World Bank sees brighter outlook for RP

Growth inevitable, but poverty remains a problem

MANILA, Philippines – Acknowledging that the Philippines proved to be more resilient in the face of a global financial crisis than earlier anticipated, the World Bank retracted its forecast of a 0.5-percent contraction for the economy this year and set its new projection to a growth of 1.4 percent.

The World Bank likewise revised its outlook on the Philippines for 2010, from a growth of only 2.4 percent to 3.1 percent.

Eric Le Borgne, senior economist for World Bank Manila office, said remittances and the government’s stimulus programs spelled the difference between its old and new assumptions.

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