Philippines targets economic growth of 6.5% to 7.5% for 2024

Even though there are still uncertainties ahead, the national authorities here in the Philippines forecast economic growth of 6.5% to 7.5% this year, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The government is sticking to its gross domestic product (GDP) target of 6.5 to 7.5 percent for 2024 despite many organizations forecasting the economic expansion this year will miss the administration’s goal.

National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon on Wednesday said the government has remained optimistic about achieving its target GDP growth for 2024.

“Of course, it’s a target. So, theirs is a forecast, meaning they are looking at what has been the trajectory before. But in our case, we have drivers for growth that we are pushing for,” Edillon told reporters on the sidelines of a joint economic briefing of foreign chambers in Makati City.

Among these sectors that would support economic expansion are international tourism, the Build Better More program of the administration, and the mass housing projects under the Pambansang Pabahay Para sa Pilipino or the 4PH Program.

“Then that will be a big factor actually in accelerating the growth,” she said.

Most of the forecasts of multilateral organizations and banks on Philippine GDP this year were below the government’s target.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the economy of the Philippines has enough momentum to grow at least 6.5% this year? What do you think will become the biggest obstacle for the Philippine economy with regards to external or overseas developments?

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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