World Bank keeps 2017 outlook, cuts 2018 forecast for Philippines

ABS-CBN News

Posted at Apr 11 2017 10:39 AM | Updated as of Apr 11 2017 11:06 AM

The World Bank on Tuesday retained its 2017 growth projection for the Philippines, but revised downward its projection for 2018.

"We see at the World Bank favorable macroeconomic conditions expected that support the best growth in the Philippines over the next two years," said Birgit Hansl, World Bank's lead economist for the Philippines.

The World Bank projection is for 6.9 percent growth in 2017 and 2018.

The World Bank in December projected the Philippine economy to grow at 6.9 percent in 2017, an upgrade from its 6.2 percent forecast in October.

The Bank also expected the economy to expand at 7 percent in 2018.

Rising interest rates worldwide and the pace of the Philippines' infrastructure rebuilding could pose downside risks to the outlook, Hansl said.