Heading towards the last quarter of the year, senior economists remained confident about the country’s growth prospects to hit six percent growth by end of 2019.
In the recently held economic briefing hosted by RCBC, Senior Economist Nicholas Mapa sees one of the prospects that can support this uptrend is that millennials will outnumber the aging population by 2025, currently accounting for 32 percent of the country’s population – a good indication of a strong consumer base that is expected to support the economy for a prolonged period.
He shared that fiscal measures of the government are also seen to prop up growth alongside with the fiscal tools in the form of Build Build Build.
With national government spending showing shoots of growth, this will eventually lead to higher capacity building with improved productivity of the entire economy.
“We see faster growth in the horizon as we expect headwinds to ease and consumption to pick up on slower inflation,” Mapa said.
The annual economic briefing which tackled global and domestic economic trends along with critical risks for 2019 was hosted by RCBC Treasury Group for bank clients.