The federal government’s recent economic policy announcements show its response to the oil price shock is coalescing around state-led development to boost economic growth and import substitution to blunt the effects of declining oil receipts, Fitch Ratings has said.The global rating agency, in a statement yesterday, said though it was yet to be seen whether the associated measures adopted by the government would promote growth while containing fiscal pressure, it believed there are a number of downside risks.
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