The economy of the Philippines will continue with robust growth this year according to the recent statement by Finance Secretary Benjamin Diokno, as reported by the Philippine News Agency (PNA).
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
Philippine economic growth is expected to remain robust this year mainly driven by private consumption and the continued implementation of structural reforms, Finance Secretary Benjamin Diokno said on Monday.
“While multilateral organizations project a slower global outlook for 2024 at 2.9 percent, the Philippine economy is expected to improve, reinforcing its status as one of the fastest-growing economies in the region,” Diokno said in a statement.
The Philippine economy grew by 5.9 percent in the third quarter of 2023, bringing the year-to-date growth to 5.5 percent.
Diokno said that for the full year of 2023, growth is expected to settle close to the low end of the government’s 6 to 7-percent target.
For 2024, economic managers assume a growth rate of 6.5 percent to 7.5 percent.
“Amid the ongoing strong El Niño and geopolitical and trade tensions, the country’s growth is expected to be driven by strong private consumption, supported by the expected return of inflation within the target range, falling oil prices, robust public spending, greater investments lured by the country’s sound macroeconomic fundamentals, investment-grade credit rating, and the implementation of structural reforms, and increased demand for Philippine exports as supply chain bottlenecks ease,” he said.
Diokno said economic prospects will be even better with the alignment of policies between fiscal and monetary authorities, measures to bring down inflation, and greater coordination of all public sectors to implement programs.
He added multilateral organizations also expect the Philippines to be one of the fastest growing economies in 2024.
Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to achieve growth of at least 6.5% this year?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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