Global financial services firm UBS said growth in Philippine gross domestic product this year could hit 6.6% but this could dip to 5.6% in 2017. The Swiss bank attributes the slower expansion to the expected lower government spending and tighter global monetary conditions. UBS’s 2017 forecast is lower than the government target range of 6.5% to 7.5% for next year. In a report, UBS said growth in the Philippines is set to slow having accelerated sharply this year. The growth drivers this year, which include election-related spending, large fiscal stimulus, and loose monetary conditions that fueled credit growth, may no longer exist next year. UBS added that the Philippine economy will regain some pace at 6% in 2018.
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