Business

PHL to continue to post strong growth: World Bank

MANILA – The Philippines is projected to continue to be one of the fastest growing economies in East Asia and the Pacific over the next two years, according to the World Bank.

In its Global Economic Prospects report, the World Bank maintained its Philippine economic growth forecasts for 2023 to 2025.

For 2024 and 2025, it expects the country’s economic growth to accelerate to 5.8 percent

The World Bank earlier said the services sector is expected to be the main growth driver for this year, supported by the ongoing recovery of the tourism sector and the consistent performance of the information technology and business process outsourcing industry.

“We anticipate that the Philippine economy will continue to exhibit strong performance in the next few years,” World Bank country director for Brunei, Malaysia, the Philippines and Thailand Ndiame Diop earlier said.

For 2023, the Philippine economic growth is projected to settle at 5.6 percent, the third highest forecast among countries in East Asia and the Pacific.

The growth forecast for the Philippines exceeds that of China (5.2 percent), Cambodia (5.4 percent), Indonesia (5 percent), Vietnam (4.7 percent) and Malaysia (3.9 percent).