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

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.