PHL Economy to Expand 6.5% in 2015 — World Bank

(PNA) — The World Bank has projected the gross domestic product (GDP) growth for the Philippines at 6.5 percent at end-2015.

World Bank’s growth forecast for the country this year was trimmed from the 6.7-percent GDP growth projection in October 2014.

In its East Asia and Pacific Economic Update released Monday, the World Bank said economic growth of developing countries — including the Philippines — in the region will slightly ease despite benefiting from lower oil prices and recovery of developed countries.

For 2016, the World Bank sees the Philippines’ GDP growth at 6.5 percent and 6.3 percent in 2017.

For the whole East Asia and Pacific region, GDP growth is stable at 6.0 percent from 2015 to 2017 while developing East Asia and Pacific countries’ growth is expected at 6.7 percent in 2015 and 2016 and at 6.6 percent in 2017.

“East Asia Pacific has thrived despite an unsteady global recovery from the financial crisis, but many risks remain for the region, both in the short and long run,” said World Bank East Asia and Pacific Region Chief Economist Sudhir Shetty.

The East Asia and Pacific Economic Update is World Bank’s comprehensive review of the region’s economies is published twice yearly. (PNA) JBP/KMC