Philippines Is Expected To Be The Fastest Growing Economy In Southeast Asia
Jayson 04 Feb 2024 10:47
It is reported that the Philippines achieved economic growth of 5.6% last year, slightly higher than Bloomberg's forecast of 5.5%, and is expected to become the fastest-growing economy in Southeast Asia.
However, this figure is lower than the government's 2023 gross domestic product (GDP) target of 6% to 7% and lower than the 7.6% growth rate in 2022.
The Philippines' GDP in the fourth quarter of last year hit 5.6%, according to official data released on Wednesday (Jan. 31). This compares with growth of 7.1% in the same quarter of 2022.
Although the Philippines' economic growth for the whole of last year fell short of government expectations, hit by high food prices and weak overseas markets, it was still higher than Vietnam's 5.05% .
As for Malaysia, the Southeast Asian country with the brightest economic performance in 2022, officials expect economic growth in 2023 to be only 3.8%. Indonesian and Thai authorities expect growth rates of 5% and 1.8% respectively, both lower than the Philippines.
Balisacán, head of the Philippine National Economic and Development Authority, noted on Wednesday that the government will continue to control inflation, especially on basic commodities such as food, and is confident that the national economy can achieve growth of 6.5% to 7.5% in 2024 to continue to maintain a leading position in Southeast Asia.
However, this figure is lower than the government's 2023 gross domestic product (GDP) target of 6% to 7% and lower than the 7.6% growth rate in 2022.
The Philippines' GDP in the fourth quarter of last year hit 5.6%, according to official data released on Wednesday (Jan. 31). This compares with growth of 7.1% in the same quarter of 2022.
Although the Philippines' economic growth for the whole of last year fell short of government expectations, hit by high food prices and weak overseas markets, it was still higher than Vietnam's 5.05% .
As for Malaysia, the Southeast Asian country with the brightest economic performance in 2022, officials expect economic growth in 2023 to be only 3.8%. Indonesian and Thai authorities expect growth rates of 5% and 1.8% respectively, both lower than the Philippines.
Balisacán, head of the Philippine National Economic and Development Authority, noted on Wednesday that the government will continue to control inflation, especially on basic commodities such as food, and is confident that the national economy can achieve growth of 6.5% to 7.5% in 2024 to continue to maintain a leading position in Southeast Asia.
