World Bank sees 3.5% growth for RP
THE World Bank expects the Philippines to rebound from a modest 1.4-percent growth in 2009 to a considerable 3.5-percent expansion this year, the multilateral financial institution said in its latest report.
Earlier, the World Bank upgraded its growth forecast for the Philippines last year, reversing its previous estimate of a 0.3-percent contraction, as it noted that an expected global economic recovery would further lift the inflow of remittances, boost exports and encourage consumer spending.
In a press briefing, World Bank senior economist Eric Le Borgne said the low inflation environment, increased spending due to the May national elections, and the strong remittance inflows from overseas Filipinos would fuel the growth in economic activity.
However, he said growth could be threatened by the permanent erosion of tax revenues, improper timing in the exit of the government stimulus package, and a prolonged global economic recovery. (PIA)
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