Monday, 5 November 2012

Sustained Domestic Economic Growth Is Seen To Cap This Year

By EDU LOPEZ Manila Bulletin The Philippine economy is one of the best performing economies in Asia as multinational and financial institutions have projected sustained growth of the country's gross domestic product (GDP). While some Asian economies have posted declines in GDP performance, the domestic economy experienced robust growth in the first half of 2012 and continuous to exhibit strength despite the global and regional economic slowdown. The Asian Development Bank (ADB) has raised its GDP growth forecast for the Philippine economy to 5.5 percent for 2012 from 4.8 percent. Stronger than expected economic growth in the first half of 2012 was broadly based. Private consumption was buoyant, fixed capital investment quickened, public spending rebounded, and net exports contributed to growth. Inflation remains under control at 3.5% for 2012. However, ADB said the economy needs to create more job opportunities to link economic growth to poverty reduction.

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