Push Admin

World bank sees PH growing 5.6 pct in 2023, among fastest in region

Article (news)

Jekki Pascual, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="People flock to stalls and shops in Divisoria, Manila on December 17, 2022. George Calvelo, ABS-CBN News/FILE" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/01/26/20221217-divisoria-christmas-rush-gc-11.jpg"/><figcaption>People flock to stalls and shops in Divisoria, Manila on December 17, 2022. <em>George Calvelo, ABS-CBN News/FILE</em></figcaption></figure></div><p>MANILA -- The World Bank on Monday retained its growth projection for the Philippines for 2023 despite a global economic downturn. </p><p>The country is still expected to be among the fastest-growing economies in the East Asia and Pacific region, according to the World Bank&#x27;s October 2023 East Asia and Pacific Economic Update.</p><p>At an online media briefing, Aaditya Mattoo, World Bank Chief Economist for East Asia and Pacific, said the forecast for the Philippines&#x27; gross domestic product or GDP this year remains at 5.6 percent, the same growth estimate it had in April. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/07/23/world-bank-raises-ph-growth-outlook-for-2023-to-6-pct">World Bank raises PH growth outlook for 2023 to 6 pct</a></li></ul><p>The growth forecast for the Philippines for 2024, meanwhile, has been slightly lowered from 5.9 percent to 5.8 percent.</p><p>“We expect economic activity to be supported by domestic demand, to be led by private consumption and decelerating inflation is good news,” he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/11/23/fitch-subsidiary-slashes-2023-ph-economic-outlook">Fitch subsidiary slashes 2023 PH economic outlook</a></li>	<li><a href="https://news.abs-cbn.com/business/07/19/23/adb-maintains-ph-growth-outlook-downgrades-forecast-for-southeast-asia">ADB maintains PH growth outlook, downgrades forecast for Southeast Asia</a></li>	<li><a href="https://news.abs-cbn.com/business/09/12/23/ph-economic-growth-to-settle-at-59-pct-in-2023-amro">PH economic growth to settle at 5.9 pct in 2023: AMRO</a></li></ul><p>However, the growth projection is lower than government target of between 6 and 7 percent. </p><p>Finance Secretary Benjamin Diokno has said the government might also revisit its growth targets this year.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/02/23/philippines-may-adjust-2023-growth-target-diokno">Gov&#x27;t may adjust 2023 growth target in next DBCC meeting: Diokno</a></li></ul><p>Though the Philippines is expected to be among the fastest growing in the region, the country also faces risks due to external factors, the still-elevated prices of goods, and natural calamities like El Nino.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/05/23/inflation-quickens-to-53-percent-in-august">Inflation quickens to 5.3 pct in August as rice, fuel costs rise</a></li></ul><p>“The big concern has been slowing global growth, Philippines, like all the countries in the region, depends on the rest of the world for its exports of goods and especially services. Also, a lot of Filipinos work abroad and send remittances back,” said Mattoo.</p><p>China’s growth forecast was kept at 5.1 percent. Indonesia’s growth forecast grew from 4.9 percent to 5 percent, and Cambodia&#x27;s growth outlook also climbed from 5.2 percent to 5.5 percent. </p><p>But the World Bank lowered its forecast for Vietnam from 6.3 percent to 4.7 percent.</p><p>The World Bank said weaker global demand, elevated debt, and a slowdown in China&#x27;s economy pose risks to various economies in the region.</p><p>“High inflation in industrialized countries prompted them to increase interest rates and that affected the region and made it more expensive or people to borrow, to invest, or to consume,” Mattoo said. </p><p>The World Bank urges economies in the region, which are mostly manufacturing-driven, to be open to expanding their services sector, which has seen significant growth in recent years. He said a prime example would be the Philippines in this regard.</p><p>“Services account for at least half of employment and half of value added in most GDP economies… Services policy reforms, combined with the new digital revolution, are increasing productivity and changing the nature of jobs in a range of services,” he asserted.</p><p>For the entire East Asia and the Pacific region, the economic growth forecast was slightly lowered to 5 percent in 2023 from 5.1 percent in April. For 2024, the region is seen to grow by 4.5 percent. </p><p>Samoa is seen to grow by 6 percent while Fiji&#x27;s economy is projected to expand by 7.7 percent, according to the report.</p><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2756676" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The country is still expected to be among the fastest-growing economies in the East Asia and Pacific region, according to the World Bank.

World bank sees PH growing 5.6 pct in 2023, among fastest in region

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

World bank sees PH growing 5.6 pct in 2023, among fastest in region

Jekki Pascual,

ABS-CBN News

Published Oct 02, 2023 04:05 PM PHT

Read More:

World Bank

economy

economic growth

GDP

Philippines

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.