MANILA – The Philippine economy is expected to grow even stronger this year, the ASEAN+3 Macroeconomic Research Office (AMRO) indicated in its report on Monday.
In its 2018 Annual Consultation Report on the Philippines, it projected that the country’s gross domestic product (GDP) will rise to 6.4 percent, higher that the 6.2 percent economic expansion in 2018.
“In 2019, economic growth is projected to stay resilient, supported by robust domestic demand,” the AMRO report said.
It added that the government’s “Build Build Build” Program will continue to stimulate the economic growth this year.
It also forecast the easing of inflationary pressures and improving consumer confidence, which will drive private consumption.
AMRO noted that headwinds will persist this year but will more likely come from external factors and are short-term risks.
These external risks include escalating global tensions and sharp tightening of global financial conditions.
At home, higher-than-expected inflation and financial vulnerabilities are seen to slowdown this year’s growth.
“Policymakers need to remain vigilant on the development of short-term risks and get ready to recalibrate their policy mix to sustain macroeconomic stability,” the AMRO report said. (PNA)
