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Philippines likely to post fastest GDP growth among ASEAN+3 countries this year, 2025
The Philippines is projected to achieve a growth rate of 6.3 percent in 2024, positioning it among the highest in the ASEAN+3 region, according to the ASEAN+3 Macroeconomic Research Office (AMRO).
AMRO maintained its forecast for the Philippines' economic growth in 2025 at 6.5 percent.
The anticipated growth is attributed to the rebound in the semiconductor industry, an upswing in external demand benefiting the manufacturing sector, and the recovery of the tourism sector.
However, AMRO Chief Economist Hoe Ee Khor noted that the Philippines' headline inflation remains relatively high, which may delay any monetary policy easing.
This projected growth rate is within the Philippine government's revised target range of 6 percent to 7 percent for 2024, and the 2025 forecast is within the government's 6.5 percent to 7.5 percent goal.
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The Asian Development Bank (ADB) has reduced the Philippines' 2024 economic growth forecast to 6 percent from the previously projected 6.2 percent due to persistent inflation risks, but expects growth to accelerate to 6.2 percent in 2025.
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The Philippine Statistics Authority (PSA) revised the country's 2023 gross domestic product (GDP) growth rate downwards to 5.5% from a previous estimate of 5.6%.
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The Development Budget Coordination Committee (DBCC) revised downward the 2024 economic growth target to a range of 6.0 percent to 7.0 percent from 6.5 percent to 7.5 percent, citing the continued slowdown in the global economy, El Nino, and high interest rates.
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