[ad_1]
The World Bank expects the Philippines to become an upper middle income country (UMIC) by 2026 Growth last year was less than 6%.
“Under our current basic growth assumptions, the average growth of 6% from 2025 to 2026, the Philippines is likely to reach a higher middle income status by 2026,” said the World Bank Director of the Philippines, Malaysia and Brunei Zafar Mustafloo. Business World In Answer the email sent to the questions.
The World Bank expects the country to be 6.1% in 2025 and 6% in 2026.
The Philippines grew 5.6% weak than expected in 2024, which was slightly faster than 5.5% in 2023.
The Marcos administration expects the Philippines to reach the Yumik position over the next two years (2025-2026).
The World Bank renews the classifications on the previous calendar year on the basis of the income level of the previous calendar year, based on the income level of the year 1 year.
The World Bank calculates a country’s GNI through the Atlas system, which acts as the basis of its income classifications-less, lower-middle, upper-medium and high. The GNI refers to the total money earned by its residents in and out of its borders.
In 2023, GNI rose to 4,230 in 2023, from 2022 to 9,950, the Philippines was a middle income country.
Under the World Bank’s classification, the entry for the lower middle income country in 2023 is the individual 1,146-, 51 4,515 GNI.
Once the Philippines reach the upper middle income position, the country will lose accessfIcial Development Assistance Loans usually have long -term and low interest rates.
“The Philippines switches to the upper middle income level, retaining growth and the consolidation of a middle -class society and eliminating poverty, should be shifted from investment to productivity -based growth from investment. Mustafoslu said.
Mr. Mustafoil identified four strategic activities, which can be taken after the Philippines reached the Yumik position.
“The country’s next strategic moves should focus on increasing productivity and innovations by improving the competition, reducing business costs, and accelerating digital and artificial intelligence to create high -value employment,” he said.
Mr Mustafosla said that the Philippines should deepen the regional coordination.
“This is to reduce trade barriers, improve logistics and strengthen foreign direct investment to stimulate the trade industry,” he said.
Mr. Mustafoil said that in the Philippines human capital, “by reducing, upgrading and upgrading the quality of early education, should be invested in human capital by supporting and upgrading existing workers in accordance with technical disruption.
The Philippines should also strengthen climate and economic setbacks, he said.
The country must invest in climate adaptation, green energy and infrastructure to alleviate any obstacles from adverse climate events.
“It is important to carry out these actions when maintaining a large economic stability that is the pillar of growth,” he said. Mustafoslu said. – Abri Rose A. Inosantte
[ad_2]
Source link
