World Bank raised its 2012 growth forecast for the Philippines following a stronger-than-expected start to the year, but warned of headwinds from the crisis in Europe and a Chinese slowdown.This is indeed a good news for Philippine entrepreneurs. News like these are so rare (with all the negativity that is televised everyday in the news).
Despite of the financial crisis in US and Europe and slowing down China's growth, World Bank raised its growth forecast for the country.
“We have revised our growth forecast upward to 4.6 percent from 4.2 percent for 2012, reflecting higher growth in the first quarter,” the bank said in a quarterly country report.
“However, this projection does not yet factor in a possible intensification of the crisis in Europe and a further slowdown in China.”
I believe that this growth is due to the government's spending on improving the country's infrastructure.
Many thanks to the influx of dollars coming from (Overseas Foreign Workers (OFW) and the business processing outsourcing industry (BPO).
In the end, it seems to me that the dreaded "brain drain" (skilled Filipino workers migrating to work abroad) is not a hindrance but a boost to the Philippine economy.OFW are indeed our modern-day heroes.
Go Philippines! I would love to wake up one morning seeing my beloved country as one of the first world countries. Although there seems to be a lot of things to be done, this is a good start!
Do you agree or disagree? Share your thoughts in the comments section.