April 18, 2024

Bicol Express News

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Albay’s Salceda crystal ball gazing foretells economic doom; next President facing difficulties

Any elected president will surely get burned as the world is heading toward stagflation.

Albay 2nd District Representative Joey Salceda said the Philippines is not spared from the global trend toward stagflation.

Salceda’s “crystal ball gazing” spells economic doomsday.

According to Salceda, who is also an economic expert, “stagflation” is abrupt increase of inflation, slowdown of economic growth rate and rise of unemployment.

“Any President will face difficulties in this economic situation as the global economy is heading toward stagflation,” Salceda opined.

“The economic scars plus the Ukrainian war will result to higher prices of commodity as well as deterioration in economic growth in the world, so you have higher inflation and lower economic growth we call that stagflation, this is too difficult to manage”, said Salceda.