High growth rates bypass poor — WB 02/24/2011

High growth rates bypass poor — WB

02/24/2011
The high economic growth rates that the government has been reporting has no meaning for the poor since they have not benefited at all from the supposed economic gains in terms of uplifting their conditions, the World Bank (WB) said in its latest update on the country.

The quarterly update on the country titled “Robust Growth, Stubborn Poverty” stated that despite the remarkable rebound, the latest of which was a record 7.3 percent expansion rate for last year, growth continues to bypass the poor.

The report cited the latest official poverty data which it said “confirm a lack of poverty reduction response to economic growth in the Philippines.”

Even though real gross domestic product (GDP) growth averaged 5.4 percent during 2003 to 2006 and 4.3 percent during 2006 to 2009, or well above population growth, the poverty incidence rose from 24.9 percent of the population in 2003 to 26.4 percent in 2006, and inched up further to 26.5 percent in 2009, it noted..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110224hed3.html