Standard Chartered raises Philippine 2014 GDP growth forecast to 7.1%
STANDARD CHARTERED Bank Ltd said it upgraded its Philippine GDP growth forecast for 2014 to 7.1% from 6.7%, supported by a “robust” domestic sector and an improving outlook for exports, but noted that food remains the main source of inflation risk.
In a research report, Standard Chartered added that strong growth has been achieved “despite transport gridlock in Manila and slow progress on infrastructure and public-private partnership (PPP) projects,” suggesting upside once such bottlenecks are addressed.
“Food inflation poses upside risks to inflation, although other price pressures have subsided for now. A potential El Nino weather event may boost food inflation this year but a Supreme Court order against electricity price hikes should contain near-term inflation risks.”
The bank expects first quarter gross domestic product growth to have come in at 6.5% year-on-year.
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