CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Yearender: Philippines, other Asian emerging economies' 2011 growth expected to slow

12-20-2011 14:01 BJT

MANILA, Dec. 20 (Xinhua) -- Faltering economy in the United States and Japan, along with the prolonged debt crisis in the Eurozone, have weighed on Aisa's economy and led to lower-than- expected economic growth of Philippines and other Asian emerging economies for the whole year.

The gross domestic product (GDP) of Philippines was estimated to stand at 3.7 in 2011, down from earlier forecast of 4.7 percent, according to a report issued by the International Monetary Fund ( IMF), which also downgraded the nation's 2012 GDP growth from 4.9 percent to 4.2 percent.

IMF mission chief Vivek Arora said at the briefing on Dec.12 that the Philippines and other Asian countries are affected by a fragile global environment although the macroeconomics conditions "remain generally sound"next year.

Earlier, in its latest Asian Economic Monitor, the Asian Development Bank (ADB) also cut its GDP growth forecast for the Philippines to 3.7 percent this year, down one percentage point from its forecast in September of 4.7 percent and 1.3 percentage points lower than its 5 percent growth forecast last April.

Philippines' 2011 outlook by the Manila-based financial institution is also lower than the revised forecast of 4.5-5.5 percent by the Philippine government.

GlobalSource, a New York-based think tank, has trimmed its growth forecast for the Philippines for the third time from 4.3 percent to 3.5 percent.

The Philippines economy grew by a dismal 3.2 percent in the third quarter this year, a sharply fall from 7.3 percent over the same period last year, making the country the worst performer among the emerging economies in Asia.

The National Statistical Coordination Board (NSCB), monitor of the nation's economic performance, said that for the January- September period, the nation's economy grew by only 3.6 percent, which was "quite a distance even from the lower end of the whole year target of 4.5 percent".

The Philippine GDP grew by a record 7.6 percent in 2010.

The third quarter figure was only slightly higher than the revised GDP growth of 3.1 percent for the second quarter. The first quarter growth was only 3.4 percent.

 


Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program