But the World Bank cautioned that these rosy numbers are expected to fall in the face of stubborn inflation, among other factors.
The World Bank expects inflation to go down in the Philippines and around the world, but it highlighted the persistence of global risks, such as “unexpectedly sticky core inflation” that could be transmitted to the Philippine economy, rising geopolitical tensions, and the recent episodes ofDomestically, there’s also the threat of El Niño and supply chain bottlenecks that could again strain the country’s food supply and inflate prices.
The Philippine economy generated 998,000 jobs from September 2022 to March 2023, but a big chunk of this is what the World Bank labels as “low-quality jobs,” which are characterized by low and irregular pay.
Source: Financial Digest (financialdigest.net)
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