UN: Philippine GDP growth seen at 6.2% in 2014

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phil streetA new report by the United Nations, the UN World Economic Situation and Prospects 2014 (WESP) report, expects the Philippine GDP growth to slow to 6.2 per cent in 2014, lower than the government’s target of 6.5 to 7.5 per cent. It also expects the Philippine economy to grow by 6.3 per cent in 2015.

The report noted for 2013, the Philippine economy was seen to have grown by 6.7 per cent . The government will release the 2013 GDP results on January 30.

“In November 2013, the country was hit by a severe storm and flooding, which caused many deaths and widespread destruction. In economic terms, the effect is a small reduction in growth in 2013, with reconstruction possibly adding to growth in 2014,” the UN WESP report said.

But despite the slowdown, the Philippines’ GDP growth is still expected to be the second fastest in East Asia, after China is forecast to grow 7.5% in 2014. However, the report cited the rise in unemployment in the Philippines despite economic growth.

“Translating economic growth into employment opportunities remains a significant challenge in the Philippines. Despite growth of 7.6 per cent in the first half of 2013, the unemployment rate rose to 7.3 per cent in July as the economy failed to create sufficient full-time jobs to accommodate the rapidly growing labour force,” the report said.

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Reading Time: 1 minute

A new report by the United Nations, the UN World Economic Situation and Prospects 2014 (WESP) report, expects the Philippine GDP growth to slow to 6.2 per cent in 2014, lower than the government’s target of 6.5 to 7.5 per cent. It also expects the Philippine economy to grow by 6.3 per cent in 2015.

Reading Time: 1 minute

phil streetA new report by the United Nations, the UN World Economic Situation and Prospects 2014 (WESP) report, expects the Philippine GDP growth to slow to 6.2 per cent in 2014, lower than the government’s target of 6.5 to 7.5 per cent. It also expects the Philippine economy to grow by 6.3 per cent in 2015.

The report noted for 2013, the Philippine economy was seen to have grown by 6.7 per cent . The government will release the 2013 GDP results on January 30.

“In November 2013, the country was hit by a severe storm and flooding, which caused many deaths and widespread destruction. In economic terms, the effect is a small reduction in growth in 2013, with reconstruction possibly adding to growth in 2014,” the UN WESP report said.

But despite the slowdown, the Philippines’ GDP growth is still expected to be the second fastest in East Asia, after China is forecast to grow 7.5% in 2014. However, the report cited the rise in unemployment in the Philippines despite economic growth.

“Translating economic growth into employment opportunities remains a significant challenge in the Philippines. Despite growth of 7.6 per cent in the first half of 2013, the unemployment rate rose to 7.3 per cent in July as the economy failed to create sufficient full-time jobs to accommodate the rapidly growing labour force,” the report said.

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