Philippines likely to be East Asia and Pacific region’s third fastest-growing economy until 2027

The Philippines is projected to be the third fastest-growing economy in the East Asia and Pacific region this year and in 2027, according to the World Bank.

The multilateral lender kept its growth forecast for the country until 2027, unchanged from its December projection.

In its bi-annual Global Economic Prospects report, the multilateral lender said the Philippine gross domestic product (GDP) is expected to expand by 5.3% in 2026 and 5.4% in 2027.

“In the Philippines, planned structural reforms are likely to boost investment and productivity, but concerns around governance remain,” the World Bank said on Wednesday.

The Philippines is expected to be the third-fastest-growing economy in the East Asia and Pacific region until 2027, it said.

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 Marshall Islands (4.1%).

For 2027, Vietnam is still poised to be the fastest economy at 6.7%, followed by Mongolia (5.5%), the Philippines (5.4%), Indonesia (5.2%), Cambodia (5.1%), China (4.2%), Malaysia (4%), and Laos (3.9%). – Aubrey Rose A. Inosante