MANILA, Philippines — 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 an economic briefing hosted by Rizal Commercial Banking Corp., ING Bank Manila senior economist Nicholas Mapa said one of the prospects that can support this uptrend is that millennials will outnumber the aging population by 2025.
Mapa said millennials currently accounting for 32 percent of the country’s population is a good indication of a strong consumer base that is expected to support the economy for a prolonged period.
Mapa said 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.
“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 that tackled global and domestic economic trends along with critical risks for 2019 was hosted by RCBC Treasury Group for bank clients.