World Bank : PH economic growth still one of fastest in East Asia

World Bank : PH economic growth still one of fastest in East Asia

Nobody can deny that the country is in good hands- economically speaking.
Fundamental economic statistics shoes that the spike in inflation a few months back is not a factor we should worry about. It’s part of the day to day economic cycle that we as a progressing country must go through.
(photo credit to owner)

The Washington based lender expects the Philippines to remain one of the fastest-growing economies in the East Asia and the Pacific region, even after it slightly revised downward its projection on the country’s growth rate for the next two years.
The World Bank in a statement said it reduced growth projections for the Philippines to 6.4 percent in 2018 from 6.5 percent, and 6.5 percent in 2019 from 6.7 percent, to “reflect recent economic trends.”
“A strong, consistent delivery of the infrastructure investment agenda while sustaining improvements in health, education and social protection will be key to maintaining the robust and inclusive growth outlook of the Philippines,” World Bank Senior Economist Rong Qian said.
Persistent high inflation may temper private consumption growth in the fourth quarter of 2018, but a moderation in inflation in following quarter is expected to boost consumer confidence and raise the private consumption for next tear (2019), the WB said.
It also took note of the 2019 mid term elections which is expected to strengthen consumption by temporarily raising employment and disposable incomes in early 2019.
“Investment growth however maybe be tempered in the first half of 2019 due to the possible reenactment of the first-quarter 2019 budget following a delay in the budget approval process. Moreover, global trade is expected to remain weak, thus dampening exports,” World Bank added.

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