RP should prepare for sub-prime crisis

September 17, 2008 § Leave a comment

This early my friends, expect to buy more expensive food stuffs, not because Xmas is just around the corner. No. Inflation will stay at 12.7% or even reach 14% because of the weak economic performance of the country coupled with a global financial crisis just inches from reaching our shores.

Many think that the US sub-prime crisis would not affect each and every one of us but we are already experiencing it. Higher food prices, a noticeable slowdown in some critical sectors and a laggish banking sector are signs that we are in the midst of a financial mess ourselves. Yet, the full extent of this global crisis has yet to be felt. Many see October onwards as the critical month to expect all these things to unfold.

Hence, government should prepare and call for a multi-sectoral meeting to address these potential time bombs.

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