The World Bank retained its 2024 growth forecast for the Philippines at 5.8 percent, but raised the 2025 outlook to 5.9 percent. It also expects growth to reach 5.9 percent in 2026.
The World Bank expects headline inflation in the Philippines to average 3.6 percent this year and decelerate to 3.2 percent in 2025 and 3.0 percent in 2026. The forecast implies that over the course of 2024 to 2026, countries that collectively account for more than 80 percent of the world’s population and global GDP would still be growing more slowly than they did in the decade before COVID-19.
In advanced economies, growth is set to remain steady at 1.5 percent in 2024 before rising to 1.7 percent in 2025. It said one in four developing economies is expected to remain poorer than it was on the eve of the pandemic in 2019. This proportion is twice as high for countries in fragile- and conflict-affected situations.
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