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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.


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