According to the ASEAN+3 Macroeconomic Research Office (AMRO), the Philippines is poised to lead economic growth in the ASEAN+3 region this year and the next.
The AMRO’s Regional Economic Outlook report projects a 6.3 percent growth for the Philippine economy in 2024, maintaining its January forecast.
This growth rate surpasses that of other economies in the region, including Cambodia, Vietnam, China, and Indonesia.
The Philippines’ GDP forecast is also higher than the projected growth rates for ASEAN+3 and Southeast Asia as a whole. The anticipated growth is attributed to robust domestic demand, increasing household incomes, investment activity, and a potential turnaround in exports.
For 2025, the Philippines is expected to expand further at a pace of 6.5 percent. However, challenges such as inflation and risks associated with global commodity prices, China’s growth, and technological changes remain.
Addressing these challenges requires robust policies focused on infrastructure development, innovation, and social inclusion, according to AMRO.
Source: PhilNews24 | April 10, 2024
