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Economists at First Metro Investment Corp. and the University of Asia and the Pacific said the Philippine economy would likely grow above 6 percent in the first quarter of 2024, driven by higher government infrastructure spending.
Their first-quarter growth projection was slower than the actual 6.4-percent expansion in the first quarter of 2023 and the government’s target range of 6.5 percent to 7.5 percent this year. FMIC and UA&P said government spending had a strong start in 2024 after the understandable tentativeness of the different departments at the start of 2023, when the then new administration was in an organizational mode.“Infrastructure spending, both government-funded and PPP projects, should accelerate in 2024 as NG bids out and awards large undertakings starting with the recent $3.0-billion Ninoy Aquino International Airport expansion,” the report said.
“We may see YoY inflation reach 3.7 percent in H1, but it should return to under 3.5 percent by Q3,” the report said.“We should see a modest 5 percent to 10-percent increase in exports for 2024 as the global economy recovers. However, the trade deficit will remain above $4-billion per month on average,” the report said.
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