The country’s gross domestic product (GDP) growth target for 2024 has been adjusted to a range of 6% to 7%, down from the previous range of 6.5% to 7.5%, according to National Economic Development Authority (NEDA) chief Arsenio Balisacan.
During a press briefing on Thursday, Balisacan explained that the revision in economic growth targets was a result of factors such as the global economic slowdown, rising oil prices, and inflation trends. The growth target for 2025 was also adjusted to a range of 6.5% to 7.5%, down from the initial range of 6.5% to 8.0%.
Despite these changes, the growth projections for 2026 to 2028, ranging from 6.5% to 8.0%, remained unchanged.
Last year, the Development Budget Coordination Committee also revised the 2024 GDP target to a range of 6.5% to 7.5%, from the previous 6.5% to 8%. By the end of 2023, the country’s GDP reached 5.6%, falling below the government’s targeted range.
Various factors such as elevated interest rates due to high inflation, which restrained consumer spending, influenced this outcome. The country’s inflation rate has also increased to 3.4% as the cost of food and non-alcoholic beverages surged.
The inflation report for the month of March will be released by the Philippine Statistics Authority on April 5.
