Slow internet to hinder growth
While the Philippines will continue to post faster economic growth for 2018 to 2022, the country’s relatively high internet prices and slow internet speeds will pose a challenge. Organization for Economic Cooperation and Development (OECD) expects the Philippines to post faster growth in the next five years although the government must address the existing infrastructure gap to fast-track economic development. The OECD projected an average growth from 2018 to 2022 to reach 6.4%, about 50 basis points higher than the average of 5.9% from 2011 to 2015. It said slow internet speeds and challenges in online payments affect e-commerce and the digital economy more generally in the Philippines. It also recommended more foreign direct investments in ICT.
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