Private consumption will likely remain the main engine of growth from 2024 to 2026 fueled by OFW remittances, stable inflation, and higher employment rates, says the bank's outlook for the Philippines
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In its Philippines Economic Update released on Tuesday, December 10, the WB also revised its growth forecast for the Philippines in 2024 from 6% to 5.9% “due to weaker-than-expected growth” in the third quarter this year. “Several typhoons have affected millions of people, destroyed crops and property, damaged infrastructure, and disrupted economic activity, particularly in tourism and construction,” the WB said in a press release.
The report, however, warned that higher inflation could “erode people’s incomes and constrain private consumption if it is not well-managed.” He said the Philippines should “seize the opportunity for a demographic dividend,” which he said would only last for the next 20 to 25 years.
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