The Philippine economy may have grown at a high-end target of the government this year, driven by the election related spending and the planned front loading for infrastructure projects, the National Economic and Development Authority (NEDA) on Tuesday said.
In a briefing, Dennis M. Arroyo, director of NEDA's national planning and policy staff, said the agency is more "optimistic" to meet the high-end target of the gross domestic product (GDP) for this year.
A proxy for economic output, GDP refers to the total value of goods and services produced in a country.
“We are targeting a 4 percent (GDP growth in 2009). I think we can do it because of the recent developments,†Arroyo said.
The Development Budget and Coordinating Committee expects the economy, as measured by GDP, to expand between 3.1 percent and 4.1 percent.
"The first quarter (growth) could be the lowest and would pick up in the second quarter to fourth quarter," Arroyo said. - PNA
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