World Bank raises growth forecast for Philippines to 5.3% this year

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MANILA, Dec. 9 (Xinhua): The World Bank raised the Philippines' gross domestic product (GDP) growth forecast for 2021 to 5.3 per cent this year from a 4.7 per cent forecast in June, according to an updated World Bank report that has been released.

"The Philippine economy is forecast to grow 5.3 percent this year before accelerating to an average of 5.8 per cent in 2022-23 on the road to recovery," says Philippines Economic Update (PEU) titled "Regaining Lost Ground, Revitalizing the Filipino Workforce," adding the Philippines will rebound this year from a deep contraction in 2020.