Philippines Economic Update, December 2024: First Steps Matter - Empowering Early Years Workers to Build Human Capital

Publication:
Philippines Economic Update, December 2024: First Steps Matter - Empowering Early Years Workers to Build Human Capital

dc.contributor.author	World Bank
dc.date.accessioned	2024-12-10T19:35:57Z
dc.date.available	2024-12-10T19:35:57Z
dc.date.issued	2024-12-10
dc.description.abstract	The Philippines was one of the fastest-growing economies in EAP, with GDP growth increasing to 5.8 percent in Q1-Q3 2024 (5.6 percent in Q1-Q3 2023). Services continued to lead growth, mainly financial services, wholesale and retail trade, and business services. Industry growth increased as manufacturing benefited from the slight recovery in goods exports and solid domestic demand. Increased construction activity likewise bolstered industry and investment growth due to strong public infrastructure spending. However, agriculture contracted due to the impact of extreme weather events, highlighting the sector’s vulnerability to climate shocks and longstanding structural challenges resulting in low productivity. On the demand side, faster growth of government spending supported growth driven by improved program execution. Household consumption growth, while still the main driver of growth, edged down compared to a year ago due to inflationary pressures in key staple commodities and tight financing conditions. The Philippines Economic Update (PEU) summarizes key economic and social developments, significant policy changes, and the evolution of external conditions over the past six months. It also presents findings from recent World Bank analyses, situating them in the context of the country’s long-term development trends and assessing their implications for its medium-term economic outlook. The update covers issues ranging from macroeconomic management and financial-market dynamics to poverty reduction and social development challenges. It is intended to serve the needs of a wide audience, including policymakers, business leaders, private firms and investors, and analysts and professionals engaged in the social and economic development of the Philippines.	en
dc.identifier	http://documents.worldbank.org/curated/en/099120924032510206/P50720211d97910351931e19b91ddf44aee
dc.identifier.doi	10.1596/42526
dc.identifier.uri	https://hdl.handle.net/10986/42526
dc.language	English
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY-NC 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	https://creativecommons.org/licenses/by-nc/3.0/igo
dc.subject	RESILIENT GROWTH
dc.subject	JOB MARKET
dc.subject	POVERTY REDUCTION
dc.subject	HUMAN CAPITAL
dc.subject	EARLY YEARS WORKERS
dc.title	Philippines Economic Update, December 2024	en
dc.title.subtitle	First Steps Matter - Empowering Early Years Workers to Build Human Capital	en
dc.type	Report
dspace.entity.type	Publication
okr.date.disclosure	2024-12-10
okr.date.doiregistration	2025-04-14T11:57:52.694846Z
okr.date.lastmodified	2024-12-09T00:00:00Z	en
okr.doctype	Economic & Sector Work
okr.doctype	Economic & Sector Work::Economic Updates and Modeling
okr.docurl	http://documents.worldbank.org/curated/en/099120924032510206/P50720211d97910351931e19b91ddf44aee
okr.guid	099120924032510206
okr.identifier.docmid	P507202-1d9791e3-7e16-4b35-931e-9b91ddf44aee
okr.identifier.externaldocumentum	34433861
okr.identifier.internaldocumentum	34433861
okr.identifier.report	195424
okr.import.id	5999
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/099120924032510206/pdf/P50720211d97910351931e19b91ddf44aee.pdf	en
okr.region.administrative	East Asia and Pacific
okr.region.country	Philippines
okr.topic	Social Protections and Labor::Skills Development and Labor Force Training
okr.unit	EFI-EAP-MTI-MacroFiscal-2 (EEAM2)