Philippines lowers growth target for 2024

The Philippines has lowered its target growth range for 2024 and is slightly less optimistic about the outlook for 2025 due to high inflation and an anticipated slowdown in the global economy, its economic planning minister said on April 4.

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The government now expects the economy to grow between 6 per cent and 7 per cent in 2024, from a 6.5 per cent to 7.5 per cent projection last December, with the target range for 2025 narrowed to 6.5 per cent to 7.5 per cent, from 6.5 per cent to 8 per cent, Dr Arsenio Balisacan told a media briefing.

The lower growth goals also took into account 2023's below-target 5.6 per cent economic expansion, oil price movements and expected trends in inflation and the foreign exchange market, the minister said.