Gov’t cuts growth target to 6%-7% — NEDA

MANILA, Philippines — 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%, National Economic Development Authority (NEDA) chief Arsenio Balisacan said.

In a press briefing with the members of the press on Thursday, Balisacan said that the country’s economic growth target had been revised following a careful consideration of factors such as the global economic slowdown, rising oil prices and inflation trends.

Balisacan also said that the growth target for 2025 was adjusted to a range of 6.5% to 7.5%, down from the initial range of 6.5% to 8.0%. 

Meanwhile, 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%.

At the close of 2023, the country’s GDP reached 5.6%, falling below the government’s targeted range.

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This was influenced by elevated interest rates due to high inflation, which restrained consumer spending.

On the other hand, the country’s inflation rate has ballooned to 3.4% as the cost of food and non-alcoholic beverages surged.

RELATED: Inflation rises 3.4% in February, ending 4-month decline

The inflation report for the month of March will be reported by the Philippine Statistics Authority on April 5.