SLOWDOWN. The World Bank projects that the Philippines will miss its 2019 growth target. File photo from AFP
MANILA, Philippines – The gross domestic product growth of the Philippines will only likely hit 5.8% in 2019, according to theOn Thursday, October 10, the multilateral lender said that the country will not be able to cling on to the lower end of the 6% to 7% growth band target, as export growth and manufacturing activity in East Asia and the Pacific continue to slump.
The country's growth is expected to bounce back to 6.1% in 2020 and 6.2% in 2021, assuming that there are no more delays in the passage of the budget.The World Bank said that as economic growth slows, so does the rate of"We now estimate that almost a quarter of the population of developing East Asia and the Pacific lives below the upper-middle-income poverty line of $5.50 a day," said Victoria Kwakwa, World Bank vice president for East Asia and the Pacific.
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