Philippine president believes local economy to improve

16:36, May 30, 2011      

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Philippine President Benigno Aquino III expressed belief Monday that the economy will improve as his administration will make pump priming efforts amid the 4.9 percent gross domestic product (GDP) growth during the first quarter of this year.

Aquino blamed the unrest in the Middle East and the North African countries and the tragedies in Japan for the economic slowdown from January to March.

"We believe that we can still pump prime (the economy), especially in the second quarter," Aquino said, "So we think these numbers will still improve."

The government is targeting 7 to 8 percent GDP growth for this year, but officials have said that the figures are a challenging target.

Source: Xinhua
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