MikeLigalig.com

by AFP

The economy expanded just 3.4 percent year-on-year in the second quarter, well below the government's target of 4.5-5.5 percent and placing the country in familiar territory as one of the weakest performers in Asia.

Economic Planning Secretary Cayetano Paderanga blamed a wide range of global factors for the slowdown, from growth of 4.6 percent in the first quarter.

"(The economy) was constrained by surges in world oil prices, triple disasters in Japan, slow recovery of the US and European economies, the social unrest in the Middle East and North Africa region, and adverse weather conditions," Paderanga said.

The slowdown meant growth for the first half was just 4.0 percent, from 8.7 percent in the same period in 2010, and means the government's target of 7-8 percent looks impossible to achieve.

"To attain the 7-8 percent growth target for 2011, the economy needs to grow by at least 10 percent in the second semester," Paderanga said, but at the same time pointed to a worsening international environment.

"Global downside risks could hamper our growth prospects."


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