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MANILA http://www.cheapjordan12retroforsale.com/ , Aug. 7 (Xinhua) -- The World Bank on Thursday downgraded its economic growth forecast for the Philippines this year to 6.4 percent due to the slow start of the country's economy in the first quarter and the lingering effects of typhoon Haiyan.


In its latest report titled "Philippine Economic Update," the World Bank also trimmed the country's growth forecast for 2015 to 6.7 percent.


The World Bank had earlier projected the country's gross domestic product (GDP) to grow by 6.6 percent and 6.9 percent in 2014 and 2015, respectively.


"The revision reflects the slow start of the economy in the first quarter of 2014 given the effects of typhoon Haiyan, lower government spending in the second quarter Cheap Jordan 4 , and monetary policy tightening in the first seven months of the year," the report read.


Despite this, World Bank Country Director Motoo Konishi said the projected growth of the Philippines remains one of the fastest in East Asia, second only to China among the major economies.


The Philippine government is targeting to hike GDP by 6.5 to 7. 5 percent this year and by 7 to 8 percent in 2015.


While the country's GDP growth in recent years has translated into lower poverty figures Cheap Jordan 6 , the World Bank said poverty would be reduced faster if the government would spend an additional 5 percent of GDP on health and education.


To raise more funds, the World Bank said the government should consider implementing tax reforms to make collection more efficient and reducing the tax burden and cost of compliance for small businesses.


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