The Philippine central bank BSP predicted the country's domestic economy will expand by 6.91 percent in 2008, slightly lower than the 31-year record growth of 7.3 percent last year, media reports said on Wednesday.
The central bank's growth forecast stood at the upper end of the government's official gross domestic product (GDP) growth target of 6.3-7.0 percent for 2008, Philippine Daily Inquirer said in a report posted on its website.
The central bank's GDP growth forecast for this year assumed that domestic consumption would remain robust, compensating for the expected slack in offshore demand.
The forecast assumed only a slowdown and not a prolonged recession in the U.S. economy, despite some emerging views in the global community that the world's biggest economy might turn out to be worse than expected despite aggressive intervention by the U.S. Federal Reserve and a massive fiscal stimulus package from the Bush administration.
Source: Xinhua
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