James McCormack
James McCormack
James McCormack, Jr.was a United States Army officer who served in World War II, and was later the first Director of Military Applications of the United States Atomic Energy Commission...
concerned effect finances fiscal might outlook performance political politics public structure
There are two things that we're still concerned about. One is the structure of public finances notwithstanding the fiscal performance in 2005 and two is the political outlook and the effect that politics might have on public finance." ()
delayed effects fiscal government including increase january overall percent positive rate reform until wait
The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues." ()
change fiscal good performance political settled together
The good 2005 fiscal performance and 2006 fiscal outlook, together with the more settled political environment, warrant the change in outlook." ()
damaged entire episode fiscal policy
The entire episode really damaged fiscal policy credibility in the Philippines." ()
fiscal follow further improve increase medium numbers positive sure tax term
These are positive numbers for the Philippines. We have to make sure that the value-added tax increase is implemented and fiscal follow up is done in the medium term to further improve revenue." ()
based consumer economy export fast forecast growth korean looks numbers percent recovery revised sector skeptical strong
We were always skeptical about how fast consumer recovery (would) be. It had been pretty slow. This year, we've revised our growth forecast for the Korean economy to 5 percent based on strong fourth-quarter numbers that we saw, particularly in consumption. The export sector still looks positive." ()
credit domestic growth product
When you've got credit growth that already exceeds (gross domestic product growth), that's a lot of new credit." ()
growing money question supply
There is a question about how long you can do that, but it is not as if money supply is growing too fast." ()
both issue negative outlook recent resolved
While the e-VAT and the impeachment issue have both been resolved favorably in recent days, we are maintaining our negative outlook on the Philippines' ratings." ()
bit cautious delays increase learned might political potential primarily risks
We are a bit cautious about the two-percentage-point increase because of the risks - primarily political risks - that it might not be implemented. One thing we learned from this is that there is always a potential for delays in its implementation." ()
along bank biggest central challenge control inflation potential
The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves." ()
continuing eventually exchange expect external foreign including increase lead ratings reach reserves strength trillion
The continuing strength of China's external sector, including the increase in its foreign exchange reserves and exports, are a positive. However, an increase in reserves which we expect to eventually reach a trillion US dollars, will not necessarily lead to a ratings upgrade." ()
backdrop favorable less political recently
Asia's political backdrop has recently become less favorable for growth." ()
downward emerging forecast further growth midst political rates sovereigns turmoil weakest
Those sovereigns in the midst of political turmoil also have the weakest growth rates in emerging Asia, and further downward revisions to the growth forecast may be necessary." ()