OECD: Philippines to meet growth targets, control inflation

The national government can achieve its economic growth goals under the Duterte administration, according to the Organization for Economic Co-operation and Development (OECD).

In a report, the OECD said that the economic growth of Vietnam, Indonesia and the medium term, the Philippines could reach an average of 5 to 7% per annum.

The OECD is a group of 34 countries comprising the world's richest countries such as Australia, Canada, France, Germany and the United Kingdom.

"Emerging developing countries in South-East Asia are expected to continue to experience strong growth in the medium term, at least equal to that of the previous decade," said OECD

. to be under control this year. On Monday, the Interagency Development Budget Coordination Committee (DBCC) decided to adjust inflation projections to a range of 4% to 4.5% this year and from 2% to 4%. The OECD expects food inflation to average 4.5% in 2018 compared to 3.4% in 2017. The Philippine food inflation is expected to be higher than that of Malaysia, Singapore and Thailand this year.

"Inflation rates are expected to increase over the next few years in advanced and emerging economies and developing economies, reflecting the recovery in demand and rising commodity prices, including price of energy ". increase the economy from 7% to 8% in the medium term and reduce the incidence of poverty to 14%, against 21.6% currently.

efforts to increase per capita income levels at upper-middle-income countries as early as next year.

This will also help to ensure that the Philippine AmBisyon becomes a high-income country by 2040.

is considered a lower middle-income country with a GNI per capita of 39, about $ 3500 in 2016.

The World Bank stated that middle-income economies, such as the Philippines, had a per capita gross national income of between $ 1,026 and $ 4,035. In 2016, the World Bank stated that low-income economies are defined as those whose GNI per capita, calculated using the World Bank Atlas method, was $ 1,025 or less in 2015.

GNI per capita income between $ 4,036 and $ 12,475; while high-income economies are those with a per capita GNI of $ 12,476 or more.