Jan 28, 2010
MANILA - THE Philippines will enjoy a mild economic recovery this year after the global financial crisis and a series of deadly storms dragged growth in 2009 to an 11-year low, the government said on Thursday.
Economic Planning Secretary Augusto Santos said the official target range for gross domestic product (GDP) growth in 2010 was 2.6-3.6 per cent, with spending ahead of national elections in May expected to fuel the economy. 'The global rebound is underway, our economy has proven itself resilient, and elections will bring fresh mandates and new energy to our society. We are thus optimistic,' Mr Santos told a news briefing.
However the economy grew by just 0.9 per cent in 2009 after recording an expansion of 1.8 per cent in the final three months of the year, officials said. The full-year figure was the worst for the Philippines since the Asian financial crisis caused the economy to contract by 0.6 per cent in 1998. The economy grew by 3.8 per cent in 2008.
Tropical storms Ketsana and Parma, which killed more than 1,100 people in September and October, was one of the big factors in agricultural growth being limited to 0.1 per cent last year.
Meanwhile, the impacts of the global financial crisis caused industry, which includes manufacturing and construction, to contract by 2.0 per cent, although it rebounded in the final quarter with growth of 3.7 per cent. The services sector managed 3.2 per cent growth for the year.
Mr Santos said the key economic growth drivers for 2010 would include the business process outsourcing industry, of which the government hopes the Philippines will capture 10 per cent of the global market. Others were finance, mining and construction, he said. -- AFP
However the economy grew by just 0.9 per cent in 2009 after recording an expansion of 1.8 per cent in the final three months of the year, officials said. The full-year figure was the worst for the Philippines since the Asian financial crisis caused the economy to contract by 0.6 per cent in 1998. The economy grew by 3.8 per cent in 2008.
Tropical storms Ketsana and Parma, which killed more than 1,100 people in September and October, was one of the big factors in agricultural growth being limited to 0.1 per cent last year.
Meanwhile, the impacts of the global financial crisis caused industry, which includes manufacturing and construction, to contract by 2.0 per cent, although it rebounded in the final quarter with growth of 3.7 per cent. The services sector managed 3.2 per cent growth for the year.
Mr Santos said the key economic growth drivers for 2010 would include the business process outsourcing industry, of which the government hopes the Philippines will capture 10 per cent of the global market. Others were finance, mining and construction, he said. -- AFP
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