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The Philippines’ growth to stay ‘stronger for longer’ in 2024: economists

Consumer spending, favourable demographics and rising income will continue to drive growth amid inflationary risks

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Zhao Yifan

Zhao Yifan

Published Wed, Mar 20, 2024 · 01:42 PM
    • The Philippines faced the most severe inflation and the most aggressive monetary tightening cycle among all Asean members in 2023. However, the country has emerged as South-east Asia’s fastest-growing economy.
    • The Philippines faced the most severe inflation and the most aggressive monetary tightening cycle among all Asean members in 2023. However, the country has emerged as South-east Asia’s fastest-growing economy. PHOTO: REUTERS

    THE Philippines’ solid growth of 5.6 per cent last year – the highest gross domestic product expansion among its South-east Asian peers – has cemented a “stronger for longer” expectation of the consumer-led economy’s growth in 2024.

    A recent McKinsey report titled Stronger for longer?, following the Philippines’ resilient showing last year, cited several factors as key growth drivers, from a resumption in commercial activities and public infrastructure spending to growth in digital financial services.

    While last year’s growth was shy of the government’s ambitious target of 6 to 7 per cent, it surpassed the median 5.5 per cent growth of Bloomberg’s poll of economists.

    PhilippineseconomyInflationInfrastructureDemographics

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