The Philippines maintained its economic growth target for 2023 at 6.0% to 7.0%, a government inter-agency panel recently said, citing momentum from increased domestic demand and better labor conditions.
The economy is seen to grow 6.5% to 8.0% for 2024 to 2028, the inter-agency panel known as the Development Budget Coordination Committee (DBCC) announced in a news conference.
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The International Monetary Fund (IMF) has maintained its economic growth forecast for the Philippines this year at 6.0% and predicted that next year’s GDP expansion will range between 5.5% and 6.0%, an official from the Fund said on Friday.
IMF mission chief Jay Peiris, in a press conference in Manila following a staff visit, stated that fighting inflation is the “top priority” for Filipino policymakers and that fiscal and monetary measures will contribute to its reduction.
The IMF’s growth forecast for this year falls at the lower end of the Philippine government’s growth target, which ranges from 6.0% to 7.0%. Previously, the Fund had projected a growth rate of 5.8% for next year.
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The latest IMF forecast for the Philippines follows the Southeast Asian country’s stronger-than-expected economic performance in the first quarter, putting it on track to achieve its growth targets for this year and the next.
While the first-quarter growth was the slowest for the Philippines in two years, at 6.4%, it was among the fastest in Southeast Asia.
“The key downside risks to the outlook continue to be persistently high core inflation, depreciation pressures amid tighter global conditions, geoeconomic fragmentation, and budgetary impacts associated with rising borrowing costs,” the IMF said in a statement.