Philippines forecast to sustain GDP growth at 6.8% – ANZ
ANZ Research said the country is expected to sustain its 6.8% economic growth this year, making the country one of the fastest growing economies in the region after China’s 6.9% and India’s 6.7%. However, the research firm said macro imbalances are likely to intensify because of the high growth continuing from 6.7% last year. The Philippines has registered 77 quarters of uninterrupted growth as the GDP expansion accelerated to 6.8% in the first quarter from the 6.5% in the fourth quarter last year. Most economic managers expect a GDP growth rate of between 7% and 8% this year. ANZ Research said the current account is drawing support from steady remittance inflows as well as receipts from business process outsourcing (BPO) and tourism sectors. The government’s infrastructure program also continues to boost investment-related imports.
