Asian Devt Bank upgrades PHL growth forecasts for 2017 & 2018

They are really taking notice of the Philippines.

The Asian Development Bank (ADB) upgraded its gross domestic product growth forecast for the Philippines for this year and the succeeding year. The institution is already anticipating the massive surge of the Duterte administration’s flagship projects on upgrading the country’s basic, fundamental and much needed modernization on the field of infrastructure- the BUILD BUILD BUILD.

Not bad coming from the President’s economic team, when the critics have labelled the President himself as a leader without a very clear program as for the economy of the country.

Asian Development Bank (Photo credit to owner)

Asian Development Bank (ADB)  raised the Philippine Gross Domestic Product (GDP)growth forecasts from 6.5 percent to 6.7 percent for 2017, and from 6.7 percent to 6.8 percent for 2018.

“This outlook assumes that growth in the government’s infrastructure program will accelerate, supported by improvements in budget execution, with more large investment projects under way,” said in a supplement to its Asian Development Outlook Update 2017 report.

Vietnam is also expected to reach the same growth as the Philippines. However the report noted that in 2018, the Philippines will outpace Vietnam’s GDP, growing at around 6.7%.

ADB took notice that the Philippines economy expanded by 6.7 percent in the first three quarters of 2017 on accelerating investment and robust consumption. Public expenditure accelerated, particularly for infrastructure.

They can see the country reaching the government’s target of spending 5.3 percent of GDP on public infrastructure this year.

The ADB report also upgraded its growth forecasts for the other Southeast Asian Countries for Brunei Darussalam, Malaysia, Singapore, Thailand ,as economic growth in Southeast Asia is picking up faster than forecast in September.

“GDP is now seen to expand by 5.2 percent in 2017 and 2018. The subregion is benefiting from robust investments and exports,” it added.   *

But for the Philippines, ADB expects the country to remain the fastest growing economy in Southeast Asia.

Report from PNA