The World Bank has projected the growth in the country’s gross domestic product (GDP) at 6.9 percent for 2017 and 2018.
World Bank lead economist Birgit Hansl said the Philippine economy will remain resilient in the medium term, backed by favorable macroeconomic conditions.
The World Bank however slightly slashed its growth forecast for next year from 7.0 percent.
“It’s really minor change, it’s statistical. It’s insignificant. There is no specific reason for this,” Hansl said.
The economist noted the need to highlight the country’s achievement to continue its strong growth and its economic policies that support this positive trend.
She added that investments and consumption are still the Philippine economy’s growth engine.
(with reports from PNA)
