An economist-lawmaker has warned that the country’s economic recovery could be undermined by a “massive disinflationary effort” in the United States, saying the Philippines should have coordinated fiscal and monetary policies to mount a strong defense.
AN economist-lawmaker has warned that the country’s economic recovery could be undermined by a “massive disinflationary effort” in the United States, saying the Philippines should have coordinated fiscal and monetary policies to mount a strong defense.
“We have to watch out,” the lawmaker said. “The United States will, at some point, have to undertake larger disinflationary efforts than the 75 basis points in policy rate hikes that it conducted last week.” Describing it as the biggest forward risk to the Philippine economy, Salceda said coordinated fiscal, monetary policies and efforts in both the financial and the real sectors of the economy are needed as country strong defense.
“It’s going to cause a global storm, because you will probably need to kill around 20 percent of all financial assets in the US economy. That is the largest definancialization the global economy will experience, in nominal terms, ever,” Salceda added. Still, Salceda said the Philippines is very strong due to comprehensive fiscal reforms and investment and trade liberalization reforms.The lawmaker pointed to growth levels in the first quarter.
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