ADB said in a supplement to its Asian Development Outlook 2017 report that it raised its 2017 and 2018 growth outlook for the Philippines, after gross domestic product grew 6.4 percent in the first quarter. “Growth forecasts are upgraded from 6.4 percent to 6.5 percent for 2017 and from 6.6 percent to 6.7 percent for 2018,” it said. ADB also upgraded its growth outlook in Developing Asia from 5.7 percent to 5.9 percent in 2017 and from 5.7 percent to 5.8 percent for 2018. Combined growth for the major industrial economies is forecast to remain at 1.9 percent in 2017 and 2018. After recent growth moderation, an increase in net exports and domestic consumption has improved growth prospects in the People’s Republic of China.

Source: The Standard July 20, 2017 13:30 UTC