MANILA, Philippines – The World Bank kept its growth forecasts for the Philippines this year and the next despite the country’s surprisingly high economic expansion in the first quarter.
In its Global Economic Prospects 2013 report released Wednesday, June 13, the Washington-based bank said it sees the Philippines growing 6.2% this year and 6.4% in 2014, unchanged from its December and April projections.
These are lower than the first-quarter 7.8% growth, which was way faster than what the market had expected.
In 2015, the World Bank noted Philippine growth would be steady at 6.4%.
The lender retained its forecasts for the Philippines, but cut its growth estimate for the global economy.
It said the world would grow at an annual rate of 2.2% in 2013, down from its January estimate of 2.4%.
It said growth would be driven by majority of developing countries that have more or less fully recovered from the 2008 financial crisis. – Rappler.com
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