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Deutsche Bank Says: No Recession In Philippines

Asian Journal, news report, Posted: Nov 14, 2008


European banking giant Deutsche Bank says the Philippines, among other Southeast Asian countries, is not in danger of facing a recession. "While the collapse in commodity prices and the anticipation of weaker exports should hurt economic growth, DB is not expecting a recession in Indonesia, Malaysia, Thailand or the Philippines," the German banks equity research confirmed. Deutsche Bank in fact considers the Philippines as the only country in the region that has so far been unaffected by the impact of the global recession. The bank noted that member countries of the Association of Southeast Asian Nations (ASEAN) show greater resilience today than during the infamous Asian crisis of the late 1990s, which was also a time of sharp economic slowdown and unprecedented currency devaluation. The bank warned however, that regional currencies would continue to experience pressure as offshore investors veer from smaller emerging markets.


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