World Bank: Philippines Economy Top Performer in East Asia

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The World Bank on Tuesday, April 11 says the Philippine economy will grow close to 7 percent in the next three years, remaining the top performer in East Asia.

In its report, the bank retained its 6.9 percent economic growth forecast for the Philippines this year, and is likely to sustain the same growth rate in 2018 — which is down from its December projection of 7 percent.

The bank also projected the domestic economy to slightly ease to 6.8 percent in 2019.

However, World Bank lead economist for the Philippines Birgit Hansl downplayed the downward adjustment in the 2018 growth forecast.


“The revisions from the forecast in December is minor. Statistically, it’s insignificant. It’s just that we have more information now than last year,” Hansl said. “So as you can see,  there is no major change. On the opposite, we see it as positive development.”

Taking note of the expected increase in the government’s infrastructure spending, Hansl said the World Bank “continues to have a positive economic outlook for the Philippines that will be sustained throughout 2018.”

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