WB cuts Phl growth forecast further to 4.2%

The World Bank has trimmed its growth forecast of the Philippines for 2012 to 4.2%, from an earlier forecast of 4.8%.

The eurozone debt crisis and sluggish US economy are seen as the major factors contributing to the lowered growth forecast.

President Aquino has not seemed to be able to maintain the growth momentum of 2010 inwhich the country experienced a record 7.6% growth.

After the 7.6% growth witnessed in 2010, economists and financial institutions were predicting a very bright future for the Philippines with growth forecasts of 7-8% in 2011 and 2012, however, the meager global outlook along with current President Aquino's lack of substantial reforms to boost the economy and general development of the Philippines has prevented this.