PIDS: Economy to grow by at least 5.8% this year

The Philippines is expected to post a faster growth of 5.8 to six percent this year from a year ago, with the expansion to be supported by government spending as well as consumption, according to the Philippine Institute for Development Studies (PIDS).

- LOUELLA DESIDERIO

"As base effects subside and based on recent and foreseeable developments in the Philippine economy, we estimate a year-on-year GDP (gross domestic product) growth for 2024 to pick up between 5.8 percent and six percent," a PIDS discussion paper titled "Macroeconomic Prospects of the Philippines in 2024-2025: Toward Upper Middle-Income Status" said.

For the fourth quarter alone, PIDS expects GDP growth to be at six percent.

The Philippine economy grew by an average of 5.8 percent from January to September.

To reach the government's six to seven percent growth goal this year, National Economic and Development Authority Secretary Arsenio Balisacan said the economy needs to post at least 6.5 percent growth in the fourth quarter.

PIDS said this year's growth would be driven by continued government spending on infrastructure development.