2024 GDP growth forecast slashed to 5.8%

The Association of Southeast Asian Nations Plus 3 Macroeconomic Research Office (AMRO) has cut its growth forecast for the Philippines to 5.8 percent for this year, but expects the economy to post faster growth next year, citing easing inflation and interest rates.

- Louella Desiderio

In a statement yesterday, AMRO said it expects the Philippines to post gross domestic product (GDP) growth of 5.8 percent this year, lower than the 6.1 percent economic growth forecast provided by AMRO last October.

AMRO's new 2024 GDP forecast for the Philippines is also below the government's six to seven percent growth goal for the year.

For 2025, AMRO expects economic growth to accelerate to 6.3 percent.

This forecast is also lower than the 6.5 to 7.5 percent growth the government is aiming for in 2025.

"The Philippine economy is expected to strengthen further with easing inflation and a less restrictive monetary policy," AMRO said.

AMRO said it expects inflation to fall to 3.2 percent this year and to remain at this level in 2025 from last year's six percent.