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Advocates Philippines
Bouncing Back Strong: Philippines' Economy Stays Impressive Despite Falling Short Of 2024 Targets
Photo credit: PCO
Even though the Philippines didn’t quite hit its ambitious growth targets for 2024, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan says there’s still plenty to be proud of.
During a press conference on Friday, Balisacan shared that the country's Gross Domestic Product (GDP) grew by 5.8% in the first three quarters of 2024. While it’s below the 6.5% to 8.0% target, the economy's performance still stands out in Asia.
“We fall short of the target, but that’s understandable,” Balisacan explained, pointing to factors beyond the government's control, such as both external and domestic challenges. He highlighted the agriculture sector as one of the hardest-hit areas, with last year’s string of typhoons causing significant losses.
But here’s the good news: Balisacan remains optimistic about the road ahead. “The performance of the economy was still quite impressive compared to our neighbors in the entire Asia,” he noted, adding that the Philippines continues to shine as one of the top-performing emerging economies in the region.
Looking forward, Balisacan sees a "speedy" recovery for agriculture and expects the economy to maintain its resilience despite external pressures. While challenges remain, it’s clear the Philippines is determined to keep bouncing back stronger.
During a press conference on Friday, Balisacan shared that the country's Gross Domestic Product (GDP) grew by 5.8% in the first three quarters of 2024. While it’s below the 6.5% to 8.0% target, the economy's performance still stands out in Asia.
“We fall short of the target, but that’s understandable,” Balisacan explained, pointing to factors beyond the government's control, such as both external and domestic challenges. He highlighted the agriculture sector as one of the hardest-hit areas, with last year’s string of typhoons causing significant losses.
But here’s the good news: Balisacan remains optimistic about the road ahead. “The performance of the economy was still quite impressive compared to our neighbors in the entire Asia,” he noted, adding that the Philippines continues to shine as one of the top-performing emerging economies in the region.
Looking forward, Balisacan sees a "speedy" recovery for agriculture and expects the economy to maintain its resilience despite external pressures. While challenges remain, it’s clear the Philippines is determined to keep bouncing back stronger.
Jan 24, 2025
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