MANILA, April 4 (Xinhua) -- The Philippines has lowered its gross domestic product (GDP) target range to 6 to 7 percent from 6.5 to 7.5 percent for 2024, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Thursday.

Balisacan told a news conference that the move takes into account the continuing slowdown in the global economy, the uptick in oil prices, and the trends in inflation and interest rates worldwide, particularly in countries like the United States.

Meanwhile, the government's growth target for 2025 has also been lowered to 6.5 to 7.5 percent from 6.5 to 8 percent.

"Climate change and extreme natural disasters, such as El Nino, will continue to pose risks to food security and the stability of food prices," Balisacan said, adding that external demand and supply chains could be affected by the global economic slowdown and growing geopolitical and trade tensions.

The NEDA chief expressed optimism that the country's robust macroeconomic fundamentals will support the new growth trajectory.

The Philippine economy grew by 5.6 percent in 2023, below the government's target of 6 percent to 7 percent. The Asian Development Bank forecasts the country's GDP to grow 6.2 percent this year. Enditem

Related

Go to Forum >>0 Comment(s)