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|DRN 2012 Vol. XXX No. 1||The Philippine Economy in 2011 and Prospects for 2012|
|Yap, Josef T.,Navarro, Adoracion M.|
Despite the efforts of the new administration to live up to its vow of "Daang Matuwid" (straight or noncrooked path) and in turn, gaining positive responses from different sectors, the battle to a better and more stable economy is still on. Ironically, instead of accelerating through new businesses and stable investment flows, the gross domestic product (GDP) growth of the Philippines for 2011 was a dismal 3.7 percent, way below the 7-8 percent forecast of the National Economic and Development Authority (NEDA) and the 5.5 to 6 percent consensus forecasts from other sources. Apparently, the battle for the straight or noncrooked path has resulted in government underspending, thus became one of the major causes of the dip in the year`s GDP growth.
So what`s in store for the Philippines this 2012? Again, PIDS President Josef T. Yap, in his yearly forecast of the economy based on the developments of the previous year, looks at the potential silver lining(s) for the year ahead. Together with PIDS Research Consultant, Dr. Adoracion M. Navarro, he points out the stimulus from the government`s spending to be a factor to bring about a better growth in 2012.
|keywords:||macroeconomic indicators,Philippines,gross domestic product (GDP),Philippine economy,economic outlook,economic slowdown,knowledge sharing|
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