Multilateral lender World Bank on Tuesday retained its economic growth projection for the Philippines this year amid expectations of easing inflation which will support domestic demand.In the June 2024 edition of its Philippines Economic Update report, the World Bank is forecasting that the country’s economy, as measured by gross domestic product , will grow by 5.8% in 2024 —similar to its growth projections in East Asia and the Pacific Economic Update released in April.
“To manage inflation, the continued implementation of non-monetary strategies is essential, including efforts to optimize supply and demand management and to secure timely and adequate imports of staple food items,” Van Doorn said.Apart from easing inflation, the country’s growth over the medium term will be supported by consistent public investment which is expected to remain above 5% of GDP.
Economic Growth Outlook
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