The Philippine economy should grow 7.0 per cent this year and between 6.5 and 7.5 per cent next year despite the devastation caused by a killer typhoon and an earthquake, the government said on Tuesday.
Economic planning minister Arsenio Balisacan said that while losses in agriculture caused by Super Typhoon Haiyan in November were expected to hit growth in the near term, rebuilding would likely make up for it further down the line.
He said this year gross domestic product (GDP) growth should hit the “upper limit” of the government’s 6.0-7.0 per cent target, forecasts first made before Haiyan hit last month and a 7.1-magnitude quake struck some of the country’s main tourist regions in October.
“Without all these crises, we could have achieved 7.3-7.5 per cent growth this year,” Balisacan said in a statement.
Nevertheless, he added that the Philippines should continue its hot streak of five consecutive quarters of at least 7.0 per cent growth.
“For next year, we forecast growth to be in the 6.5-7.5 per cent range.”
