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World Bank forecasts Philippines' GDP to grow 6% in 2023

The World Bank's Philippines Economic Update (PEU) said on June 7 that it expects the Philippines' gross domestic product (GDP) to grow 6% this year and 5.9% in 2024 due to solid domestic demand.
World Bank forecasts Philippines' GDP to grow 6% in 2023 ảnh 1Illustrative image (Photo: https://www.philstar.com/)

Kuala Lumpur (VNA) – The WorldBank's Philippines Economic Update (PEU) said on June 7 that it expects thePhilippines' gross domestic product (GDP) to grow 6% this year and 5.9% in 2024 due to solid domestic demand.

Accordingto the PEU's report, strong domestic demand is underpinned by consumer spending,drawing strength from the continuing jobs recovery and the steady flow ofremittances. Fixed capital investment will also contribute to growth, domesticactivity and business confidence.

Thereport said the services sector will continue to support growth, buoyed byspillovers from China's reopening. The recovery of international tourism willcontribute to boosting the growth of transportation, accommodation, food, andwholesale and retail trade services.

It addedthat the country's information technology-business process outsourcing (IT-BPO)industries will continue to bolster the services sector as foreign companiesoutsource their business operations to the Philippines to reduce costs.

Implementingrecently passed reforms that allow greater foreign participation in the economywill encourage private investment and strengthen growth in the country over themedium term.

Globalrisks to the Philippines' economic outlook include the possibility of risinginflation, higher interest rates, and an escalation of geopolitical tensionsbrought about by the Ukraine crisis, which could cause a sharper-than-expectedglobal slowdown that hampers Philippine exports.

Withinthe country, high inflation remains a risk to the economic outlook due toseveral factors, including natural disasters affecting food supply, the threatof El Nino that could further constrain food production, logistics and supplychain challenges, and pressure from domestic demand.

Despitethe higher GDP forecast, the WB stressed the need to improvethe efficiency of social protection for the poor and most vulnerable as theSoutheast Asian country is grappling with global uncertainties and domestic risks,including high inflation./.

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