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The Asian Development Bank expects the Philippines to remain the fastest-growing major Southeast Asian economy in 2024.Both the Asian Development Bank and the International Monetary Fund expect the Philippine economy to grow 6 percent year-on-year in 2024, following the revised 5.5-percent expansion in 2023.
“Household consumption growth, while below last year’s level, remained the main contributor supported by low unemployment and remittances from overseas workers. Brisk public infrastructure spending continued to lift growth. Merchandise exports rebounded, particularly electronic products [about 60 percent of total exports, while services exports remained buoyant, including tourism and business process outsourcing,” it said.
The IMF, in its latest World Economic Outlook report, also expects the Philippines to grow faster than most economies in Asia this year. The IMF encouraged countries to manage the risks of currency and capital flow volatility. “Given that economic fundamentals remain the main factor in dollar appreciation, the appropriate response is to allow the exchange rate to adjust, while using monetary policy to keep inflation close to target. Foreign reserves should be used prudently and preserved to deal with potentially worse outflows in the future, in line with the IMF’s Integrated Policy Framework,” it said.
“For China, the growth forecast is revised upward to 5 percent in 2024, primarily on account of a rebound in private consumption and strong exports in the first quarter. In 2025, GDP is projected to slow to 4.5 percent, and to continue to decelerate over the medium term to 3.3 percent by 2029, because of headwinds from aging and slowing productivity growth,” the IMF said.
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