MANILA, Philippines — The World Bank has downgraded its growth forecasts for the Philippines this year and next on assumptions of a reenactment of the national budget in the first quarter and weakness in global demand that may continue to hurt exports. “Investment growth may be tempered in the first half of 2019 due to the possible reenactment of the first quarter 2019 budget following a delay in the budget approval process. Nonetheless, the WB said the Philippines is still expected to be among the fast-growing economies in East Asia and the Pacific region. The mid-term election in May is also expected to strengthen consumption by temporarily raising employment and disposable incomes in early 2019. “A strong, consistent delivery of the infrastructure investment agenda while sustaining improvements in health, education and social protection will be key to maintaining the robust and inclusive growth outlook of the Philippines,” said Rong Qian, World Bank senior economist.

Source: Philippine Star December 21, 2018 16:03 UTC