World Bank sees weak Phl growth until 2027

With Philippine economic growth expected to fall below target this year until 2027, the World Bank is urging the country to double down efforts to pursue reforms aimed at improving the business environment and rebuilding fiscal space to safeguard and achieve faster growth.

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Jaffar Al-Rikabi, senior country economist for economic policy at the World Bank, said in a press briefing yesterday that the multilateral lender's latest Philippine Economic Update report shows a gross domestic product (GDP) growth of 5.3 percent this year, slower than last year's revised 5.7 percent growth.

He said the World Bank expects the Philippine economy to grow at a slightly faster pace of 5.4 percent in 2026 and 5.5 percent in 2027.

These growth forecasts are all below the government's annual growth target of six to eight percent for this year until 2027.