Domestic Growth of the Philippines by The World Bank

 

October 16, 2024

 

The Philippines has been one of the most progressive economies in the East Asia and Pacific Region, having an economic dynamism that reflects increasing urbanization, a large and young population, and strong consumer demand. More so, it is supported by a vibrant labor market and vigorous remittance, resulting in an increase in incomes of the most vulnerable.

 

According to the Philippine Statistics Authority, the country’s employment rate in August 2024 was recorded at an estimated 96.0%, compared to a 95.6% in August 2023. The labor workforce of the Philippines also contributes to the country’s commitment to improving its economic stability. With a vibrant labor market, the economy continues to be a key factor in the international arena. 
 

The economy continues to sustain its strong momentum, growing 6.0% in the first half of 2024, placing among the top growth performers in the region. The Philippines is on track to transition from lower-middle to upper-middle-income status this fiscal year.

 

Over the long term, its government plans to continue making large investments both in human and physical capital in order to boost inclusive growth.
 
https://www.worldbank.org/en/country/philippines/overview#1