Philippines

June 2007 | BMI View

We are forecasting economic growth of 6.0% in 2007 as increased government spending, robust export growth and a record inflow of overseas remittances supporting domestic consumption help to boost growth to beyond the 5.4% expansion witnessed last year. Beyond that however, unless the fiscal stimulus provided by the government this year is sustained (Arroyo's administration has dedicated PHP142bn to improving the country's infrastructure in 2007), growth will fall back below 6.0%. However, it will remain robust, averaging over 5.5% throughout our five-year forecast period.

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