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P4.64-T budget for 2021 set @ 2019-12-12T08: Back Hot News
Keyword:GDP growth budget for 2021
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IN A BID TO POWER GROWTH, THE DBCC SAID IT IS PREPARING A P4.6-TRILLION NATIONAL BUDGET FOR 2021, 13.3% OR P540 BILLION HIGHER THAN THE P4.1-TRILLION OUTLAY FOR NEXT YEAR AND EQUIVALENT TO 20.2% OF GDP.
WELLINGTON (REUTERS) - NEW ZEALAND CUT ITS GROWTH FORECAST FOR 2019/2020 AND FLAGGED A BUDGET DEFICIT ON WEDNESDAY, BUT ANNOUNCED A SIGNIFICANT LIFT IN CAPITAL SPENDING TO BOLSTER THE ECONOMY WITH A PLAN TO INVEST MORE THAN $12 BILLION ON INFRASTRUCTURE PROJECTS.
MEANWHILE, THE ASIAN DEVELOPMENT BANK (ADB), IN ITS ASIAN DEVELOPMENT OUTLOOK SUPPLEMENT REPORT ISSUED ON WEDNESDAY, KEPT ITS 2019 AND 2020 GDP GROWTH FORECASTS FOR THE PHILIPPINES OF 6 PERCENT AND 6.2 PERCENT, RESPECTIVELY.「GDP GROWTH IS SEEN ACCELERATING IN THE FOURTH QUARTER OF 2019 AND THROUGHOUT 2020, SUPPORTED BY INVESTMENT AS MORE INFRASTRUCTURE PROJECTS COME ONSTREAM. ACCOMMODATIVE FISCAL AND MONETARY POLICIES WILL SUPPORT DOMESTIC DEMAND,」 THE MANILA-BASED MULTILATERAL LENDER SAID.
TREASURY HAS A SECOND SET OF FORECASTS, WHICH LOOK AT A SCENARIO WHERE MGIRATION STAYS HIGH. THIS WOULD SEE ECONOMIC GROWTH SAYING HIGH. IN 2021 GROWTH WOULD BE 3.2 PER CENT, AND 2.9 PER CENT IN 2022.
THE CHIEF ECONOMIST STRESSED THAT THE INCREASE OF THE PENSION POINT TO RON 1,265 FROM SEPTEMBER 1, 2019 RESULTS IN AN ADDITIONAL DEFICIT OF ABOUT RON 3.3 BILLION OR 0.3 PERCENT OF GDP FOR THE LAST FOUR MONTHS OF THIS YEAR AND RON 10 BILLION OR 0.9 PERCENT OF GDP FOR 2020. THE INCREASE OF THE PENSION POINT TO RON 1,775, BY 40 PERCENT, WILL RESULT IN AN ADDITIONAL DEFICIT OF RON 10.6 BILLION OR 0.96 PERCENT OF GDP IN THE LAST FOUR MONTHS OF 2020, RESPECTIVELY RON 31.8 BILLION, OR 2.7 PERCENT OF GDP FOR THE WHOLE OF 2021.
"ECONOMIC GROWTH IS EXPECTED TO CONTINUE BUT AT A SLOWING RATE REFLECTING CONSTRAINTS ON LABOR FORCE GROWTH DUE TO AN AGING WORKFORCE," CLAYTON-MATTHEWS SAID. "GROWTH IN MASSACHUSETTS PAYROLL EMPLOYMENT, FOR EXAMPLE, IS PROJECTED TO BE 0.8% IN FY2020 AND 0.5% IN FY2021."
SOME SECTORS WITNESSED A BUDGETARY OUTLAY DECREASE, INCLUDING MUNICIPAL SERVICES (23.4 PERCENT), HEALTH AND SOCIAL DEVELOPMENT (16.1 PERCENT), INFRASTRUCTURE AND TRANSPORTATION (16.1 PERCENT) AND PUBLIC ADMINISTRATION (9 PERCENT). FOR 2020, THE BUDGET DEFICIT IS ESTIMATED TO REACH 6.4 PERCENT OF GDP, STILL LOWER THAN MANY CONSENSUS FORECASTS. IN FACT, EARLIER THIS YEAR THE INTERNATIONAL MONETARY FUND HAD ESTIMATED SAUDI ARABIA』S 2019 FISCAL DEFICIT TO REACH 6.5 PERCENT OF GDP. ALTHOUGH HIGHER THAN 2019, THE 2020 DEFICIT IS STILL WITHIN THE KINGDOM』S MEDIUM-TERM FISCAL PLANNING RANGE, AND BOUND TO DECLINE TO 5 PERCENT IN 2021 AND 2.9 PERCENT IN 2022.
. NOMINAL GDP, THE MAIN DRIVER OFTAX REVENUE, IS FORECAST TO INCREASE 5.1% OVER THE YEARAHEAD, SUPPORTED BY IMPROVED TERMS OF TRADE. GROWTH AVERAGES5.0% OVER THE FORECAST PERIOD, SLIGHTLY LOWER THAN EXPECTEDIN THE BUDGET UPDATE. NOMINAL GDP IS LOWER IN EACH FORECASTYEAR AND, IN TOTAL, IS $5.1 BILLION LOWER THAN IN THE BUDGETUPDATE.
THE GROWTH FORECAST FOR THE CURRENT YEAR WAS CUT TO 2.3% FROM THE PREVIOUSLY FORECAST 3.2% – THAT STILL MAKES THE KIWI ECONOMY A FASTER-GROWING ONE THAN AUSTRALIA WHERE GDP GROWTH IS RUNNING AT AN ANNUAL 1.7% (THANKS TO REVISIONS OF PREVIOUS QUARTER』S DATA OF 0.2%).
