6.5-7.5% growth in 2024 to help PH attain upper middle income status

MANILA, Philippines — Hitting the gross domestic product (GDP) target for 2024 will boost the Philippines’ chance to attain “upper middle income country” status by 2025, according to National Economic and Development Authority (Neda) Secretary Arsenio Balisacan on Friday.

In a Palace briefing, Balisacan said the Philippine economy did relatively well in 2023.  The fourth quarter GDP growth report is scheduled for release on Jan. 31.  In the third quarter, the Philippine economy expanded by 5.9 percent.

“For 2024, we aim to achieve a full-year GDP growth rate of 6.5 to 7.5 percent to generate economic opportunities, increase employment, raise per capita incomes and elevate our economy to upper middle income country status by 2025,” said Balisacan.

READ: PH GDP still hums but likely slower in 2023

Balisacan said growth would be supported by “a low and manageable inflation, a labor force with access to more and better jobs, a stronger fiscal position in the form of a lower deficit and debt as a share of gross domestic product, and an increasingly dynamic, innovative, and competitive economy.”

“We should see already, for example, the impact of the improvements in access to inputs, infrastructure, in agriculture. We should also see a much more improved services sector,” said Balisacan.

The Neda chief said, however, that the world economy is still in poor shape.

READ: Neda OKs upgrade, expansion of Laguindingan Int’l Airport

However, opportunities remain in government reforms in tollways, airports, digital services, and more could spur investment.

“With respect to infrastructure, again despite the challenges, we’ll keep up expanding our investment there by ensuring that infrastructure development will get at least five to six percent of our GDP to sustain the momentum that we have already started,” said Balisacan.