Economist Nouriel Roubini, who foresaw the US recession that stemmed from a busted housing market, yesterday turned cheerleader for the Philippines, heaping praises on the country’s fiscal and monetary policies and declaring the erstwhile sick man of Asia “an economic success.”
Mr. Roubini, in Manila for the Philippine Investment Summit 2013, said the country was ready to be fully integrated into the regional economy under the planned ASEAN Economic Community.
“The economic fundamentals of the country have vastly improved. And you see the results in terms of overall growth, low inflation, low fiscal deficits, low stock of public debt, positive external balance, low external debt, the performance of equity markets and bond markets and of the currency,” he told an exclusive press roundtable.
“It’s already reflected markedly in the economic success of the country and therefore this country is competitive. It’s flexible, it has a diversified economy, can compete in a wide variety of sectors. [I]ntegration and opening, the furthering of it, can only be beneficial to the country over time.”
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| Photo from First Metro |
