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UNESCAP Changes PH Growth Forecast

by: Sarah Joson

Friday, December 20, 2013 | Outsourcing News |

According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the Philippine economy is expected to finish strong this year with 7-percent growth, which will be carried over to 2014 wherein the nation is set to implement recovery plans from the recent super typhoon.

GDP growth forecast could reach up to 7%

The organization released its Economic and Social Survey report for 2013 where it was stated that the gross domestic product (GDP) could grow up to seven percent this year, which is the maximum goal that was initially set by the local government (6-7 percent). On the other hand, the UN body gave a slower forecast at 6.2 percent in its September report.
Moreover, it is predicted in the report that the Philippines will grow 6.7 percent in 2014 which may possibly accelerate because of the reconstruction efforts at the wake of Typhoon Haiyan.

The target GDP growth rate of the government for next year is 6.5-7.5 percent.

Meanwhile, UNESCAP noted that the stable flow of remittances from overseas Filipino workers will also reinforce the Philippine economy as long as the outlook for receiving countries remain stable and issues and challenges are addressed immediately.

However, for 2014, China is anticipated to grow 7.3 percent while the Philippines is seen to grow 6.7 percent.
In terms of inflation, UNESCAP said the Philippines’ consumer prices will only increase at an average rate of three percent for 2013, and 3.9 percent next year even with the robust performance of the economy. However, the projections are still within the 3-5 percent target range set by Central Bank for 2013-2014.



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