The better-than-expected growth in the third quarter prompted the World Bank to raise its GDP forecast for the Philippines, but the coming global recession will likely dampen the country’s economic prospects in the new year. Know more:
THE better-than-expected growth in the third quarter prompted the World Bank to raise its GDP forecast for the Philippines, but the coming global recession will likely dampen the country’s economic prospects in the new year.
“High inflation tends to inflict the greatest harm on low-income households where inflation often outpaces wage growth, which these households rely on,” van Doorn, World Bank Senior Economist, said. The Washington-based lender said higher interest rates will limit the growth of private lending and investments at a time when public spending will likely slow as the country undertakes “fiscal consolidation” or implements measures to rein in government deficits and reduce debt.
“Shocks from the Covid-19 pandemic have worsened child malnutrition and stunting and hampered student learning, especially among the poor and most vulnerable families,” Diop said. In order to address the weaknesses in the medium term, the World Bank recommended that efforts be exerted to strengthen food security in the country.
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