By Michelle Remo
Philippine Daily Inquirer
EXPORT GROWTH is expected to slow down sharply in 2011 given the challenges confronting the country’s major export destinations led by the United States and Europe.
The Bangko Sentral ng Pilipinas, which earlier set an export growth forecast of 10 percent for 2011, said yesterday that it might have to revise the figure lower.
“We will have to review our forecast given what is happening in the global economy. There is a continued weakness in global economic activity and this could influence our exports,†BSP Deputy Governor Diwa Guinigundo said in a briefing.
The United States and some European economies are facing an anemic recovery from the latest global economic crisis, which peaked in 2009.
A high unemployment rate in the United States and meager growth in consumer spending there might decelerate growth of Philippine export earnings next year, he said. The BSP official added that many European countries were facing economic challenges such as widening fiscal deficits and burgeoning debts.
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