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S&P Global keeps Philippine GDP growth outlook for 2024, 2025
S&P Global Ratings maintained its gross domestic output (GDP) forecast for the Philippines this year and 2025, expecting the country to be among the top performers in the region.
The credit rater projects real GDP growth to be around 6% for 2024 and 2025, compared to 5.6% in 2023.
The agency sees Philippine GDP averaging 5.9% this year and 6.2% in 2025, which are the same forecasts it gave in November.
These forecasts are below the government's growth targets for 2024 and 2025.
Although lower than the Philippines' recent history, this is one of the higher growth rates forecasted in the region.
With a 5.9% GDP growth forecast, the Philippines is expected to be the second-fastest growing economy in the region this year, behind only Vietnam (6.1%).
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The World Bank maintained its 5.8 percent economic growth forecast for the Philippines in 2024, projecting it to be the second fastest-growing economy in the East Asia and Pacific region.
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World Economic Forum (WEF) President Børge Brende projected that the Philippines has the potential to reach a $2 trillion economy within the next decade, contingent upon sustained reforms in education, infrastructure, and renewable energy.
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The Philippine economy is forecast to grow by 6.1% in the first quarter of 2024, according to First Metro Investment Corporation (FMIC) and the University of Asia and the Pacific (UA&P).
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