’08 growth seen slowest in 7 years

The economy may have grown at its slowest pace in seven years last year, pulled down by the food and fuel crises in the first half and global recession in the last quarter, according to Dennis Arroyo, head of the NEDA policy planning office.

He said the economy expanded 4.2 to 4.5 percent last year, after hitting a more than three-decade peak of 7.2 percent in 2007.

The low end of the government’s annual growth forecast was the slowest since 2001, when the economy grew just 1.8 percent.

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