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    Monday, July 3, 2017

    Philippine economy for 2017-2018 “growing stronger” says World Bank

    World Bank on Saturday claimed that the Philippines is expected to continue its robust growth this 2017. It also projected that the country’s economy this year will more likely expand at 6.8 percent.

    Based on recent economic trends, World Bank, in its updated quarterly forecaster for 2017-2018, projected a 6.8 percent growth rate for the Philippines.

    The percentage is “slightly lower” compared to the 6.9 percent projection by the World Bank, last quarter. That however is not a big deal since Philippines economic growth projection for 2018 is back to 6.9 percent.

    World Bank, moreover, explained why there is a small decline in terms of their growth projection claiming that: “Philippines’ government consumption and investment growth was slightly weaker due to lower public spending in the first quarter of 2017…but private consumption and exports remained high.”

    Meanwhile, World bank Lead Economist for the Philippines Brigit Hansl, shared her perspective regarding how could the Philippines achieve World Bank’s projection.

    Claiming that one critical aspect enabling the Philippines to sustain its economic growth is thru “supporting higher investment levels”, Hansl said that:

    "The government's ability to realize its infrastructure spending agenda will determine if the Philippines can achieve the growth target of 6.5-7.5 percent for 2017.”

    World Bank’s quarter report also contains other projection for the Philippines, including Philippines’ consumption rate which, according to the report, is expected to grow at 5.6 and 6.1 percent for 2017 and 2018 respectively.

    “In line with the gradually improving global economy and trade this 2017, growth among the Philippines' main trading partners will boost demand for Philippines exports,” World Bank also added.

    It can be recalled that last June 2016, the World Bank said “the Philippines, along with Vietnam, had the strongest growth prospects in Southeast Asia despite a slowdown in the global economy's growth.”

    Given that, World Bank assumed that this will enable the Philippines to create more job opportunities and would “lead the country to increased incomes among all income groups”.

    Source: CNN Philippines
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