World Bank projects 6.9% growth for PHL in 2017, 2018

The World Bank has projected the growth in the country’s gross domestic product (GDP) at 6.9 percent for 2017 and 2018. (Photo by G0T0 (Own work) [CC0])

During the launch of the Philippine Economic Update April 2017 on Tuesday, World Bank lead economist Birgit Hansl said the Philippine economy will remain resilient in the medium term, backed by favorable macroeconomic conditions.

The World Bank however slightly slashed its growth forecast for next year from 7.0 percent.

“It’s really minor (change), it’s statistical. It’s insignificant. There is no specific reason for this,” Hansl said.

The economist noted the need to highlight the country’s achievement to continue its strong growth and its economic policies that support this positive trend.

She added that investments and consumption are still the Philippine economy’s growth engine.

“We see the government’s commitments to increase public infrastructure and we’re expecting it to sustain Philippine growth momentum throughout 2018. There are spillover effects, spurring additional business activities, accelerating job generation, and higher household consumption,” Hansl said.

“We hope the strong growth will remain inclusive,” the World Bank economist noted.