A business process outsourcing (BPO) boom, a growing middle class, and expansionary fiscal policy will keep the Philippine economy growing this year. S&P Global Ratings cited the three factors in revising upwards its 2016 growth forecast for the country. According to the ratings agency, the country’s GDP will expand 6.5% this year instead of the earlier forecast of 6.1%. For next year, the economic growth is forecast to slow down to 6.3%. S&P joins a number of ratings agencies and institutions that revised upward their forecast for the Philippine economy, citing, among others, the country’s vibrant BPO industry. Economic managers have predicted a GDP growth target of between 6% and 7% this year after easing to 5.9% last year from 6.1% in 2014.
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