According to the World Bank, the Philippines is projected to be the third fastest growing economy in East Asia and the Pacific between this year and 2027.
The multilateral lender kept its growth forecast for the country through 2027 unchanged from its December estimate.
In its bi-annual Global Economic Outlook report, the multilateral lender said Philippine gross domestic product (GDP) is expected to grow by 5.3% in 2026 and 5.4% in 2027.
“Planned structural reforms in the Philippines are likely to boost investment and productivity, but concerns remain about governance,” the World Bank said on Wednesday.
It said the Philippines is expected to be the third fastest growing economy in East Asia and the Pacific by 2027.
Vietnam is projected to grow by 6.3% this year, followed by Mongolia (5.6%), and the Philippines (5.3%), Indonesia (5%), Samoa (4.4%), China (4.4%), Cambodia (4.3%), Malaysia (4.1%), and the Marshall Islands (4.1%).
For 2027, Vietnam is still poised to become the fastest growing economy with 6.7%, followed by Mongolia (5.5%), Philippines (5.4%), Indonesia (5.2%), Cambodia (5.1%), China (4.2%), Malaysia (4%), and Laos (3.9%). – Aubrey Rose A. innocente