The Philippines will remain as one of the fastest-growing countries in the East Asia and the Pacific region this year until 2020, the World Bank said in its latest report.

In its “June Global Economics Prospect” (GEP) report, the World Bank upgraded its economic growth forecast for the Philippines in 2020 to 6.6 percent, from January’s 6.5 percent.

The country is still projected to grow by 6.7 percent this year and next year. This forecast, however, is lower than the government’s 7-percent to 8-percent target this year until 2022.

“Growth in the Philippines and Vietnam remains robust, but capacity constraints (e.g., high capacity utilization rates) limit further acceleration, especially in the Philippines,” the World Bank report read.

The Washington-based lender said the expansion of the East Asia and the Pacific region is projected to gradually ease from 6.3 percent in 2018 to 6.1 in 2019 and 6 percent in 2020.

In the East Asia and the Pacific region, Cambodia will record the highest growth this year at 6.9 percent; Myanmar and Lao PDR at 6.9 percent in 2019; and Myanmar at 7.1 percent in 2020. The other top growing countries this year are Vietnam with 6.8 percent and the Philippines and Myanmar with 6.7 percent.

In 2019, the list includes Cambodia and the Philippines with a GDP expansion of 6.7 percent and Vietnam with 6.6 percent. In 2020, Lao PDR will lead the region with 6.9 percent, followed by the Philippines and Cambodia with 6.6 percent.