by: Ronald Escanlar
Friday, January 14, 2011 | Outsourcing News |
The economy of the Philippines will continue to grow steadily for 2011 and 2012, says the World Bank (WB) in its latest Global Economic Prospects 2011 report.
The report, which the WB publishes twice annually, estimates that the country’s 6.8 percent growth in 2010 will stabilize to 5 percent in 2011 then 5.4 percent in 2012.
During the launch of the GEP 2011, Eric Le Borgne, World Bank Senior Economist for the Philippines, commented that, "GDP growth has been stronger than expected, reflective of rapid recovery and election-related spending amidst a strong external position which has led to a sovereign credit rating upgrade in November by Standard and Poor's."
The senior economist explains that the continued economic growth of the Philippines relies on the assumption that the strong investor confidence will be supported by the government in much-needed reforms and in improving the overall investment climate.
Although the country faces risks from the economic downturn of developed countries, Le Borgne says the outlook for the country’s top performing sectors remains positive. The electronics and semiconductor sector will remain strong, while the services sector, led by the business process outsourcing (BPO) industry, will continue to grow, explains Le Borgne.
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