World Bank maintains PH growth forecasts
Credit to Author: The Manila Times| Date: Thu, 09 Jan 2020 04:30:08 +0000
THE World Bank on Wednesday maintained its 2019 to 2021 Philippine economic growth projections.
In its January 2020 “Global Economic Prospects Slow Growth, Policy Challenges” report released late Wednesday, the bank projected the Philippine economy to grow by 5.8 percent this year, a slowdown from the 6.2 percent expansion in 2018 and also below the 6.0 to 6.5 percent downwardly adjusted growth target of the government.
The report said the Philippine economy was likely to recover and was forecast to grow by 6.1 percent this year and 6.2 percent in 2021 and 2022 as “large infrastructure projects come onstream.”
The projections, however, still falls below the 6.5 to 7.5 percent growth target.
The World Bank noted that growth in emerging markets and developing economies “has generally softened owing to global and domestic headwinds.”
“Economies that are deeply integrated into global and regional production and trade networks — most notably in Asia and Europe — particularly suffered from global trade tensions and decelerating trade flows last year (Philippines, Thailand),” said the World Bank. ANNA LEAH E. GONZALES