ADB says RP growth to decelerate further

 

The Philippine economy is likely to decelerate this year, before picking up slightly in 2010, as weak global demand for the country’s goods and services slows down consumption and investment, the Asian Development Bank (ADB) said in a new major report released Tuesday.

ADB’s flagship annual economic publication, Asian Development Outlook 2009 (ADO 2009) predicts the country’s economy is likely to expand by 2.5 percent this year -–down from 4.6 percent in 2008 and 7.2 percent in 2007. It forecasts that the economy will recover slightly to 3.5 percent in 2010, assuming that the global economy and trade pick up late next year.

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