Philippines growth leads in Asean but downside risks remain

First, a feel-good prognosis from the World Bank: the Philippines’ projected 5.9 percent economic growth rate this year – although down from the government’s 7 percent-9 percent target – would be the fastest among ASEAN states (topping Malaysia’s 5.8 percent and Vietnam’s 5.5 percent). With a slight dip to 5.7 percent in 2023, it would still be second only to Vietnam’s expected surge to 6.5 percent. The growth projection is attributed to “sustained public investment and recovering household consumption” even during the COVID-19 pandemic. Having said that, the WB emphasized that downside risks …

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