The Standard Chartered Bank has recently lowered its forecast for thePhilippines’ economic growth in 2015 to 5.7 percent from a previousprediction of 6 percent.
In its “Global Focus” report, the bankhas warned as China’s economy continues to slow may unfavourably impactthe Philippines’ exports.
The Southeast Asian country has becomemore reliant on exports to China and Japan over the past 15 years,shifting from a reliance on the United States and the European Unionpreviously.
The bank has showed China now accounts for almosthalf of the Philippines’ exports, with growth jumping from a figure ofjust 5 percent in 2000.
However, the bank expects thePhilippines’ economy will be improved in the second quarter of 2015after the first quarter’s weak performance.
According to thebank, steady domestic demand, increased government spending and externaldemand will faster the country’s economic growth
Earlier, Moody’s Investors Service cut down the country’s growth forecast for 2015 to 6 percent from 6.5 percent.
TheInternational Monetary Fund (IMF) said it is set to review its6.7-percent growth outlook for 2015 for the Philippines to considerthe impact of the weaker-than-expected GDP performance in the firstquarter.-VNA
