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Asia Development Bank cuts growth estimates for Philippines

by ChemOrbis Editorial Team -
  • 31/03/2016 (14:56)
According to media reports, the Asian Development Bank (ADB) lowered its growth estimates for Philippines’ 2016 economy. The bank expects the Philippines’ economy to grow by 6% this year, down from its earlier estimate of 6.3% due to a slowdown in the global economy.

According to the bank, the country’s economic growth will be supported by stronger private consumption and higher government and election-related spending this year. For 2017, meanwhile, the bank expects the Philippines’ economy to expand 6.1%.

The ADB also reported that inflation is expected to stand at around 2.3% this year. In the first two months of this year, Philippines’ inflation rate was reported at 1.1%.
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