The World Bank raised the Philippines’ gross domestic product (GDP) growth forecast for 2021 to 5.3 percent this year from a 4.7 percent forecast in June, according to an updated World Bank report released on Tuesday.
“The Philippine economy is forecast to grow 5.3 percent this year before accelerating to an average of 5.8 percent in 2022-23 on the road to recovery,” says Philippines Economic Update (PEU) titled “Regaining Lost Ground, Revitalizing the Filipino Workforce,” adding the Philippines will rebound this year from a deep contraction in 2020.
The report adds that the government spending on infrastructure is expected to buoy growth, aided by the steady progress . —Xinhua
