The Asian Development Bank has raised its gross domestic product (GDP) growth forecasts for the Philippines for this year and next year, with the country expected to lead economic expansion among emerging Asean economies.
In its Asian Development Outlook Supplement report released yesterday, the ADB jacked up to 6.5 percent from 6.4 percent its Philippine GDP growth projection for 2017.
As such, the Manila-based multilateral lender’s forecast for this year is now within the government’s 6.5-7.5 percent target range.
The ADB’s updated 2017 growth projection for the Philippines is higher than Vietnam’s 6.5 percent, Indonesia’s 5.1 percent, Malaysia’s 4.7 percent, Thailand’s 3.5 percent and Singapore’s 2.4 percent.
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It also raised to 6.7 percent from 6.6 percent its Philippine growth forecast for 2018.
However, the ADB’s 2018 projection remained below the government’s target of 7-8 percent growth next year.
