ADB revises 2012 Philippine growth target to 5.5%

Oct 3, 2012 9:48 AM PHT

Cai U. Ordinario

SUMMARY

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The Asian Development Bank (ADB) revised its 2012 economic forecast for the Philippines to 5.5% from 4.8%

MANILA, Philippines – The Asian Development Bank (ADB) revised its economic forecast for the Philippines to 5.5% this 2012, higher than its 4.8% growth estimate last April.

This is within the government’s 2012 official target range of 5% to 6%.

“Robust private consumption and a rebound in government spending drove economic growth higher than expected in the first half of 2012, prompting an upward revision of the forecast for the full year,” the multilateral lender explained in its Asian Development Outlook update.

“Generating better jobs and reducing poverty remain key challenges,” the Manila-based lender added.

For 2013, ADB maintained a 5% growth outlook for the country.

“Growth is seen moderating in 2013 partly owing to global economic headwinds,” the ADB report said. – Rappler.com