Philippine GDP to grow faster than expected

The World Bank sees the Philippines’ gross domestic product growing 6% this year, upgrading its previous forecasts of 5.4% in December and 5.6% in April. — Reuters

MANILA: The Philippine economy is poised to expand faster than expected this year, albeit still seen to post a slowdown versus 2022, thanks to resilient domestic demand despite high inflation and tight financial conditions, the World Bank says.

The World Bank sees the Philippines’ gross domestic product (GDP) growing 6% this year, upgrading its previous forecasts of 5.4% in December and 5.6% in April. It retained its growth forecasts at 5.9% for both 2024 and 2025.