The World Bank declares high growth forecast for PH

The World Bank / Photo from Manila Bulletin (ctto)

Manila, Philippines – The World Bank has revised the growth forecast for the Philippines for 2017, taking it higher and stronger than expected.

In its statement on Friday, the World Bank disclosed the upward gross domestic growth of 6.7 percent from 6.6 percent.

The Philippine’s growth percent has increased to 6.9 percent in the third quarter, which resulted to revision of the year-to-date data.

“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, a World Bank economist for the Philippines.

The bank also cited that concurrent recovery in major advanced economies and in developing economies has finally paid off, thus boosting the Philippines in global trade.

“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,” the World Bank lead economist said.

Meanwhile, the bank’s growth forecast for 2018 still remains at 6.7 percent, which is lower than the official goal of 7-8 percent.

The Asian Development Bank (ADB) also revised its 2017 growth outlook upward to 6.7 percent from 6.5 percent previously.

“This outlook assumes that growth in the government’s infrastructure program will accelerate, supported by improvements in budget execution, with more large investment projects under way,” ADB said in a statement.

The ING Bank Manila has also raised its projection to 6.7 percent from 6.6 percent.
On the other hand, Metropolitan Bank and Trust Co. also announced its revision from 6.6 percent to 6.8 percent.

Other banks have also revised its projection outlook simultaneously.

source:Manila Times

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