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The Philippine economy grew by 5.6 per cent in 2023 after expanding by 5.6 per cent in the fourth quarter, below the 6 to 7 per cent target range for 2023 set by the government, the Philippine Statistics Authority (PSA) has announced.
The World Bank has maintained its forecast for China's 2023 economic growth at 5.1%, but lowered its prediction for 2024 to 4.4% due to the weakness of its property sector. The bank also slightly trimmed its 2023 GDP growth forecast for East Asia and the Pacific, including China, to 5.0% and lowered its regional outlook for 2024 to 4.5%. The World Bank cited external factors such as a sluggish global economy, high interest rates, and trade protectionism for the downward revisions.
Economic growth unexpectedly increased to a 2.4% annual rate in the second quarter of this year, up from 2% the quarter before, the Bureau of Economic Analysis reported Thursday morning.