Wednesday, 01 February 2012 13:42
The National Economic and Development Authority (NEDA) expects that the country's economic growth this year to be "better" than last year.
"While NEDA is optimistic that 2012 will be substantially better than 2011, we remain vigilant and continue to closely monitor external developments that continue to pose significant risk to the country’s growth," Socioeconomic Planning Secretary Cayetano Paderanga said.
Paderanga said as many analysts expect, global economic recovery might stall in 2012 mainly due to the growing concerns over Europe.
He said the International Monetary Fund projects the Euro area will suffer a mild recession due to lingering concerns on how to appropriately and quickly restore confidence in the economy in order to support growth while at the same time addressing fiscal imbalance and providing more liquidity and monetary accommodation.
"Similarly, we are also watching closely developments in the US economy, whether the recovery will gain momentum or will remain fragile," Paderanga added.
Likewise, the NEDA chief recognizes the risk that China could slow down or even experience a “hard landing,” so the government is closely monitoring the overall global situation.
"Overall, we expect the economy will be able to gain its momentum this year. We will pursue programs and projects designed to improve our resilience to typhoons, disasters, and climate change. We will continue our assiduous efforts to diversify our exports base, both in terms of products and countries," Paderanga said.
The government is prepared to hurdle further challenges with the support of all sectors, he said.
Paderanga said the government agencies are working closely in crafting innovative strategies by ensuring the rapid acceleration of government spending.
He said they are also implementing the appropriate policies as spelled out in the Philippine Development Plan 2011 to 2016 in order to steer the country towards the path of inclusive growth.
Under the PDP, the government's targets a GDP growth of between seven to eight percent until 2016.
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