The World Bank on Monday upgraded its growth outlook for the Philippines amid the recovery of the services sector.
World Bank East Asia and Pacific chief economist Aaditya Mattoo said the recovery in services, coupled with significant reforms such as the enactment of the Public Services Act, would support the economic growth in the Philippines. “Regional growth is projected to ease to 4.5 percent in 2024 from 5.1 percent last year. Growth in developing East Asia and Pacific excluding China is projected to pick up to 4.6 percent this year from 4.4 percent in 2023,” it said.
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