Philippines: Political crisis puts back vehicle market recovery by a year
The vehicle market, and the overall economy, slows as political crisis hits confidence. The recovery in the Philippine vehicle market that had been taking place throughout most of 2000 came to an abrupt halt in the fourth quarter of the year, as the deepening political crisis continued to depress business and consumer confidence. Economic growth is expected to have dropped sharply in the final months of 2000, and we expect that significant damage to the economy has already been done. Public sector debt is on the rise, and tax revenues and privatisation proceeds have come in well short of expectations.
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