World Bank: Philippines Will Remain as One of Southeast Asia's Fastest-Growing Economies


The world leader in international banking institutions, the World Bank announced that they are now expecting that the Philippines could remain as of Southeast Asia's fastest-growing economies based on their latest report, at they maintained the country's growth projection this 2018.


In the latest report of the World Bank in Global Economic Prospects which was released yesterday, the World Bank stated "The Philippines will continue to be the fastest-growing economy in the Southeast Asian Nations (ASEAN), despite some stabilization of investment growth," the World Bank reported.

The global lender, World bank also expect that the Philippine economy that grew 6.7%, the pace will be able to sustain by the Philippine economy until the year 2019 before slowing down to 6.5% in 2020.

If realized, that pace will fall within the government’s 6.5-7.5% growth goal for 2017 but will fall short of a 7-8% annual target from 2018 to 2022.



Philippine projections are better than those for East Asia and the Pacific (6.4% in 2017, 6.2% in 2018, 6.1% in 2019 and 6.0% in 2020) and for the world (3.0% in 2017, 3.1% in 2018, 3.0% in 2019 and 2.9% in 2020.

The World Bank’s Philippine forecast matches its estimate for Vietnam and Laos for last year, while Cambodia will grow faster — by 6.8%.

For 2018, Cambodia is still seen to top Southeast Asia with 6.9%, while Myanmar will match the Philippines’ growth, following Laos’ 6.6% and Vietnam’s 6.5%.

World Bank earlier hiked their Philippine projection last December 14 at around 6.7% form 6.6% in the East Asia and the Pacific Economic Update report published in October, citing faster-than-expected merchandise export growth.

To compare with other multinational lenders, the Asian Development Bank (ADB) likewise estimated a 6.7% forecast for 2017; while the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development have a 6.6% projection for this year.

For this year, the IMF sees the Philippine economy growing by 6.7%, while ADB and ESCAP project a 6.8% expansion.

Source: BusinessWorld


World Bank: Philippines Will Remain as One of Southeast Asia's Fastest-Growing Economies World Bank: Philippines Will Remain as One of Southeast Asia's Fastest-Growing Economies Reviewed by Phil Newsome on 1/11/2018 Rating: 5

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