WB optimistic of stronger PH economy growth in next 2 years; PH employment rate remains high

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00:00Detractors and doomsday disciples who've declared the country's economy either sunk or underwater

00:05ought to rethink themselves.

00:07This year's slowdown in GDP due to a series of devastating calamities coupled with the

00:12flood control mess amounts to nothing more than an annoying bout of hiccups over the

00:16clean bill of health of the economy in the long haul.

00:20I have more on the latest World Bank forecast on the country's economy in the next couple

00:24of years.

00:25The World Bank is optimistic that the country's economic growth will be even stronger in

00:32the next two years, despite the country's slow economic growth this year.

00:36Based on World Bank's projection, the country's economic growth is expected to reach 5.1%

00:41this year and is expected to increase to 5.3% next year and 5.4% by the year 2027.

00:48According to the World Bank, strong domestic demand will strengthen economic growth.

00:52It also sees private consumption to remain strong due to inflation and remain slow in

00:57the country.

00:57The country's employment rate also remains high and the lower interest rate causes loans

01:02to be easy.

01:03Government and private sector infrastructure projects are also expected to be strengthened

01:07again.

01:08While the business environment will improve for the telecommunication, transport, logistics

01:13and renewable energy sectors due to the new investment liberalization reforms implemented

01:18by the government.

01:18Some of the causes of the country's economic slowdown this year are the consecutive calamities

01:24and the controversy over the anomalous flood control projects caused to delay the entry of

01:29public investments.

01:30Inflation growth is also expected to remain slow over the next two years.

01:34According to the senior economist of the World Bank, Jafar Al-Rikabi, for investments into

01:39the country to grow again, the government needs to strengthen the institutions to maintain public

01:44confidence, ensure that the country can continuously pay its debt and finally for reforms to be

01:49properly implemented to increase and boost job generation, including in the sectors of

01:54renewable energy and logistics.

01:56This type of reforms are going to be really important to improve the efficiency of expenditure.

02:02Now, what we think is it might be some of these reforms might be disruptive in the short

02:08term, right?

02:09But over the medium term, these can be very important to improving the efficiency of expenditure

02:14and improving fiscal conservation.

02:16According to PCCI Vice President for Trade, Brian Ang, it is time for the country to focus

02:22its strength on spending on important infrastructure projects such as roads, railways and ports

02:27outside Metro Manila.

02:29According to Federation of Philippine Industries President Elizabeth Lee, the education sector

02:34should be strengthened through reforms in the Department of Education or DepEd and the

02:38Department of Trade and Industry or DTI to strengthen the manufacturing and industrial

02:42prowess of the country.

02:44Economist Michael Riccafort remains confident that the Philippines will still remain one

02:48of the countries with the fastest economic development in Asia and the ASEAN region.

02:53This is Sharm Zespina from the National TV Network for a new and better Philippines.

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