World Bank cuts 2013, 2014 Philippine growth estimates

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Philippines Typhoon SOSThe World Bank has lowered its growth forecasts for the Philippines for 2013 and 2014 following the typhoon Haiyan disaster. But the bank added that recovery and reconstruction efforts should boost economic growth in 2015.

Growth in the Philippines, one of Asia’s fastest growing economies, is likely to hit 6.9 per cent this year and 6.5 per cent in 2014, the World Bank said in a statement released on December 7, lower than its previous forecasts of 7.0 per cent and 6.7 per cent, respectively.

The Philippines expects growth to slow sharply in the fourth quarter, with the typhoon shaving off as much as 0.8 percentage point in GDP, after cooling to its lowest in more than a year in the September quarter. But it still expects full-year 2013 GDP to come in near the high end of a 6-7 per cent target.

Rebuilding public infrastructure, livelihoods and the delivery of social safety net programmes for the poor and the most vulnerable should support growth in 2015, with GDP expected to reach 7.1 per cent, higher than an earlier forecast of 6.8 per cent, the statement said.

The Philippine government has said it will set aside about 41 billion pesos ($935 million) to finance immediate typhoon relief and recovery efforts, including shelter assistance and restoration of vital public infrastructure, and livelihood support such as cash-for-work programmes.

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Reading Time: 1 minute

The World Bank has lowered its growth forecasts for the Philippines for 2013 and 2014 following the typhoon Haiyan disaster. But the bank added that recovery and reconstruction efforts should boost economic growth in 2015.

Reading Time: 1 minute

Philippines Typhoon SOSThe World Bank has lowered its growth forecasts for the Philippines for 2013 and 2014 following the typhoon Haiyan disaster. But the bank added that recovery and reconstruction efforts should boost economic growth in 2015.

Growth in the Philippines, one of Asia’s fastest growing economies, is likely to hit 6.9 per cent this year and 6.5 per cent in 2014, the World Bank said in a statement released on December 7, lower than its previous forecasts of 7.0 per cent and 6.7 per cent, respectively.

The Philippines expects growth to slow sharply in the fourth quarter, with the typhoon shaving off as much as 0.8 percentage point in GDP, after cooling to its lowest in more than a year in the September quarter. But it still expects full-year 2013 GDP to come in near the high end of a 6-7 per cent target.

Rebuilding public infrastructure, livelihoods and the delivery of social safety net programmes for the poor and the most vulnerable should support growth in 2015, with GDP expected to reach 7.1 per cent, higher than an earlier forecast of 6.8 per cent, the statement said.

The Philippine government has said it will set aside about 41 billion pesos ($935 million) to finance immediate typhoon relief and recovery efforts, including shelter assistance and restoration of vital public infrastructure, and livelihood support such as cash-for-work programmes.

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