NEDA hopeful on PH's economic growth expansion in 2024
National Economic and Development Authority(NEDA)SecretaryArsenioBalisacan is optimistic that despite risks, the growth of the Philippines will continue to be one of the fastest in the region this year.
"Let'sputitthisway, all the major development observers are seeing a 6 percent at least for the Philippines this year. The IMF (International Monetary Fund), theADB (Asian Development Bank), and the World Bank are seeing quite a good number," Balisacan said on the sidelines of the 2024 National Innovation Day Celebration in Quezon City on Monday.
The IMF projects the Philippine economy to grow by 6.2 percent this year, while the ADB forecasts economic growth to settle at 6 percent.
The World Bank, meanwhile, expects the Philippine economy to grow by 5.9 percent in 2024.
"In the latest ADB report, in Southeast Asia they put us as the highest performer in 2024. So even though not as high as we targeted in the beginning of the administration, the fact that while everybody was downgraded, or we were downgraded in terms of the absolute level of the growth... still we are expected to perform among the best in Asia," Balisacan said.
For this year, the government targets a 6 to 7 percent economic growth.