MANILA -- The Philippine economy, which relies heavily on private consumption, faces a growing need to diversify its growth drivers, experts have warned, after the coronavirus pandemic and inflation weighed on household spending over the past few years.
Economy
Philippine economy faces challenge of diversifying growth drivers
Experts urge developing industries critical to reducing reliance on consumption
A public market in Quezon City, Metro Manila. Consumers in the Philippines have been reeling from inflation and reduced savings stemming from the COVID pandemic. © Reuters
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