Hong Kong (CNN) -- As emerging markets slump and the
euro zone continues to struggle, the Philippine economy made a
surprising surge in the first part of this year.
The slowdowns in BRIC
countries, China in particular, are feared to drag down the global
economy. But in the first quarter of 2012, the Philippine economy grew
6.4%, the fastest since 2010 and already far outpacing the International
Monetary Fund's forecast growth of 3.5% for this year.
The growth surge was
driven in part by a recovery of electronics exports after a decline in
demand last year, while analysts say the economy was buoyed by strong
domestic consumption.
It is the money sent home
to the Philippines by its overseas workers, known as remittances, and
the rise of outsourced call centers that serve as the long-term
stabilizers relatively unhindered by a sagging global economy, according
to analysts.
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