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Economic Growth in 2018

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MikeLigalig.com:
Manila Times - ECONOMIC growth will likely fall below government expectations this year, despite massive spending on public infrastructure, with analysts forecasting expansion in the range of 6.3 – 6.8 percent for a median of 6.6 percent, lower than the 7 – 8 percent target.

The most optimistic with their forecasts are the Asian Development Bank, Fitch Ratings and UBS, which all said that the Philippines´ 2018 gross domestic product (GDP) would rise to 6.8 percent. HSBC, the World Bank and DBS, meanwhile, said the economy could grow by 6.7 percent.

Fastest-growing economies
An assumption of growth in the government´s infrastructure program—supported by improvements in budget execution and with more large investment projects under way—is what made the Manila-based ADB arrive at its 2018 outlook. This would maintain the Philippines´ place among the fastest-growing economies in the Asia-Pacific region, according to Fitch, an international credit ratings agency.

Financial services giant UBS also took into account the rising public investment in its forecast, saying the expansion should be supported by a wider fiscal deficit of 3 percent of GDP and also by an ambitious tax reform program that raised fuel prices and expanded the base for value-added tax in return for lower personal income taxes.

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