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Philippines to spend more in H2

09-14-2011 09:28 BJT

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While Western nations worry about the size of their ballooning deficits, the Philippines is trying to kick start its economy by spending more. The nation's budget secretary said Tuesday that government spending will increase in the second half of this year to make up for a slow start in the first half.

But still, he says, the Philippines is likely to end the year with a lower-than-forecast budget deficit - about 2.6 percent of GDP, short of the 3 percent target. Weak spending was partly to blame for slower economic growth in the second quarter.

Even if the government increases spending significantly, analysts say it will be difficult for the Philippines to reach its growth target of 7 to 8 percent this year.

Editor:Li Wanran |Source: CNTV.CN

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