31 Jan '11, 9am

Philippines posts record economic growth

Philippines posts record economic growth

MANILA: The Philippine economy grew at its fastest pace last year since democracy was restored more than two decades ago, expanding 7.3 per cent on the back of a global upswing, the government said Monday. The growth is a boost for President Benigno Aquino's new government as it seeks to attract more foreign investment and enable the long underperforming economy to catch up with its fast-developing Asian neighbours, analysts said. The National Statistical Coordination Board said one main reason for the strong performance -- coming off growth of just 0.9 per cent in 2009 -- was the rest of the world recovering from the global financial crisis. "The global economic recovery which resulted in record growth rates of foreign trade... contributed to an economic performance in 2010 that well surpassed the government's target of 5.0 per cent to 6.0 per cent," it said. Extra money ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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