WB stands by 6.7% growth forecast

In an August 10 interview with CNN Philippines, World Bank economist Brigit Hansl says the global lender stands by its previous growth forecast of 6.7% for the Philippines by the end of the year, despite the growth slowdown in second quarter growth to 6.0%.

"We retain the forecast because we will average over the year", she said.

According to Hansl, 6.0% is still a high number when you compare with other countries, and that investments remain strong, along with growth in other sectors as consumption and government spending that remains strong.

According to Hansl, any risks to the growth will be external, as a global economic slowdown will affect growth in exports.

"Manufacturing is expanding very nicely, Hansl added.

The Philippine government recently announced that second quarter growth fell below expectations to 6.0%.

Other asian countries are expected to obtain similar slowdowns, with China reporting at 6.7%, lower than the 6.8% expectation due to the effects of higher tarrifs imposed by the US and similar retaliatory measures engaged by China, which threaten to slow global economic growth.

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