by Katherine Visconti, RAPPLER.com
January 30, 2012
MANILA, Philippines – In 2011, the first full year of the Aquino administration, the Philippine economy slowed down to 3.7% from a robust 7.6% the year before due to factors beyond the government’s control–global economic woes and bad weather–as well as the well-criticized delays in government spending on crucial infrastructure.
This confirms previous forecasts that the government missed its GDP growth rate target of 4.5% to 5.5% for 2011. Gross domestic product (GDP) is one of the primary indicators to gauge the health of an economy.
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