ADB revises growth forecast

The Asian Development Bank (ADB) revised its growth forecast for the Philippines this year from 6.4 percent to 6.2 percent.

Richard Bolt, ADB country director for the Philippines said that the Consumption and investment remain strong, and exports are recovering during the launching of the report.

Bolt also added that boosting growth and creating more jobs was possible by “accelerating infrastructure projects, taking measures to strengthen competition and increasing access to finance.”
The growth forecast next year was also trimmed from 6.7 percent to 6.4 percent by the ADB together with annual economic publication Asian Development Outlook 2014.

Philippine’s gross domestic product grew 7.2 percent in 2013 and up by 6 percent in the first half of year 2014.

The 6.2-percent growth forecast for the Philippines was the fastest among the six major Southeast Asian economies according to the ADB report. It was also the third fastest among Developing Asian countries, behind China and Sri Lanka.

“Slowing foreign demand hurt some economies in the region, but as a whole, Asia and the Pacific is on track for firm growth” – ADB Chief Economist Shang-Jin Wei said.

ADB raised the inflation forecast for the Philippines this year to 4.4 percent from the earlier estimate of 4.3 percent and the actual 3 percent in 2013.

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