Economic team sets dream 8% growth goal
07/11/2010 As in her mother, former President Corazon Aquino’s administration, President Aquino had resorted to dream targeting for the economy. The economic team of Aquino raised his administration’s economic growth target for this year of up to six percent this year and eight percent next year that would be a 35-year high if met while projecting the budget deficit to drop to two percent of gross domestic product (GDP) in 2013 from this year’s P325 billion or 3.9 percent of GDP. Finance Secretary Cesar Purisima said late Friday after a meeting of Aquino’s economic officials the worrisome fiscal gap would fall to 3.3 percent next year, 2.6 percent in 2012 and 2 percent by 2013. He said the government will continue to sell off more assets to raise money to support the expansion. “We agreed we should set an ambitious target,” Purisima told reporters. “We cannot afford to continue targeting low levels because we will continue to lag behind our neighbors, not be able to fight poverty and not attract more investments,” Purisima said.... MORE Source: The Daily Tribune URL: http://www.tribuneonline.org/headlines/20100711hed2.html |
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