MANILA : The Philippine economy is poised to expand faster than expected this year, albeit still seen to post a slowdown versus 2022, thanks to resilient domestic demand despite high inflation and tight fiscal conditions, the World Bank said on Wednesday.The World Bank sees the Philippines' gross domestic
MANILA : The Philippine economy is poised to expand faster than expected this year, albeit still seen to post a slowdown versus 2022, thanks to resilient domestic demand despite high inflation and tight fiscal conditions, the World Bank said on Wednesday.
"Despite the weak external conditions, the strong domestic demand will drive the growth of the economy this year," World Bank Senior Economist, Ralph Van Doorn, said in a virtual press conference. The Southeast Asian nation's GDP rose by 6.4 per cent year-on-year in the first quarter, with the Philippine government targeting 6.0 per cent-7.0 per cent growth for the entire year.
Domestically, the threat of the El Niño weather pattern and supply bottlenecks are key risks, he added.
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