RP economy may slow down<\/p>\n
MANILA (AFP): Philippine economic growth is expected to slow
\ndown in 2001, the economic planning secretary said on Thursday,
\nalthough the quick resolution of President Joseph Estrada's
\ncorruption trial may help pull up growth figures.<\/p>\n
Economic Planning Secretary Felipe Medalla said that gross
\ndomestic product (GDP) in 2001 would range from 3.0 to 3.5
\npercent compared to an estimated four percent this year.<\/p>\n
Gross national product (GNP) growth, which includes income
\nfrom abroad, including the remittances of millions of Filipinos
\nworking overseas, was forecast at 3.2 to 3.7 percent next year
\nfrom a projected 4.2 percent this year.<\/p>\n
The projections for 2001 are downgraded from the previous
\ntargets of 4.0-5.0 percent GDP growth and 4.5-5.5 percent GNP
\ngrowth.<\/p>\n
Among the reasons for the lower growth expected next year are
\nthe return of the El Nino weather phenomenon in the second
\nquarter of 2001, a slowdown in world economic growth,
\nparticularly in the United States, tighter fiscal controls and a
\nweaker-than-expected local currency, Medalla said.<\/p>",
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