Philippines listed among 10 ‘hot’ emerging countries
The Philippines is among 10 new emerging economies, according to French credit rating agency Compagnie Francaise d’Assurance pour le Commerce Exterieur (COFACE), citing the country’s high growth potential, favourable business environment, good production prospects, and sufficient financing to support expansion. In 2013, the Philippine economy grew 7.2 per cent, and received three investment-grade scores for the first time from international credit raters Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.
In the report “COFACE Identifies 10 Emerging Countries Hot on the Heels of the BRICS,” the organisation said that average economic growth by the BRICS nations – Brazil, Russia, India, China, and South Africa – this year would be 3.2-percentage points less than the average in the last 10 years.
Growth in BRICS was slowing down, despite favourable trends for consumption because of adjustments in supply and marked slow-down in investments.
COFACE said the 10 new emerging economies have the potentials to overtake the BRICS. They are led by Peru, the Philippines, Indonesia, Colombia and Sri Lanka, which are described as having “strong potential confirmed by a sound business environment (A4 or B) similar to that of BRICS.” They are followed by another five countries – Kenya, Tanzania, Zambia, Bangladesh and Ethiopia. The COFACE assessment, published quarterly for 160 countries, came on the heels of favorable projections for the Philippines by two leading providers of global credit benchmarks – the International Monetary Fund that raised its 2014 economic growth forecast for the Philippines to 6.5 per cent, up from 6.3 per cent in January 2014, and S&P’s growth projection of 6.6 per cent for 2014.
In identifying the next wave of driving emerging markets, COFACE took into account their potential annual growth exceeding 4 per cent, diversified economy not dependent on sale of raw materials, and capacity to absorb economic shocks, matched by a financial system that supports investments. Their per capita income is on the intermediate level – above that of less advanced economies but below that of advanced economies. They have GDP growth that is higher than most advanced economies, and major institutional transformations.
The Philippines is among 10 new emerging economies, according to French credit rating agency Compagnie Francaise d’Assurance pour le Commerce Exterieur (COFACE), citing the country’s high growth potential, favourable business environment, good production prospects, and sufficient financing to support expansion. In 2013, the Philippine economy grew 7.2 per cent, and received three investment-grade scores for the first time from international credit raters Moody’s Investors Service, Standard & Poor’s and Fitch Ratings. In the report “COFACE Identifies 10 Emerging Countries Hot on the Heels of the BRICS,” the organisation said that average economic growth by the BRICS nations - Brazil, Russia,...
The Philippines is among 10 new emerging economies, according to French credit rating agency Compagnie Francaise d’Assurance pour le Commerce Exterieur (COFACE), citing the country’s high growth potential, favourable business environment, good production prospects, and sufficient financing to support expansion. In 2013, the Philippine economy grew 7.2 per cent, and received three investment-grade scores for the first time from international credit raters Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.
In the report “COFACE Identifies 10 Emerging Countries Hot on the Heels of the BRICS,” the organisation said that average economic growth by the BRICS nations – Brazil, Russia, India, China, and South Africa – this year would be 3.2-percentage points less than the average in the last 10 years.
Growth in BRICS was slowing down, despite favourable trends for consumption because of adjustments in supply and marked slow-down in investments.
COFACE said the 10 new emerging economies have the potentials to overtake the BRICS. They are led by Peru, the Philippines, Indonesia, Colombia and Sri Lanka, which are described as having “strong potential confirmed by a sound business environment (A4 or B) similar to that of BRICS.” They are followed by another five countries – Kenya, Tanzania, Zambia, Bangladesh and Ethiopia. The COFACE assessment, published quarterly for 160 countries, came on the heels of favorable projections for the Philippines by two leading providers of global credit benchmarks – the International Monetary Fund that raised its 2014 economic growth forecast for the Philippines to 6.5 per cent, up from 6.3 per cent in January 2014, and S&P’s growth projection of 6.6 per cent for 2014.
In identifying the next wave of driving emerging markets, COFACE took into account their potential annual growth exceeding 4 per cent, diversified economy not dependent on sale of raw materials, and capacity to absorb economic shocks, matched by a financial system that supports investments. Their per capita income is on the intermediate level – above that of less advanced economies but below that of advanced economies. They have GDP growth that is higher than most advanced economies, and major institutional transformations.
