World Bank revises PH GDP growth forecast to 5.9%

The World Bank has lowered its 2024 GDP growth forecast for the Philippines to 5.9 percent due to the impact of destructive typhoons and other climate-related events.

This revised forecast comes after the Philippine government's economic team also adjusted its own growth target for the year to a range of 6 to 6.5 percent.

The Development Budget Coordination Committee (DBCC) revised its macroeconomic assumptions following a slower-than-expected economic expansion of 5.2 percent in the third quarter.

Finance Secretary Ralph G. Recto stated that a 6.0 percent growth target is the most realistic for the country this year.

Despite the downward revision, the Philippines is still considered one of Asia's fastest-growing economies, having averaged 5.8 percent growth in the first three quarters of 2024.