Buoyant private consumption and a rebound in government spending drove strong economic growth
in 2012. A rise in net exports also contributed to GDP growth. Robust expansion is projected over the
t 2 years, based on buoyant consumption and an improvement in investment. Inflation is moderate
and expected to remain so. The challenge is to translate solid economic growth into poverty reduction
by generating more and better jobs. The Philippines has shown resilience amid the global economic slowdown. Sustained growth in private consumption, a recovery in government spending, and positive net exports lifted growth in gross domestic product to 6.6% in 2012.The government has stepped up public spending, particularly in infrastructure. The country’s sovereign credit ratings have been raised to within a notch of investment grade, noting progress on fiscal consolidation, a strong external position, and macroeconomic stability.
Source : Asian Development Outlook Database- http://www.adb.org/sites/default/files/ado2013-philippines.pdf
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