PH cuts growth, trade forecasts for 2011, 2012

Published by rudy Date posted on October 12, 2011

MANILA – The Philippines cut its growth and trade forecasts for this year and the next on uncertainty over the global recovery, government officials told a Senate budget hearing on Wednesday.

Manila now expects growth this year to be between 4.5 to 5.5 percent, lower than a 5-6 percent growth target under its budget assumptions for the year, Economic Planning Secretary Cayetano Paderanga told the Senate hearing.

The government now forecasts exports and imports to grow 5 percent and 13 percent, respectively, this year, lower than previous estimates of 9 to 10 percent and 17-18 percent.

It also cut 2012 trade forecasts. –Reuters

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