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World Bank cuts Philippines 2024 GDP growth forecast to 5.9 pct

MANILA, Dec. 10 (Xinhua) — The World Bank has trimmed the Philippines’ gross domestic product (GDP) growth forecast this year to 5.9 percent from 6 percent due to weaker-than-expected growth in the third quarter, its latest Philippines Economic Update showed Tuesday.

The report, released on Tuesday, attributed the downward growth forecast to several typhoons that slammed the country, affecting millions, destroy