Global think-tank GlobalSource expects the Philippine economic growth to slow to between 5.5 and 5.7% in 2008, on account of a looming US recession and high commodity prices. That's down from its previous estimate of 6.1%. GlobalSource provides research and analysis from economists and political analysts to multinational corporations and financial institutions throughout the United States, Europe, Latin America and Asia. GlobalSource is the latest among analysts with slower growth projections in 2008, a startling contrast to the 7.3% GDP growth last year. The World Bank estimated that Philippine GDP would expand 5.9% this year, while the Asian Development Bank forecast a 6% expansion. A consensus forecast among analysts by FocusEconomics showed GDP was likely to grow 5.8%.
Global
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