Word: exportability
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...same speech, Aquino referred to the Philippines as the "basket case of Southeast Asia," an unflattering but all-too-accurate reference to the economic wasteland she has inherited. The Philippines' foreign debt exceeds $27 billion. The annual interest payment alone--about $1.7 billion--amounts to a third of export earnings. In 1985 the growth rate plunged to negative 3.5%, while per capita income declined to about $600 a year, no higher in real terms than it was in 1972. Almost half of the nation's 21 million workers are unemployed at least part of the year. One of the priorities...
...pledged to dismantle the sugar and coconut monopolies operated by Marcos cronies, reduce regressive fuel and electricity taxes, and do away with seed and fertilizer levies that hamper agricultural diversification. She has said she will try to negotiate better repayment terms for the foreign debt in the hope that export earnings will be freed to stimulate growth. Not surprisingly, businessmen were among her most ardent backers, and Aquino's economic policies are certain to retain a pro-private enterprise tilt...
Worse, analysts predict that falling petroleum prices may cost Egypt an additional $700 million in export revenues this year. Plummeting revenues have forced the government to cut back on the $7 billion that it spends in subsidies for basic goods such as bread and gasoline, and this has fed popular discontent...
...fall of oil prices has drained other South American petroleum producers too. The plunge has soured the comeback hopes of Venezuela, which relies on crude sales for 90% of its export income. A predicted loss of roughly $2 billion in oil revenue for 1986 forced Venezuela last week to ask for last-minute concessions in an agreement it signed with international bankers for rescheduling payments on $21.2 billion of the country's debt...
...price controls last year, expects inflation to be just 28% for all of 1986. But like that of the other debtors, Argentina's improvement is tenuous. One potential threat is the fall in the price of corn, wheat and other grains, which provide about 45% of Argentina's export earnings...