PH to sustain robust economy in next 3 years

Metro Manila by night. (INQUIRER FILE PHOTO / JILSON SECKLER TIU)

The Philippines is said to sustain a robust economic growth in the next three years despite of some stabilization from investment growth, according to World Bank’s January 2018 Global Economic Prospects on Wednesday.

The Washington-based lender projected the Philippines’ gross domestic product (GDP) to grow 6.7 percent in 2018 and 2019 before listing a slow-rate of growth of 6.5 percent in 2020.

In comparison, the World Bank’s forecast is nonetheless below the government’s target range of 7-8 percent annual GDP growth for 2018 to 2022.

In December, World Bank raised its 2017 growth forecast from a 6.6 percent projection to 6.7 percent and was made “as part of its quarterly forecast to reflect recent economic trends”.

“Following a stronger than expected growth of 6.9 percent in third quarter of 2017 and a revision of GDP growth for the second quarter from 6.5 to 6.7 percent”, said World Bank in a statement explaining the raising of the projected GDP growth.

However, the revised 2017 forecast remained within the target of the government of 6.5 -7.5 percent.

In addition, the government will announce the 4th quarter GDP growth later this month.

Meanwhile, the economy grew by an average of 6.7 percent in the first three quarters last year.

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