Manila: The World Bank said it lowered its growth forecast for the Philippines in 2018 from 6.7 per cent growth to 6.5 per cent, citing weak exports and damage to agriculture by typhoons, but maintains that the economy will remain robust.
“The Philippine economy is poised to remain strong and is projected to grow at 6.5 per cent in 2018, 6.7 per cent in 2019, and 6.6 per cent in 2020,” the World Bank said in its Philippine Economic Update released.
“Growth slowed in the first half of 2018 due to weak exports of electronics and lower production from agriculture and fisheries due to unfavourable weather conditions,” the report said.
Philippine inflation has risen for a ninth straight month in September, to a near-10-year high, the government said.
Philippine economic managers have said that the government will not be able to meet its GDP target of 7 per cent to 8 per cent for 2018.
A large part of the government’s proposed 2019 national budget focuses on boosting investments in infrastructure and education.
The World Bank said helping the country’s farming and fisheries sector is crucial to sustain high and inclusive economic growth. — dpa
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