The World Bank (WB) said on December 21 that it has revised down its growth projections for the Philippines to 6.4 percent in 2018 and 6.5 percent in 2019 as persistently high inflation affects consumer spending.
The Asian Development Bank (ADB) and the Philippines have signed a memorandum of understanding (MoU) on a 7.1-billion-USD lending programme from 2019 to 2021 for the Southeast Asian nation.
WB has forecast that growth in developing East Asia and Pacific economies is expected to remain strong and reach 6.3 percent in 2018 thanks to prospects for a continued broad-based global recovery and robust domestic demand.
ASEAN
