Dec 2nd, 2007. Filed under Philippine News.
WB upgrades RP growth rate
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The World Bank has upgraded its economic-growth forecast for the Philippines, saying the upper end of the target range may be hit because of strong consumption and local investments. The World Bank warned that the country should brace itself for a global slowdown, because of surging oil prices and an expected contraction in the US economy.
In its East Asia Update, it projected that the countrys gross domestic product (GDP) will grow 6.7 percent this year, an upgrade from its earlier forecast in April of 5.6 percent.
The governments GDP target for the year ranges from 6.1 percent to 6.7 percent.
