MANILA - The World Bank has revised its 2017 growth projection for the Philippines upward to 6.7 percent from the previous 6.6 percent due to export growth driven by economic recovery worldwide.
In a statement Friday, the World Bank also cited the country's stronger than expected growth of 6.9 percent in the third quarter and a revision of gross domestic product (GDP) growth for the second quarter to 6.7 percent from 6.5 percent.
"Continued global economic recovery gaining steam has led to higher than expected export growth for the Philippines and an encouraging upturn for the third quarter of 2017," World Bank Lead Economist for the Philippines Birgit Hansl said.
The bank said simultaneous recovery in major advanced economies and in developing economies is boosting global trade.
This means stronger import demand for the Philippines coming from major trading partners including the United States, Japan and Europe.
Growth projection for 2018 remains at 6.7 percent.
"If investment growth accelerates faster along with increased spending in public infrastructure, economic expansion can be even higher in 2017 and 2018 and exceed the current projection of 6.7 percent," Hansl said.