The Philippine economy is expected to grow more slowly than first thought this year after the country was hit by a series of typhoons but should be more robust in 2025 and 2026, the World Bank said on Tuesday.

The World Bank has trimmed the Philippines' gross domestic product (GDP) growth forecast this year to 5.9 per cent from 6 per cent due to weaker-than-expected growth in the third quarter, its latest Philippines Economic Update has showed.

The Asian Development Bank has lowered India's economic growth forecast for the current financial year to 6.5% from 7%, citing weaker private investment and housing demand. The bank also revised its growth forecast for the next fiscal year.

The World Bank has downscaled its economic growth forecast for the Philippines this year following the slower-than-expected gross domestic product growth in the third quarter, but expects the economy to post faster economic growth next year.

Private consumption will likely remain the main engine of growth from 2024 to 2026 fueled by OFW remittances, stable inflation, and higher employment rates, says the bank's outlook for the Philippines

Due to the damage wrought by the recent string of strong typhoons on the economy, the World Bank has slightly cut its 2024 gross domestic product (GDP) growth forecast for the Philippines.