Screengrab from www.worldbank.org
MANILA, Philippines — The World Bank continues to see the Philippine economy growing within the government’s targets for 2014 and 2015, despite the destruction caused by Super Typhoon “Yolanda” last year.
In a statement released on Monday, the World Bank said the Philippine government’s post-Yolanda reconstruction program—estimated at $8 billion—would help reduce the typhoon’s negative impact on economic activity.
This year, the World Bank sees the Philippine economy growing by 6.6 percent, followed by a stronger 6.9-percent expansion in 2015. These projections are slower than the country’s 7.2-percent expansion in 2013.
“Over the coming years, a comprehensive agenda to support the revival of agriculture and manufacturing will further strengthen the country’s resilience to calamities,” World Bank Philippines country director Motoo Konishi said.
“Reforms to secure property rights, enhance competition, simplify regulations, and increase investments in health, education, and infrastructure will make this happen,” he added.
RELATED STORIES
World Bank cuts growth forecast for PH
World Bank remains bullish on PH