World Bank raises PH growth forecast to 5.3%

The World Bank raised its Philippine economic growth forecast for 2021 to 5.3%, up from a previous projection of 4.3%.

This upward revision is due to stronger-than-expected third-quarter growth and the impact of mobility restrictions on economic activities being less severe than anticipated.

For 2022 and 2023, the World Bank forecasts an average annual GDP growth rate of 5.8%, driven by government spending on infrastructure, vaccination progress, and business revival.

However, potential new waves of infections remain a key risk to economic recovery.