Xinhua, Manila :
The World Bank announced on Thursday that it has upgraded its economic outlook for the Philippines for 2016-2018 as part of its quarterly forecast exercise, considering recent trends.
The bank projects the Philippine economy to grow at 6.8 percent in 2016, compared with the 6.4 percent forecast released in October this year.
In a statement, the bank said that growth in the third quarter of 2016 was higher than expected with accelerating investment and private consumption growth.
“This continued the strong growth performance of the Philippine economy in the first half of 2016 which was driven by the government’s pre-election stimulus,” the bank said.
Birgit Hansl, World Bank lead economist for the Philippines, said “Recent economic trends illustrate the high confidence among investors and consumers, and provide the foundation for a more optimistic outlook for the remainder of 2016 and for 2017.”
“The economy’s strong performance in October and November, and continued policy commitment to an increase in public infrastructure spending are expected to carry the economy’s growth momentum over to 2017-2018,” Hansl said.
The World Bank announced on Thursday that it has upgraded its economic outlook for the Philippines for 2016-2018 as part of its quarterly forecast exercise, considering recent trends.
The bank projects the Philippine economy to grow at 6.8 percent in 2016, compared with the 6.4 percent forecast released in October this year.
In a statement, the bank said that growth in the third quarter of 2016 was higher than expected with accelerating investment and private consumption growth.
“This continued the strong growth performance of the Philippine economy in the first half of 2016 which was driven by the government’s pre-election stimulus,” the bank said.
Birgit Hansl, World Bank lead economist for the Philippines, said “Recent economic trends illustrate the high confidence among investors and consumers, and provide the foundation for a more optimistic outlook for the remainder of 2016 and for 2017.”
“The economy’s strong performance in October and November, and continued policy commitment to an increase in public infrastructure spending are expected to carry the economy’s growth momentum over to 2017-2018,” Hansl said.
