The decision by the rating agency Standard & Poor’s to upgrade its long-term credit rating for the Philippines to BBB+ risks underplaying the country’s worsening external position as well as its deteriorating political situation.
Regular readers will know we don’t place much weight on the official Indonesia GDP figures. The data suggest growth has been implausibly stable at or close to 5% y/y for the past five years. Q1 figures due to be released on Monday are likely to be no exception. To provide an alternative (and better) guide to the health of the economy, we have developed our Indonesia Activity Tracker.
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