Growth forecast for 2018 still at 6.7 percent
(Eagle News) — The World Bank has raised its growth forecast for the Philippines for this year to 6.7 percent.
In a statement, the bank said the 0.1 percent increase was following “a stronger than expected growth of 6.9 percent in the third quarter and a revision of GDP growth for the second quarter, from 6.5 to 6.7 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,” Birgit Hansl, World Bank lead economist for the Philippines, said.
The World Bank added that the “simultaneous recovery in major advanced economies and in developing economies is boosting global trade.”
For the Philippines, it said it “means stronger import demand from the country’s main trading partners, such as the United States, Japan, and Europe.”
The country’s growth forecast for 2018 remained 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,” Hansl said.