Publication: Philippines Economic Update, June 2024: Beyond the Numbers: Sustaining Poverty Reduction in BARMM
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2024-06-04
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2024-06-04
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The Philippines Economic Update (PEU) summarizes key economic and social developments, important 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 the country’s medium-term economic outlook. Global growth showed signs of stabilization in the first four months of 2024. The improvement in global economic conditions contributed to robust growth in the Philippines, as domestic demand moderated. Economic expansion led to strong job creation in the services and industry sectors but concerns about job quality remain. Both headline and core inflation returned to the central bank’s 2-4 percent target range, but prices of key staple commodities continued to surge. Sustaining the inclusive growth momentum in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is crucial for the entire country to achieve rapid, sustained, and inclusive growth. While the BARMM region accounts for 4 percent of the population, it makes up around 8 percent of the country’s poor population. Timely service delivery by both BARMM’s regional government and local government units (LGUs) is critical to sustain poverty reduction.
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“World Bank. 2024. Philippines Economic Update, June 2024: Beyond the Numbers: Sustaining Poverty Reduction in BARMM. © World Bank. http://hdl.handle.net/10986/41653 License: CC BY-NC 3.0 IGO.”
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