THE Philippines will likely miss its goal of attaining upper middle income status in 2025, a World Bank economist said, instead achieving this two or three years later.
'The Philippines has been close to the threshold of becoming an upper-middle-income country, already pre-pandemic, but then the growth contraction threw it off track,' World Bank senior economist Ralph Van Doorn told reporters on Tuesday.'We do expect that the Philippines will cross the threshold in the next few years,' he added.
The GNI ranges are regularly reviewed and Van Doorn said that 'at the current rates, it could be in the next two to three years.'The government recently lowered its growth targets for this year and the next. Socioeconomic Planning Secretary Arsenio Balisacan, however, last week said that officials remained confident of reaching the higher GNI per capita range.
Expected To Miss Income Status Target
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