The Philippines’ economic growth could exceed the World Bank’s projection of 6.2 percent for the next two years, the multilateral lender said on Monday, adding that short-term prospects remained positive despite policy challenges.
“If remaining budget-execution bottlenecks are successfully addressed in the next few months, and if uncertainties regarding the specifics of the reform agenda are quickly resolved, the annual GDP growth rate could exceed the 6.2 percent currently projected for 2017-18,” the bank said in a report on the Philippine economy.
Despite medium-term risks and policy challenges, the World Bank said “the Philippines’ short-term growth prospects remain positive.”
Election campaign spending helped the Philippine economy expand 7.0 percent in the second quarter, the fastest pace in three years.
