MANILA, Philippines – The World Bank has maintained its gross domestic product (GDP) growth forecasts for the Philippines at 6.2 percent and 6.4 percent for 2013 and 2014, respectively, as the country continues to show signs of sustained growth.
In its latest East Asia and Pacific (EAP) Economic Update released over the weekend, the World Bank said the country’s “fundamentals remain strong, policy responses have been appropriate so far, and reform efforts by the government appear sustainable.”
The multilateral lender also said the Philippine economy would likely grow by 6.3 percent in 2015.
As the global economy recovers, the latest World Bank report also projected that regional growth would rise moderately to 7.8 percent in 2013 and ease to 7.6 percent in 2014.
“The East Asia and Pacific region contributed around 40 percent of global growth in 2012, and the global economy continues to rely on the region’s growth, with investor confidence surging and financial markets remaining solid,” said World Bank East Asia and Pacific Vice President Axel van Trotsenburg. “Now is the time for countries to focus on helping the remaining poor, with more and better quality investments to accelerate inclusive growth.”
In the April 2013 report, World Bank also noted that the middle-income EAP (Indonesia, Malaysia, Thailand and the Philippines) outperformed expectations, due to stronger than anticipated growth in the second half and especially the last quarter of 2012.
But World Bank said the Philippines had outperformed the rest of the EAP middle income group.
“The Philippines led the ASEAN-4, accelerating from 3.9 percent GDP growth in 2011 to 6.6 percent in 2012, spurred by robust private consumption, a recovery in government spending, strong performance of the construction sector and of exports,” it said.
But the World Bank warned that developing economies in EAP might be affected by some future setbacks. –Donnabelle L. Gatdula (The Philippine Star)
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