The FINANCIAL — The World Bank 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 third quarter and a revision of GDP growth for the second quarter, from 6.5 to 6.7 percent, the World Bank projects 6.7 percent growth for 2017 – higher than its previous forecast of 6.6 percent, according to the World Bank.
“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 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.
Growth projection 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.