Analysts paint rosier economic picture for 2024

The country’s strong economic growth is likely to be sustained this year on the back of rising exports and robust private consumption, according to the Department of Trade and Industry as well as private banks.

- CATHERINE TALAVERA and ELIJAH FELICE ROSALES

“While the Philippine economy performed well despite geopolitical challenges in 2023, we are rallying for an even better outlook this year,” DTI Secretary Alfredo Pascual said at the Italian Chamber of Commerce in the Philippines Inc. business luncheon yesterday.

Pascual said the country’s 5.6-percent gross domestic product (GDP) growth in 2023 was faster than major economies in Asia, such as China’s 5.2 percent, Vietnam’s five percent and Malaysia’s 3.8 percent.

“Growth in 2024 will be driven by private consumption as inflation is expected to return within the low target range, falling oil prices, robust public spending, greater investments lured by the country’s sound macroeconomic fundamentals, investment-grade credit ratings, and the implementation of structural reforms; and increased demand for Philippine exports as supply chain bottlenecks ease,” Pascual said.

The DTI secretary said a broad-based expansion in all major sectors of the economy led by services and industry is expected to drive growth on the supply side.