PH Economy Remains Optimistic Amid Global Slowdown

The country is one of the fastest growing economies in East Asia and the Pacific according to the World Bank, foreseeing robust growth despite global economic slowdown.

In the latest World Bank Global Economic Outlook report released on Tuesday, the Philippines is expected to maintain its economic growth rate in 2024 at 5.8%, slightly higher than 5.6% in 2023. However, these did not meet the government’s targets, the country still outperforms 23 emerging market economies in the region.

In comparison to regional giants such as China who have a 5.2% projection for 2023, the Philippines outshined the economic giant with a solid 5.6%. Looking ahead to 2024, the 5.8 percent forecast is only edged out by Palau and Mongolia.

In 2025, the World Bank sees continued growth at 5.8% for the Philippines, while it falls short from the government’s targets at 6.5%-8.0%, it signals a stable trajectory amid global uncertainties.

The services sector is said to be the main driver of the economy which is fueled by the ongoing recovery of the tourism sector and the improving information technology and business processing outsourcing industry. (ASC)