World Bank sees higher growth projection for Philippines

- Xinhua, MANILA

Dec 16, 2017-

The World Bank (WB) said on Friday that it has updated its 2017 growth projection for the Philippines, as part of its quarterly forecast exercise to reflect recent economic trends. Following a stronger-than-expected growth of 6.9 percent in the third quarter and a revision of gross domestic product (GDP) growth for the second quarter, from 6.5 percent to 6.7 percent, the WB said it projects a 6.7-percent growth for 2017 for the Philippines, which is higher than its previous forecast of 6.6 percent. “Continued global economic recovery gaining steam has led to higher than expected export growth for the Philippines and an encouraging upturn for the third quarter of 2017,” said Birgit Hansl, World Bank Lead Economist for the Philippines. The WB said the simultaneous recovery in major advanced economies and in developing economies is boosting global trade. “For the Philippines, it means stronger import demand from the country’s main trading partners, such as the United States, Japan, and Europe,” the WB said. The WB said the growth projection of the Philippines for 2018 remains at 6.7 percent. “If investment growth accelerates faster along with increased spending in public infrastructure, economic expansion can be even higher in 2017 and 2018 and exceed the current projection of 6.7 percent,” said Hansl. The Philippine Socioeconomic Planning Secretary Ernesto Pernia on Thursday expressed optimism that the Philippines’s GDP “is well on the way to reach (its) full-year growth target of 6.5 percent to 7.5 percent this year.” The head of the state planning agency, National Economic and Development Authority (NEDA), said GDP growth for 2017 could settle within the range of 6.7 to 6.9 percent. 

Published: 16-12-2017 08:55

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