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...
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." ()
country politics
The Philippines is one country where politics matter." ()
asia consumer expect half housing market maybe second slow starting turning
We are starting to see maybe a turning in the housing market in the US. And if the US consumer retracts a little, we would expect to slow down in the US in the second half of the year. That translates into a slowdown in Asia as well." ()
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." ()
credit domestic growth product
When you've got credit growth that already exceeds (gross domestic product growth), that's a lot of new credit." ()
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." ()
case expect happens negative outlook retain revert whether
What would be under consideration is what to do with the negative outlook - whether to revert that back to stable, or to retain the negative outlook, or to downgrade the credit. But upgrading (the rating) from a negative outlook is not something that happens very frequently, and I don't expect that would happen in the case of the Philippines." ()
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." ()
political tolerance
We are still comfortable. In a BB range, we do have some tolerance for political noise." ()
backdrop favorable less political recently
Asia's political backdrop has recently become less favorable for growth." ()
debt effective goes government interest issues rate service takes
So if the effective interest rate on Philippines government debt goes up, it just takes more of their revenues to service their debts, so these are issues that really do need to be addressed." ()
opposition policy power struggle
You don't see much opposition to her policy initiatives. I think it's more of a power struggle than a policy struggle." ()
affects central countries economic matter politics
This is one of the countries where politics matter and it is central to our assessment. Politics affects economic policy." ()
asia believe external growth highly ongoing regional remains whom
Notwithstanding ongoing regional integration with China, growth in Asia remains highly leveraged to external demand, and particularly the US consumer, whom we believe to be overstretched." ()