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World Bank raises Philippine GDP growth projection for 2025
The World Bank maintained its 5.8 percent economic growth forecast for the Philippines in 2024, projecting it to be the second fastest-growing economy in the East Asia and Pacific region.
The global financial institution increased its 2025 economic growth forecast for the Philippines to 5.9 percent.
The Philippines' projected economic expansion surpasses forecasts for China, Indonesia, Malaysia, Vietnam, and Thailand for 2024.
Sustained private consumption, recovery in service exports, and public investment are identified as the primary drivers of the Philippines' economic growth.
The World Bank chief economist highlighted the positive impact of significant reforms on attracting foreign investment.
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S&P Global Ratings maintained its gross domestic output (GDP) forecast for the Philippines this year and 2025, expecting the country to be among the top performers in the region.
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The Philippine Statistics Authority (PSA) revised the country's 2023 gross domestic product (GDP) growth rate downwards to 5.5% from a previous estimate of 5.6%.
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The Development Budget Coordination Committee (DBCC) revised downward the 2024 economic growth target to a range of 6.0 percent to 7.0 percent from 6.5 percent to 7.5 percent, citing the continued slowdown in the global economy, El Nino, and high interest rates.
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The Philippine economy is forecast to grow by 6.1% in the first quarter of 2024, according to First Metro Investment Corporation (FMIC) and the University of Asia and the Pacific (UA&P).
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