The Philippines will remain one of the fastest-growing countries in East Asia and the Pacific despite a “modest” easing in economic expansion in the region in the next three years, a new World Bank report showed.
“Among the large developing Southeast Asian economies, the Philippines and Vietnam have the strongest growth prospects, both expected to grow by more than 6 percent in 2016,” the World Bank said in a statement, based on its latest East Asia and Pacific Economic Update released Monday.
READ: ADB says Asia economy to grow 5.7 percent in 2016 and 2017 | Next president urged: Prioritize tax reform within first 100 days
The Washington-based lender expects the Philippine economy to expand by 6.4 percent this year and 6.2 percent in 2017 and 2018.
Across developing East Asia, growth was projected to ease to 6.3 percent this year from 6.5 percent last year.
“The forecast reflects China’s gradual shift to slower, more sustainable growth, expected to be 6.7 percent in 2016 and 6.5 percent in 2017, compared with 6.9 percent in 2015,” the World Bank explained.
“Developing East Asia and Pacific continues to contribute strongly to global growth. The region accounted for almost two-fifths of global growth in 2015, more than twice the combined contribution of all other developing regions,” it said.
It added, “The region has benefited from careful macroeconomic policies, including efforts to boost domestic revenue in some commodity-exporting countries.”
“But sustaining growth amid challenging global conditions will require continued progress on structural reforms,” said Victoria Kwakwa, incoming World Bank East Asia and Pacific regional vice president.
“Developing East Asia and Pacific faces elevated risks, including a weaker-than-expected recovery in high-income economies and a faster-than-expected slowdown in China. At the same time, policy makers have less room to manoeuver in setting macroeconomic policy,” said Sudhir Shetty, chief economist of the World Bank for East Asia and Pacific Region.
Shetty added, “Countries should adopt monetary and fiscal policies that reduce their exposure to global and regional risks, and continue with structural reforms to boost productivity and promote inclusive growth.”
Read more: http://newsinfo.inquirer.net/778971/ph-among-fastest-growing-economies-in-asean-in-3-years-wb#ixzz45VTGehPM
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
