World Bank sees PH growing 6.9% in 2017

  • Page Views 1036
  • The World Bank said Tuesday the Philippine economy is expected to expand by nearly 7 percent in the next three years, making it one of the top performers in the region.

    World Bank lead economist Birgit Hansl said in a news briefing in Taguig City the country’s gross domestic product growth would likely reach 6.9 percent in 2017 and 2018 and 6.8 percent in 2019.

    “The government’s commitment to further increasing public infrastructure investment is expected to sustain the country’s growth momentum through 2018 and reinforce business and consumer confidence,” she said.

    “We project the Philippines to be one of the top growth performers in the Asian region. But the growth prospects are subject to downside risks,” Hansl said.

    Hansl said exports would continue to be a drag for economic expansion. She also said the developments in the world’s advanced economies, particularly the path of monetary policy in the US, would cause uncertainties in the financial markets and affect the peso.

    She said in the domestic front, the expansionary fiscal policy of the government could be at risk because it was “not matched with the amount of revenues” for the purpose.

    “The outlook remains positive…. We see the government’s intent to increase investments in public infrastructure. The implementation of these will result in job creation and higher domestic consumption,” she said.

    Hansl said she was not seeing any impact on growth of the proposed comprehensive tax reform program of the government, which aims to lower personal income tax and raise excise taxes.

    “It is still early April, and we see no impact yet from the tax reform plan. But in July, we will consider this if there is any policy change… We see no reason at the moment to doubt the plan,” Hansl said.

    Hansl said the very young population of the Philippines provided the promise of a demographic dividend period, if structural reforms allowed for conditions that would encourage savings and investments and skills developments for young workers. (J. Rada, MS)

    Share

    New Posts Recently publish post More

    • 29 July 2021
      2 days ago No comment

      With multiple medals, Tokyo 2020 an Olympic banner year for Philippines

      The Philippines will finish with multiple medals in the ongoing Olympics. This means that the Tokyo 2020 Olympics will represent a banner year for the country. The Philippine Daily Inquirer observed that this will be the first time since the Los Angeles 1932 Games that the Philippines will win ...

    • 22 July 2021
      1 week ago No comment

      Lolit Solis hints at Kris Aquino’s possible run in 2022

      Will Kris Aquino run in the national elections in 2022? This was the question of veteran entertainment journalist Lolit Solis who promised to vote for Kris should she decide to run in the national elections next year. But Lolit advised Kris not to run for mayor in Quezon City ...

    • 22 July 2021
      1 week ago No comment

      Philippines administers 15.6 million COVID-19 shots

      The Philippines has administered 15.6 million doses against the COVID-19 virus. Harry Roque, spokesperson of President Rodrigo Duterte, shared this number in a media briefing Wednesday (July 21). Of the 15.6 million does administered by the government, Roque said 10,585,261 million persons got their first dose. As well, 5,031,301 ...

    • 17 July 2021
      2 weeks ago No comment

      First Nations peoples condemn tweet on Church burnings

      At a press conference in Vancouver, Pentecostal assistant minister Jenn Allan-Riley, a 60s scoop survivor whose mother attended residential school, called for the wave of church arsons to stop. She adds that “Burning down churches is not in solidarity with us Indigenous people. As I said, we do not ...

    • 17 July 2021
      2 weeks ago No comment

      Paki-Ayos: A New Service for Filipinos in Canada

      Paki-Ayos Services Inc. will do errands for you in the Philippines Do you need something done in the Philippines, but air fare, accommodations, and pasalubong cost too much for you to go back home? A new service, Paki-Ayos, is here to help. Forget about going on a very expensive ...

    %d bloggers like this: