World Bank forecasts 5.8% GDP growth for the Philippines in 2024, rising to 5.9% in 2025.
The World Bank maintains its GDP growth forecast for the Philippines at 5.8% in 2024, driven by strong household consumption, sustained strength in the services sector, and improved trade. The report expects the economy to accelerate to 5.9% in 2025, with the government's commitment to bolstering public investment averaging 5.7% of GDP from 2024 to 2026. However, risks to the growth outlook include higher-than-expected inflation, extreme weather, climate change, global geopolitical tensions, and tighter-than-expected financial conditions.
June 04, 2024
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