philippines and other emerging Asian countries were cited
for their respectable growth rates despite problems hounding advanced Western
economies, they continued to suffer from growth that was not inclusive.
“Inclusive”
growth is one that actually translates to poverty reduction and does not
benefit only the rich. In the Philippines, poverty incidence remains high even
as the economy has consistently grown over the years.
With a
report from Reuters
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