World Bank, ADB see economic growth at 6.7%
The rapid growth seen during the third quarter has made these global lenders even more optimistic towards the Philippines.
The World Bank and the Asian Development Bank both saw the brighter-than-ever outlook of the Philippine economy, which inspired them to grow even more fond of local prospects.
In separate decisions, the multilateral lenders raised their growth forecast for the Philippines to 6.7% for 2017, coming from projections of 6.5% previously.
Both cited that the faster growth recorded during the third quarter at 6.9% triggered the upward revisions, which the World Bank described as “encouraging.”
Improving global economic conditions also provided an extra boost for growth prospects.