2007: Politics To The Forefront

December 2006 | Sovereign Risk Rating

The year 2007 looks set to be one of heightened political risk across Asia, owing to an election-heavy calendar. Legislative elections will be held in the Philippines (May), Thailand (October), and Pakistan (year-end), while a presidential poll will be held in South Korea (December). In addition, the Chinese Communist Party (CCP) will hold its five-yearly congress in the autumn. As such, there is a risk of some market jitters, as investors assess the possibility of more spend-thrift or reform-obstructionist legislatures being elected. On the whole, though, we feel that Asia's external debt markets will remain resilient in the face of

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