STRONG domestic demand supported by an improving policy and external environment could boost Philippine economic growth, the World Bank said.
'Strong growth will be driven by robust domestic demand, benefitting from more accommodative monetary policy and sustained public investment,' the Washington-based lender said in an October update of outlook for East Asia and the Pacific.The World Bank raised its 2024 growth forecast for the Philippines to 6.0 percent, up from 5.8 percent previously, and that for next year to 6.1 percent from 5.9 percent.Over 2024 to 2026, the growth outlook remains 'favorable' at 6.0 percent.
As for the overall Philippine growth outlook, it said that the risks remained tilted toward the downside.Externally, these include a global economic slowdown and a weaker-than-expected expansion in China, while domestically food security could prove a challenge given persistent weakness in the agriculture sector.
Bank Raises PH Growth Forecast
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