Key facts
- The World Bank has increased its 2024 economic growth forecast for the Philippines to 5.5% from a previous estimate of 4.8%.
- Despite the upgrade, the Philippines' projected growth rate is expected to be lower than that of other Southeast Asian economies.
- The country's economic expansion is anticipated to be driven by domestic demand and investment.
- The World Bank noted that the Philippines' growth is still susceptible to global economic headwinds and domestic challenges.
The World Bank has revised its economic growth forecast for the Philippines upward for 2024, projecting a 5.5% expansion. This represents an increase from the previously estimated 4.8%. However, the international financial institution cautioned that the Philippines' growth is still expected to lag behind that of its neighboring countries in Southeast Asia. The projected growth is anticipated to be primarily fueled by domestic demand and investment. The World Bank also highlighted that the Philippine economy remains vulnerable to external economic challenges and internal issues.