World Bank foresees robust economic progress in the next three years

Franz Lewin P. Embudo | January 10, 2018

The World Bank anticipates the Philippines to continue impressive economic growth in the next three years even as public investments are discerned to decelerate.

“The Philippines will continue to be the fastest-growing economy in the Association of Southeast Asian Nations (Asean), despite some stabilization of investment growth,” the Washington-based multilateral lender said in its January 2018 Global Economic Prospects report released Wednesday morning.

The World Bank calculated the country’s gross domestic product (GDP) to progress 6.7 percent in 2018 and 2019, before increasing at a partly slower rate of 6.5 percent in 2020.

The World Bank’s prediction for the next three years were however below the government’s mark range of 7-8 percent annual GDP growth from 2018 to 2022.

In December, the World Bank escalated its 2017 growth forecast to also 6.7 percent from the last estimation of 6.6 percent was made “as part of its quarterly forecast exercise to reflect recent economic trends.”

“Following a stronger-than-expected growth of 6.9 percent in third quarter and a revision of GDP growth for the second quarter, from 6.5 to 6.7 percent, the World Bank projects 6.7 percent growth for 2017,” it said in a letter last month.

The administration will announce the 2017 fourth-quarter and full-year GDP accomplishment later this month.