The International Monetary Fund and the Asian Development Bank are already undercutting the government's modest 4% GDP growth target by projecting growth in the range of 3.5% to 3.7%. While the variances can be considered to be within an acceptable margin of error, it is worth noting that just a few months ago, the ADB had actually projected growth to be 4.5%.

The ADB's downgrade cites higher energy costs and anticipated pressure on remittances. These concerns can't just be brushed aside. Energy prices........

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