Palace welcomes World Bank's 4.6% growth forecast

Malacañang on Saturday welcomed the World Bank’s projection of a 4.6-percent growth for 2012, saying it is banking on a stronger second quarter performance. Presidential spokesman Edwin Lacierda said the government will give its best effort to achieve the projected growth while ensuring “equitable growth.” “We certainly welcome their projected forecast, we are hoping by the second quarter maganda ang ating performance," he said on government-run dzRB radio. Earlier this week, the World Bank raised its growth forecast for the Philippines to 4.6 percent, due to its strong performance in the first quarter of 2012. The WB had estimated Philippine economic growth at 4.2 percent this year, but the Philippine economy performed strongly at 6.4 percent. But the WB also said the Philippines might be affected by the weakening global economy, saying global gross domestic product (GDP) growth may slow down to 2.5 percent this year from 2.7 percent in 2011. — LBG, GMA News