Of course, not everything about the economy can be read through the lens of macroeconomic data. The analysts of Nomura have brought back what they call their Damocles Index, which lists countries most at risk of a currency crisis. Apart from the Philippines, Nomura listed as among the countries with zero risk of experiencing currency upheavals Brazil and Indonesia, two countries that are repeatedly reported to be problematic in that regard. The political woes of the government of President Recep Tayyip Erdogan, for example, are being blamed for Turkey’s currency problems for the most part, events that have nothing to do with the movements of its macroeconomic indicators. And economists themselves hardly agree on anything, not even on the interpretation of data that they all possess.

Source: Manila Times September 14, 2018 17:03 UTC