World Economy

Philippine Growth Below Expectations

Philippine Growth Below Expectations Philippine Growth Below Expectations

The last full-year economic report of Philippines under President Aquino’s administration will be released Thursday. The expectation is growth will be lackluster compared to previous years, but good enough for the Philippines to keep pace with the fastest growing economies in Asia, ABS reported. After all, an average expansion of just under 6% would still be better than growth in the developed world, including the US, Europe and Japan. Government’s official forecast range for 2015 is between 7 and 8%. But throughout the year, quarter after quarter of economic growth came in below expectations. Outgoing National Economic and Development Authority Secretary General Arsenio Balisacan ended up offering an unofficial revised target of 6%. But even the lower target is unrealistic, because it would require a growth of 6.9% in the last quarter of 2015. Remember, this was a quarter which saw the agriculture sector hampered by the El Nino, and the financial sector roiled by divergent monetary policy and other external problems.