The World Bank said on Wednesday it expects the Philippines’ gross domestic product (GDP) to grow 6 percent this year, and solid domestic demand will drive economic growth.
The World Bank’s Philippines Economic Update (PEU) said strong domestic demand in the Philippines is expected to propel its economy to a 6 percent growth in 2023 and 5.9 percent in 2024.
According to the report, strong domestic demand is underpinned by consumer spending, drawing strength from the continuing jobs recovery and the steady flow of remittances. Fixed capital investment will also contribute to growth, domestic activity and business confidence.—Xinhua
