A strong Q1 performance and solid economic reforms will likely push the Philippines' status to an upper middle-income by 2023, according to the Philippines’ Director-General of the National Economic and Development Authority, Karl Kendrick Chua. He added that the country is seeing one of the biggest bounce backs globally after the pandemic. Chua express optimism on achieving the upper middle-income status, especially now that the government has broadened the economy's potential through various reforms. The country's GDP expanded by 8.3% year on year in Q1, a turnaround from the 3.8% contraction in the same period last year.
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