RP's 7.3 Economic Growth Highest in 3 Decades
According to Malacañang, the Philippines has registered a 7.3% economic growth in 2007 and it was the highest in 3 decades.
Watch the video after the jump...
The Philippines was even included in "The Next Eleven" (or N-11), a short list of eleven countries named by Goldman Sachs investment bank on December 12, 2005 as having promising outlooks for investment and future growth. Other countries in the N-11 are Vietnam, Mexico and South Korea.
In 2004, the Philippine economy experienced a 6% growth amidst the the East Asian financial crisis of the late 1990s. President Gloria Macapagal-Arroyo pledged to turn the country into a First World state by 2020. In 2005, the Philippine peso was dubbed as Asia's best-performing currency and this feat was dulicated last year. In 2006, the Philippine economy expanded at a rate of 5.4%, higher than of the previous year. The government plans to accelerate the country's GDP growth by 7% in 2007, 8% in 2008 and 9% by 2009, also known as the 7, 8, 9 project.
Obviously, the target was reached in 2007 wherein the Philippines registered a 7.3% economic growth rate. But according to the video embedded above, the so-called economic growth is still not being felt by the masses.
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