ADB warns of wage-price spirals in Asia
THE rising inflation remains a “major risk” in Asia, including the Philippines and could trigger a potentially damaging wage-price spiral, , the Asian Development Bank (ADB) warned on Thursday.
In its July edition of Asian Economic Monitor (AEM), the Manila-based lender said inflation rate in the Philippines is projected to average at 5.8 percent in the next 12 months and 5.9 percent in the next 24 months.
In the next 36 months, ADB said inflation in the country is likely to average at 5.6 percent.
“Inflation continued to rise across much of the region, driven by higher commodity prices and strong economic recovery,” ADB said.
The lender said the risk of rising inflation could lead to wage-price spirals that could derail the region’s growth.
A wage-price spiral is when rising prices leads to workers demanding higher wages, which drives up production costs and puts further upward pressure on prices.
“The risk is there but policymakers know that this risk is right in front of their eyes” and are taking steps to address inflation,” Iwan Azis, head of ADB’s Office of Regional Economic Integration said.
Inflation around the region was hovering at 3 percent to 6 percent but in some places, such as Vietnam, it had hit 20 percent by the end of June, the lender said.
“Other risks to the outlook include a more tepid than expected recovery in Japan and unresolved debt problems in the US and eurozone; increasing financial market volatility; and destabilizing capital flows,” the ADB said
The lender also said that the Philippine economy, as measured by gross domestic product (GDP) is expected to moderate to 5 percent this year as authorities tighten fiscal and monetary conditions.
GDP refers to the total value of final goods and services produced in a country.
For next year, the ADB said growth in the Philippines is expected to show a slight pickup in growth to 5.3 percent.
The ADB report forecasts aggregate GDP growth for emerging East Asia economies of 7.9 percent in 2011 and 7.7 percent in 2012. In 2010 aggregate growth reached 9.3 percent.
“Growth is easing in most of emerging East Asia as authorities wind down fiscal stimulus measures and tighten monetary policies to counter rising inflation,” Iwan Azis, head of ADB’s Office of Regional Economic Integration that prepared the report said.
“This is actually a good thing so stronger economies like the People’s Republic of China (PRC) don’t overheat,” he added.
With report from AFP
Source: http://manilatimes.net/index.php/business/3085-adb-warns-of-wage-price-spirals-in-asia
Residents or Manila travel out of town to head north to Pampanga to relax, unwind and spend a few nights in the new hotel rooms situated right on the lake of Clearwater Resort in Clark Airbase. Many visitors and tourists enjoy the feeling of waking up by the lake. The sunrise produces a spectacular sight with the sunlight reflection on the calm surface of the three-hectare fresh water lake of this famous resort in Clark.
Families with small children prefer outdoor hotel in Manila, clean and safe place in Pampanga Clark to bring kids to relax and unwind. Outdoor space is an important criterion affecting the selection of a suitable hotel in Clark Pampanga for family bonding or to relax and unwind with friends. Best hotel in Clark Pampanga offers good outdoor facilities, large picnic grounds, lake and beach and other outdoor amenities making it possible for guests of this frequently visited hotel in Clark to relax and unwind with no stress.
The safest getaway destination vacation spot near Manila convenient safe and accessible is Clearwater Beach Resort in Clark Pampanga, great for family bonding, hang out to unwind and relax near lake and trees, camping too.
Where to go in Clark? Hotel Clark Philippines is a De Luxe Hotel in Clark and Subic, a risk free place to stay, cozy and nice ambience, a nice function place for special occasion
You might want to check also the Yats Restaurant is the best restaurant for special dinner, best restaurant for dinner with friends near Manila, also the best place to celebrate special events.
Famous Restaurant in Pampanga, a place to dine with friends in Clark, cozy restaurant with a nice ambience, a nice function place for special occassions
When in Clark, make plans to relax and enjoy an evening at The London Pub located in Mimosa Leisure Estate of Clark Pampanga. This highly recommended resto bar where all the local executives of Pampanga, local and foreign tourists visiting Angeles City, Subic and Clark Philippines gather after a full day of fun or work.
The London Pub is a very popular resto bar for residents, tourists, business executives and visitors from Manila to hang out, drink, relax and unwind after work or a game of golf during the day. Fine English cuisine, family comfort food is served. It is also very famous for the best fish n chips in the Philippines.
http://www.LondonPubClark.com
This web site contains articles and information that will be helpful to visitors, residents and tourists traveling out of town from Manila on a short getaway to Subic, Angeles City, Pampanga and Clark Philippines. There are several web sites that contain information that might also be pertinent to what is happening in North Luzon, Subic, Tarlac, Pampanga, Clark Freeport Philippines.
Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:
Yats International Leisure Philippines
For assistance with lodgings, accommodations, hotels and resorts near Manila in Subic, Pampanga, Angels City and Clark Philippines log on to http://www.HotelClarkPhilippines.com
While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.
http://www.ClarkWineCenter.com
If this article about Clark is useful to you, please click here to contact us to tell us what more you wish to know about this article or Clark Philippines, which can be something about Clark investment, about Clark resorts, about Clark Swimming and Leisure or simply general news about Clark.
Please send questions to Editor@ClarkPhilippines.com. Leave your name, email address, contact numbers and we will get back to you as soon as possible. Information received will not be disclosed.
Random
Search
Contact Clark Philippines
Delectable Executive Meals
Philippine Peso Exchange Rate