World Economic outlook - Philippines GDP growth outlook 2012-2013 : Multilateral lender International Monetary Fund (IMF) yesterday slashed anew the economic growth forecasts and the inflation projections for the Philippines this year.
IMF mission chief Vivek Arora said in a press conference that the agency is now seeing the country’s gross domestic product (GDP) expanding by 3.7 percent instead of 4.7 percent this year and by 4.2 percent instead of 4.9 percent next year.
“GDP growth slowed in the first three quarters of 2011 owing to a fall in semiconductor exports and a temporary fall in public investments as new practices are put in place to improve the transparency and efficiency in government expenditure,” Arora said.
For 2012, the IMF said the country’s GDP growth would recover to 4.2 percent as public spending are expected to improve after a dropping this year while private demand would remain resilient.
“The Philippines is being affected along with other countries in the region by the fragile global environment, but macroeconomic conditions remain generally sound,” Arora added.
Latest data from the National Statistical Coordination Board (NSCB) showed that the GDP growth of the Philippines slackened to 3.2 percent in the third quarter from 7.3 percent in the same quarter last year due to weak global trade and underspending by the Aquino government, bringing the GDP expansion to 3.6 percent from January to September this year.
Economic managers led by Socioeconomic Planning Secretary Cayetano Paderanga said it would be difficult for the government to meet the revised GDP growth of 4.5 percent to 5.5 percent set by the Cabinet-level Development Budget Coordination Committee (DBCC).
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