(MENAFN) The International Monetary Fund's (IMF) Managing Director, Christine Lagarde, said that the Philippines' economy is expected to grow 5 percent during the current year, reported Xinhua News.
Lagarde said that the Asian country is the world's only country that received an upgraded growth forecast from the IMF.
The country posted an average growth of nearly 5 percent during the last 10 years.
In the January-June period, the Philippines economy expanded by 6.1 percent, on the other hand, in the first 10 months of the year, inflation averaged 3.2 percent, within the government's 3-5 percent target for 2012.
It is worth noting that the Filipino government targets an economic growth of between 5 and 6 percent in 2012, 6 and 7 percent next year, and at least 7 percent in the following years.
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