World Bank revises PH economic growth forecast to 5.9%, expects PH economy to hit 6.1% in 2025
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NewsTranscript
00:00The World Bank still expects stable economic growth for the country despite the ongoing
00:05tension in the Middle East. In its latest Philippine economic update, the World Bank
00:09revised its growth forecast to 5.9 percent, slightly lower than the previous projection
00:15of 6 percent partly due to the effects of the weather conditions in the third quarter of this
00:19year. However, economic growth remains positive and is projected to rise to 6.1 percent in 2025
00:26and 6 percent in 2026. The International Financial Institution still views the country
00:31as one of the fastest-growing economies in the region, citing the country's programs to reduce
00:36poverty and create jobs that drive economic growth. This optimistic outlook is further
00:41supported by decreasing inflation, studies on fiscal policy reforms, and the government's
00:46sustained focus on public investments and social protection programs.