MANILA, Philippines (AP) — The World Bank has lowered its Philippine growth forecast to 6.4 percent this year and 6.7 percent next year but says the country remains one of East Asia’s fastest growing economies.

World Bank officials said Thursday that the revision reflects the economy’s sluggish takeoff in the first quarter of 2014 after the devastation of Typhoon Haiyan, slower government spending in the second quarter and tightening of monetary policy in the first seven months.

Thursday’s projection is down from the previous 6.6 percent forecast for this year and 6.9 percent for next year.

The bank says the government is on the right track, with recent data suggesting sustained high growth has begun to cause significant reductions in poverty.