RELATIVELY LARGE CADS WILL BE MOSTLY DEBT-FINANCED, AS NET FDI INFLOWS WILL AVERAGE ONLY 2% OF GDP IN 2019-2021. THIS WILL LEAD NET EXTERNAL DEBT TO EDGE UP TO 21% OF GDP IN 2021, UNDER FITCH"S FORECASTS, FROM 16% IN 2018 AND COMPARED TO A CURRENT "BBB" MEDIAN OF 7.5%. FOREIGN-CURRENCY RESERVES ARE RELATIVELY COMFORTABLE AND EXTERNAL RESILIENCE IS REINFORCED BY CAPITAL RESTRICTIONS ON INVESTMENTS ABROAD BY MOROCCAN RESIDENTS AND AN ONGOING PRECAUTIONARY ARRANGEMENT WITH THE IMF. HOWEVER, INCREASING EXTERNAL FINANCING NEEDS AGAINST THE BACKDROP OF LIMITED EXCHANGE-RATE FLEXIBILITY WILL EXERT PRESSURES ON FC RESERVES IN THE MEDIUM TERM.
WASHINGTON, DEC. 9 (XINHUA) -- A PANEL OF 53 PROFESSIONAL FORECASTERS ANTICIPATE THAT U.S. GROSS DOMESTIC PRODUCT (GDP) GROWTH WILL SLOW TO 1.8 PERCENT IN 2020, ACCORDING TO A NEW SURVEY FROM THE NATIONAL ASSOCIATION FOR BUSINESS ECONOMICS (NABE) RELEASED MONDAY.
WHILE SLOVAKIA"S GOAL WAS TO HAVE A BALANCED BUDGET THIS YEAR, IT WILL NOT ACHIEVE IT EARLIER THAN IN 2021. ON TUESDAY, DECEMBER 3, PARLIAMENT PASSED THE COUNTRY』S STATE BUDGET FOR NEXT YEAR AND THE PUBLIC GENERAL GOVERNMENT FOR 2020 TO 2022 AFTER THE HISTORICALLY SHORTEST DISCUSSION ON A BUDGET. THE DISCUSSION LASTED LESS THAN SEVEN HOURS.
AT THE SAME TIME, MRS HAVE TO GRAPPLE WITH AN EXPANDING DEMAND FOR QUALITY PUBLIC SERVICES, PUTTING A HUGE PRESSURE ON MR BUDGETS. THIS HAS A MARKED EFFECT ON THE POPULATION"S OVERALL QUALITY OF LIFE. BUDGET REVENUES IN SOME MRS BEAR ONLY THE SLIGHTEST RELATION TO THEIR ECONOMIC SUCCESS AND HIGH GDP, THEREFORE THE COR RECOMMENDS TO GO BEYOND THE MERE GDP PER CAPITA INDICATOR AND TAKE ACCOUNT OF SOCIAL, DEMOGRAPHIC AND ENVIRONMENTAL ASPECTS.
IN A SIGN THAT CALIFORNIA』S ECONOMY MIGHT REMAIN AT CRUISING ALTITUDE INTO THE NEW YEAR AND BEYOND, ANALYSTS SAID WEDNESDAY THAT THE STATE BUDGET COULD SEE A RECORD $26 BILLION IN CASH RESERVES BY THE SUMMER OF 2021, WITH MORE THAN A QUARTER OF THAT AMOUNT AN UNRESTRICTED SURPLUS THAT LAWMAKERS COULD USE AT THEIR DISCRETION.
KENYA"S TRACK RECORD OF MACROECONOMIC STABILITY IS A SUPPORT FOR THE RATING. KENYA HAS EXHIBITED LOWER GROWTH VOLATILITY THAN PEERS, WITH GDP GROWTH BETWEEN 4.6% AND 6.3% AND SINGLE-DIGIT INFLATION SINCE 2012. FITCH EXPECTS GDP GROWTH TO SLOW AROUND THE 2022 GENERAL ELECTIONS, BROADLY IN LINE WITH PREVIOUS ELECTIONS. MEDIUM-TERM GROWTH PROSPECTS ARE FAVOURABLE, SUPPORTED BY AN IMPROVING BUSINESS ENVIRONMENT AND INFRASTRUCTURE INVESTMENT.
ALTHOUGH THE 1% GDP GROWTH FORECAST FOR 2020 IS A SLIGHT UPGRADE ON THE BCC』S PREVIOUS FORECAST OF 0.8% GROWTH, IF IT MATERIALISES THE UK ECONOMY WILL HAVE EXPERIENCED ITS SECOND WEAKEST DECADE OF AVERAGE ANNUAL GDP GROWTH ON RECORD. THE GDP FORECAST FOR 2021 IS 1.3%, UP FROM A PREVIOUS FORECAST OF 1.2%.
AS WITH OUR EXPECTATION THAT THE RBA WILL BE REVISING DOWN ITS GROWTH FORECASTS IN FEBRUARY THE GOVERNMENT MAY BE FORCED TO DO THE SAME IN THE MYEFO. OF MOST INTEREST WILL BE THE IMPACT ON THE FISCAL OUTLOOK OF A LIKELY DOWNWARD REVISION IN THE FORECAST FOR THE GROWTH RATE IN THE WAGE PRICE INDEX (CURRENTLY 2.75% THROUGH 2019/2020 AND 3.25% IN 2020/2021). NOTE THAT THE RBA IS FORECASTING 2.3% IN 2020 AND 2021.

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