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The World Bank has kept its growth forecasts for the Philippines for 2023 and 2024, and the country is expected to outpace the growth of Asean neighbors.

The Philippines is seen to have grown 5.6 percent last year, according to the Washington-based agency’s Global Economic Prospects reports.

Meanwhile, the World Bank sees 5.8 percent growth for this year and next.

These figures fall below the government’s growth estimate of six to seven percent for 2023, 6.5 to 7.5 percent for 2024, and 6.5 to eight percent over the medium-term.

However, based on the recent report, the Philippines will be one of the fastest-growing economies in the Asean region.

To compare, for 2023, Cambodia is seen to grow 5.4 percent; Indonesia, five percent; Vietnam, 4.7 percent; Malaysia, 3.9 percent; Lao PDR, 3.7 percent; Thailand, 2.5 percent; and Myanmar, one percent.

For this year, Cambodia is seen to post the same growth as the Philippines, while Vietnam is estimated to grow by 5.5 percent; Indonesia, 4.9 percent; Malaysia, 4.3 percent; Lao PDR, 4.1 percent; Thailand, 3.2 percent; and Myanmar, two percent.

In 2025, Cambodia and Vietnam are seen to outpace the Philippines with projected expansions of 6.1 percent and six percent, respectively.

Indonesia is seen to post growth of 4.9 percent; Lao PDR, 4.3 percent; Malaysia, 4.2 percent; and Thailand, 3.1 percent. No estimate was given for Myanmar.

In its Philippines Economic Update published last December, the World Bank said the economy’s expansion is supported by a healthy labor market and stable remittances growth that continue to fuel robust household consumption.

The multilateral agency, however, said the growth outlook is subject to downside risks, pointing out that the threat of higher-than-expected global inflation, escalating geopolitical tension and tighter global financing conditions could dampen global activity and increase risks of financial stress.

Source: https://malaya.com.ph/news_business/world-bank-keeps-ph-growth-outlook/?fbclid=IwAR0_gfoC20mssfN1YdjuiVi1Fx9bcm_8WLTi9YnGOEkRWBBVFf29XBRKiCI

Tags: Business