World Bank: Philippines’ 2024 GDP Growth Will Rank First in Southeast Asia
Jayson 23 Jan 2024 08:57
The World Bank (WB) expects the Philippines to become Southeast Asia's fastest-growing economy this year.
In its latest Global Economic Outlook, the agency expects Philippine GDP to grow 5.8% in 2024.
The Philippines' growth is expected to be the fastest among Southeast Asian economies, tied with Cambodia (5.8%) and ahead of Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Laos (4.1%), Timor-Leste (3.5%), Thailand (3.2%) and Myanmar (2%).
While this is lower than the Development Budget Coordination Committee's (DBCC) 2024 growth target of 6.5-7.5%, its growth forecast for the Philippines is still higher than its 4.5% forecast for East Asia and the Pacific. For 2025, the World Bank kept the Philippines' GDP forecast at 5.8%, the same as its previous forecast.
The Philippines will become Southeast Asia's third-fastest-growing economy at 5.8% next year, behind Cambodia (6.1%) and Vietnam (6%).
The Philippine Statistics Authority (PSA) is scheduled to release fourth-quarter and full-year 2023 GDP data on January 31.
In its latest Global Economic Outlook, the agency expects Philippine GDP to grow 5.8% in 2024.
The Philippines' growth is expected to be the fastest among Southeast Asian economies, tied with Cambodia (5.8%) and ahead of Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Laos (4.1%), Timor-Leste (3.5%), Thailand (3.2%) and Myanmar (2%).
While this is lower than the Development Budget Coordination Committee's (DBCC) 2024 growth target of 6.5-7.5%, its growth forecast for the Philippines is still higher than its 4.5% forecast for East Asia and the Pacific. For 2025, the World Bank kept the Philippines' GDP forecast at 5.8%, the same as its previous forecast.
The Philippines will become Southeast Asia's third-fastest-growing economy at 5.8% next year, behind Cambodia (6.1%) and Vietnam (6%).
The Philippine Statistics Authority (PSA) is scheduled to release fourth-quarter and full-year 2023 GDP data on January 31.
