RP, Indonesia free from Asian contraction amid global financial crisis
By: Reuters poll MANILA (PNA) -- The Philippines and Indonesia are the only economies in Southeast Asia that will record growth this year, results of a Reuters poll survey show. But the growth, Reuters said, "will be sharply slower than in previous years, particularly for Indonesia which will be hit by falling prices of commodities, the bulk of Jakarta's exports." Reuters forecast growth of just 2.3 per cent for the Philippines this year, but it is lower than a similar poll last December that showed a 3.3 per cent estimate. It is also below government expectations for at least 3.7 per cent, due partly to lower remittances from overseas Filipinos. Singapore will be the hardest hit, shrinking nearly five this year, the results showed, while Thailand faces its worst recession in 11 years. According to Reuters, the trend reflects a collapse in exports across Asia. "The Philippines and Indonesia will be the only economies in the region to record growth this year but tha...