The World Bank on Thursday raised its forecast for the Philippine economy, and said the country’s GDP (gross domestic product) will grow by 4.4% in 2010, higher than its original forecast of 3.5%. Growth in 2011 and 2012 would be at 4%.
The Bank has forecast global GDP in 2010 to rise by 3.1 %, expanding by 3.3% in 2010 and 2011. It said global growth will strengthen between 3.2% and 3.6% in 2012, reversing the 2.1% decline in 2009.
More from http://www.abs-cbnnews.com/business/06/10/10/world-bank-raises-2010-philippine-gdp-forecast-4
Philippine exports rose a sixth month in April as demand for electronics goods climbed, helping sustain the nation’s economic recovery from last year’s slump.
Demand for Philippine-made goods including Texas Instruments Inc. semiconductors has risen amid a global economic rebound, prompting the government to say it will raise its 2010 growth forecast. Still, Asian exports may falter as Europe struggles to contain its sovereign-debt crisis, forcing countries to cut spending to reduce budget deficits.
More from Business Week
